Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0319%/8h= −34.9% APRpaid last 24h +0.011%

Price spread now: BloFin against Nado+0.070%7-day average +0.013% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on Nado Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.085%−$9 · spread now +0.070%, 7d avg +0.013%

Together, before fees−0.081%+ Points / potential airdropNado: Active · farm board−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.056% dearer against Nado than usual: you sell high and buy low (spread +0.070% now, against its 7-day average of +0.013%): +$6 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 14 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.004% in total (about 0.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	91.746	0.0367	pay 0.0046% / 1h	40m 23s	$134K	$106K	3x
Short	BloFin CRCL-USDT	91.810	0.0049	get 0.0049% / 8h	3h 40m	$1.1M	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Nado. 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 NadobpFee BloFinbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$66.94
Price spread: +0.070% → +0.013%: $5.63
Slippage, 4 orders: −$9.97
Fee Nado: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$90.28
Costs to cover: 0.290%
Break-even: never at this rate

Slippage from Nado: live order book, 12 min ago; BloFin: live order book, 2 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 Nado live order book, 12 min ago	2.71 bp	7.6 bp −$8	27.5 bp −$275	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	0.54 bp	6.5 bp −$7	9.0 bp −$90	28.9 bp −$2,889	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
Bitget CRCLUSDT	−0.0707%	8h	91.940	+0.211%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.610	−0.148%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.870	+0.135%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.960	+0.233%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.849	+0.112%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.820	+0.080%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0005%	8h	91.828	+0.089%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0013%	8h	91.880	+0.146%	$104.7M	$391.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.854	+0.117%	$1.2M	$5.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.837	+0.099%	$973K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.861	+0.125%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.850	+0.113%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	+0.157%	$907K	$510K	10x	as long as short
BloFin CRCL-USDTshort	+0.0049%	8h	91.810	+0.070%	$1.1M	$1.6M	20x
tradeXYZ xyz:CRCL	+0.0050%	1h	91.782	+0.039%	$68.2M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.840	+0.102%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.833	+0.095%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.680	−0.072%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.860	+0.124%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0072%	8h	91.949	+0.221%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0077%	8h	91.910	+0.179%	$22.3M	$61.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.886	+0.152%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.810	+0.070%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.920	+0.189%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.790	+0.048%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.845	+0.108%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.878	+0.144%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0129%	8h	91.815	+0.075%	$422	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.905	+0.173%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0312%	1h	91.864	+0.128%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERPlong	+0.0367%	1h	91.746	long leg	$134K	$106K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.669%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0501%	4h	91.963	+0.237%	$51K	$275K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1058%	1h	91.870	+0.135%	$4K	$768K	10x	as long as short