Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0234%/8h= −25.6% APRpaid last 24h −0.030%

Price spread now: Gate against Nado+0.116%7-day average +0.029% · 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−$34as in the Price arb table

costs, in and out, $10k−$430.426% of the position

Long on Nado Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.130%−$13 on $10k

Price spread, last 3 days (all we have)−0.131%−$13 · spread now +0.116%, 7d avg +0.029%

Together, before fees−0.261%+ Points / potential airdropNado: Active · farm board−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.086% dearer against Nado than usual: you sell high and buy low (spread +0.116% now, against its 7-day average of +0.029%): +$9 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	94.411	0.0234	pay 0.0029% / 1h	25m 09s	$132K	$76K	3x
Short	Gate CRCL_USDT	94.520	0	get 0.0000% / 8h	7h 25m	$7.3M	$27.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.116%Rate

Funding earned: −$49.06
Price spread: +0.116% → +0.029%: $8.63
Slippage, 4 orders: −$20.59
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$83.02
Costs to cover: 0.426%
Break-even: never at this rate

Slippage from Nado: live order book, 47 min ago; Gate: live order book, 4 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, 47 min ago	3.17 bp	8.7 bp −$9	27.5 bp −$275	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	1.06 bp	14.7 bp −$15	25.9 bp −$259	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.213%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.500	+0.095%	$15.5M	$25.6M	50x	as long as short
Gate CRCL_USDTshort	0.0000%	8h	94.520	+0.116%	$7.3M	$27.0M	50x
GRVT CRCL_USDT_Perp	0.0000%	8h	94.500	+0.095%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.470	+0.063%	$1.0M	$49K	10x	as long as short
Bitget CRCLUSDT	+0.0030%	8h	94.490	+0.084%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.544	+0.141%	$890K	$2.8M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.402	−0.010%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.460	+0.052%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.390	−0.022%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.480	+0.073%	$71.9M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.460	+0.052%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.512	+0.107%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.390	−0.022%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.420	+0.010%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.480	+0.073%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.410	−0.001%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.490	+0.084%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.517	+0.112%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0106%	8h	94.494	+0.088%	$775	$740	5x	as long as short
Variational Omni CRCL	+0.0117%	8h	94.489	+0.083%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0149%	8h	94.540	+0.137%	$22.8M	$59.5M	50x	as long as short
Binance CRCLUSDT	+0.0188%	8h	94.530	+0.126%	$109.5M	$386.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.490	+0.084%	$1.1M	$5.9M	10x	as long as short
Aster CRCLUSDT	+0.0195%	8h	94.461	+0.054%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERPlong	+0.0234%	1h	94.411	long leg	$132K	$76K	3x
Phoenix CRCL	+0.0296%	1h	94.424	+0.014%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.543	+0.140%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0308%	8h	94.500	+0.095%	$1.1M	$561K	20x	as long as short
edgeX CRCLUSDC	+0.0385%	4h	94.442	+0.033%	$24K	$267K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.508%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.420	+0.010%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.490	+0.084%	$431K	$299K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0703%	1h	94.550	+0.147%	$4K	$769K	10x	as long as short