Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0191%/8h= −20.9% APRpaid last 24h −0.075%

Price spread now: Phemex against Nado−0.027%7-day average +0.011% · 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−$94as in the Price arb table

costs, in and out, $10k−$900.902% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.139%−$14 on $10k

Price spread, last 3 days (all we have)+0.019%+$2 · spread now −0.027%, 7d avg +0.011%

Together, before fees−0.121%+ Points / potential airdropNado: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phemex is 0.038% cheaper against Nado than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	91.465	0.0191	pay 0.0024% / 1h	51m 11s	$130K	$103K	3x
Short	Phemex CRCLUSDT	91.440	0	get 0.0000% / 4h	1h 51m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$40.14
Price spread: −0.027% → +0.011%: −$3.82
Slippage, 4 orders: −$71.18
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$134.14
Costs to cover: 0.902%
Break-even: never at this rate

Slippage from Nado: live order book, 11 min ago; Phemex: live order book, 1 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, 11 min ago	3.81 bp	8.5 bp −$9	27.0 bp −$270	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	1.64 bp	36.6 bp −$37	doesn't fit	doesn't fit	doesn't fit

CRCL on 33 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	−0.1146%	8h	91.500	+0.039%	$15.7M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0074%	1h	91.250	−0.235%	—	$38K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.330	−0.147%	$901K	$540K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.420	−0.049%	$14.9M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.494	+0.032%	$418K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.390	−0.082%	$7.1M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.580	+0.126%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.480	+0.017%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.440	−0.027%	$1.0M	$49K	10x
Extended CRCL_24_5-USD	+0.0016%	1h	91.398	−0.073%	$1.1M	$5.7M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRCLUSDT	+0.0017%	8h	91.398	−0.073%	$103.8M	$383.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	91.516	+0.057%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.460	−0.005%	$1.3M	$2.2M	10x	as long as short
Aster CRCLUSDT	+0.0027%	8h	91.499	+0.038%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0031%	8h	91.450	−0.016%	$21.7M	$58.8M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.440	−0.027%	$970K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.470	+0.006%	$93K	$270K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.226	−0.261%	$68.3M	$41.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.474	+0.010%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.410	−0.060%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.400	−0.071%	$973K	$5.2M	10x	as long as short
edgeX CRCLUSDC	+0.0055%	4h	91.376	−0.097%	$23K	$267K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0070%	8h	91.555	+0.099%	$751	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.551	+0.094%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.480	+0.017%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.500	+0.039%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.410	−0.060%	$911	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.372	−0.101%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.382	−0.090%	$27K	$84K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0188%	1h	91.420	−0.049%	$4K	$767K	10x	as long as short
Nado CRCL-PERPlong	+0.0191%	1h	91.465	long leg	$130K	$103K	3x
Lighter CRCL	+0.0280%	1h	91.479	+0.016%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.900	+0.476%	$5K	$19K	30x	as long as short