Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h −0.018%

Price spread now: Nado against BloFin−0.197%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on BloFin Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.019%−$2 on $10k

Price spread, last 4 days (all we have)+0.281%+$28 · spread now −0.197%, 7d avg −0.013%

Together, before fees+0.262%+ Points / potential airdropNado: Active · farm board+$26 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.184% cheaper against BloFin than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CRCL-USDT	92.300	0.0359	pay 0.0359% / 8h	7h 20m	$1.1M	$1.7M	20x
Short	Nado CRCL-PERP	92.118	0.0352	get 0.0044% / 1h	20m 50s	$135K	$109K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BloFinbpFee NadobpOrdersPrice spread, now −0.197%Rate

Funding earned: −$1.66
Price spread: −0.197% → −0.013%: −$18.37
Slippage, 4 orders: −$12.9
Fee BloFin: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$51.93
Costs to cover: 0.319%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Nado: live order book, 12 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BloFin live order book, 2 min ago	1.09 bp	7.1 bp −$7	10.9 bp −$109	28.1 bp −$2,807	doesn't fit
Sell Nado live order book, 12 min ago	3.30 bp	8.7 bp −$9	26.7 bp −$267	doesn't fit	doesn't fit

CRCL on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest CRCL-USD-PERP	−0.0105%	1h	91.460	−0.910%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	91.960	−0.368%	$17.7M	$36.1M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.170	−0.141%	$1.0M	$47K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.238	−0.067%	$996K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	92.020	−0.303%	$947K	$567K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0035%	1h	91.168	−1.226%	$2K	$29K	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0040%	8h	91.320	−1.062%	$71K	$1.1M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.240	−0.065%	$96K	$278K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.112	−0.204%	$67.7M	$43.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.062	−0.258%	$380K	$999K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.120	−0.195%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	92.010	−0.314%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.986	−0.340%	$135K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.970	−0.358%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.100	−1.300%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.250	−0.054%	$920	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.297	−0.003%	$4	—	10x	as long as short
Bybit CRCLUSDT	+0.0123%	8h	91.920	−0.412%	$15.1M	$26.8M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0128%	8h	91.956	−0.373%	$423	$766	5x	as long as short
Gate CRCL_USDT	+0.0147%	8h	91.970	−0.358%	$7.8M	$26.7M	50x	as long as short
edgeX CRCLUSDC	+0.0154%	4h	91.204	−1.187%	$52K	$270K	10x	as long as short
Variational Omni CRCL	+0.0176%	8h	92.182	−0.128%	$2.4M	$3.3M	—	as long as short
Lighter CRCL	+0.0184%	1h	92.234	−0.072%	$3.0M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0216%	8h	92.042	−0.279%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	91.978	−0.349%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0241%	8h	91.900	−0.433%	$105.8M	$388.5M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.817	−0.523%	$27K	$66K	10x	as long as short
SoDEX CRCL-USD	+0.0264%	1h	91.812	−0.529%	$46K	$3K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0296%	8h	91.930	−0.401%	$22.4M	$62.0M	50x	as long as short
Nado CRCL-PERPshort	+0.0352%	1h	92.118	−0.197%	$135K	$109K	3x
BloFin CRCL-USDTlong	+0.0359%	8h	92.300	long leg	$1.1M	$1.7M	20x
Injective CRCL/USDC PERP	+0.0440%	1h	91.920	−0.412%	$40K	$170K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.637	−0.718%	$414K	$256K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1052%	1h	92.310	+0.011%	$5K	$760K	10x	as long as short