CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0439%/8h= +48.0% APRnext payment +$0.55 per $10,000 · paid last 24h +0.073%

Price spread now: Nado against Coinbase International−0.019%7-day average +0.027% · 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−$35as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Coinbase International Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.071%+$7 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now −0.019%, 7d avg +0.027%

Together, before fees+0.074%+ Points / potential airdropNado: Active · farm board+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.047% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.019% now, against its 7-day average of +0.027%). If the spread goes back, that is −$5 on $10k: about 9 hours of funding at the current rate (+$13 a day). At the pace of the last 4 days (+0.071% in total) that is about 2.4 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.071% in total (about 7.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.55 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	95.670	−0.0024	get 0.0003% / 1h	44m 03s	$873K	$807K	10x
Short	Nado CRCL-PERP	95.651	0.0415	get 0.0052% / 1h	44m 03s	$153K	$93K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee NadobpOrdersPrice spread, now −0.019%Rate

Funding earned: $92.09
Price spread: −0.019% → +0.027%: −$4.7
Slippage, 4 orders: −$12.9
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $57.49
Costs to cover: 0.299%
Break-even: 2.6 days

Slippage from Coinbase International: live order book, 62 min ago; Nado: live order book, 61 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 Coinbase International live order book, 62 min ago	2.15 bp	7.2 bp −$7	14.7 bp −$147	doesn't fit	doesn't fit
Sell Nado live order book, 61 min ago	2.15 bp	9.0 bp −$9	28.6 bp −$286	doesn't fit	doesn't fit

CRCL on 34 exchanges

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
Coinbase International CRCL-PERP-INTXlong	−0.0024%	1h	95.670	long leg	$873K	$807K	10x
Bybit CRCLUSDT	0.0000%	8h	95.870	+0.209%	$16.0M	$29.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	95.710	+0.042%	$436K	$232K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	95.910	+0.251%	$19.2M	$39.4M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	95.800	+0.136%	$1.1M	$47K	10x	as long as short
QFEX CRCL-USD	+0.0014%	1h	95.660	−0.010%	$1.4M	$1.7M	10x	as long as short
Gate CRCL_USDT	+0.0025%	8h	95.870	+0.209%	$7.8M	$26.8M	50x	as long as short
Injective CRCL/USDC PERP	+0.0033%	1h	95.630	−0.042%	$39K	$172K	30x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	95.633	−0.038%	$2K	$29K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	95.740	+0.073%	—	$29K	25x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	95.620	−0.052%	$1.1M	$4.4M	10x	as long as short
Arcus CRCL-USD	+0.0057%	1h	95.710	+0.042%	$99K	$242K	10x	as long as short
Lighter RH CRCL	+0.0064%	1h	95.766	+0.100%	$1.0M	$2.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	95.700	+0.031%	$143K	$151K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	95.720	+0.052%	$2.5M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	95.390	−0.293%	$98K	$26K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	95.840	+0.178%	$755	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	95.831	+0.168%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0116%	1h	95.737	+0.070%	$69.5M	$44.6M	10x	as long as short
Phoenix CRCL	+0.0136%	1h	95.400	−0.282%	$29K	$94K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0139%	8h	95.703	+0.035%	$440	$477	5x	as long as short
Variational Omni CRCL	+0.0172%	8h	95.761	+0.095%	$2.7M	$3.4M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0227%	8h	95.930	+0.272%	$23.8M	$68.4M	50x	as long as short
edgeX CRCLUSDC	+0.0236%	4h	95.429	−0.252%	$55K	$279K	10x	as long as short
Extended CRCL_24_5-USD	+0.0280%	1h	95.804	+0.140%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0283%	8h	95.836	+0.173%	$112.3M	$398.9M	50x	as long as short
Aster CRCLUSDT	+0.0299%	8h	95.897	+0.237%	$1.2M	$4.8M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0331%	8h	95.986	+0.330%	$56K	$1.0M	10x	as long as short
BloFin CRCL-USDT	+0.0393%	8h	95.880	+0.220%	$1.1M	$1.8M	20x	as long as short
Nado CRCL-PERPshort	+0.0415%	1h	95.651	−0.019%	$153K	$93K	3x
Polymarket Perps CRCL-USD	+0.0425%	1h	95.742	+0.075%	$304K	$1.4M	10x	as long as short
Lighter CRCL	+0.0496%	1h	95.808	+0.144%	$3.3M	$2.5M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0899%	1h	95.860	+0.199%	$5K	$415K	10x	as long as short
SoDEX CRCL-USD	+0.1529%	1h	95.804	+0.140%	$48K	$3K	10x	as long as short