Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0249%/8h= −27.2% APRpaid last 24h −0.017%

Price spread now: OKX against Nado+0.159%7-day average +0.024% · 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−$16as in the Price arb table

costs, in and out, $10k−$300.298% of the position

Long on Nado Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.096%−$10 on $10k

Price spread, last 4 days (all we have)−0.201%−$20 · spread now +0.159%, 7d avg +0.024%

Together, before fees−0.297%+ Points / potential airdropNado: Active · farm board−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.135% dearer against Nado than usual: you sell high and buy low (spread +0.159% now, against its 7-day average of +0.024%): +$14 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 44 hours. At the pace of the last 3 days (−0.096% in total) that is about 4.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	91.734	0.0349	pay 0.0044% / 1h	4m 15s	$133K	$108K	3x
Short	OKX CRCL-USDT-SWAP	91.880	0.0100	get 0.0100% / 8h	3h 04m	$22.4M	$61.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.159%Rate

Funding earned: −$52.19
Price spread: +0.159% → +0.024%: $13.54
Slippage, 4 orders: −$12.78
Fee Nado: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$68.43
Costs to cover: 0.298%
Break-even: never at this rate

Slippage from Nado: live order book, 48 min ago; OKX: live order book, 5 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, 48 min ago	2.71 bp	7.6 bp −$8	27.5 bp −$275	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.55 bp	6.7 bp −$7	12.6 bp −$126	141.6 bp −$14.2K	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	−0.0671%	8h	91.930	+0.214%	$16.6M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.620	−0.124%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.840	+0.116%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.960	+0.247%	$7.4M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.949	+0.234%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.890	+0.170%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0015%	8h	91.841	+0.117%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.832	+0.107%	$1.2M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0025%	8h	91.846	+0.123%	$104.6M	$392.8M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.848	+0.124%	$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	91.866	+0.144%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.850	+0.127%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	+0.039%	$914K	$522K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.771	+0.040%	$68.1M	$42.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.828	+0.103%	$386K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.828	+0.103%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.890	+0.170%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.880	+0.159%	$1.3M	$1.8M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0078%	8h	91.825	+0.100%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0085%	8h	91.859	+0.136%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0096%	8h	91.920	+0.203%	$1.1M	$1.6M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.863	+0.141%	$136K	$160K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.850	+0.127%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.800	+0.072%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.830	+0.105%	$916	$2K	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0100%	8h	91.880	+0.159%	$22.4M	$61.9M	50x
Aevo CRCL-PERP	+0.0104%	1h	91.844	+0.120%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.916	+0.199%	$419K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.893	+0.173%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0256%	1h	91.845	+0.121%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERPlong	+0.0349%	1h	91.734	long leg	$133K	$108K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.683%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0757%	4h	91.849	+0.126%	$51K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0840%	1h	91.840	+0.116%	$4K	$768K	10x	as long as short