Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0352%/8h= +38.5% APRpaid last 24h +0.082%

Price spread now: Nado against Phemex−0.056%7-day average −0.014% · 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−$100as in the Price arb table

costs, in and out, $10k−$960.963% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.168%+$17 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now −0.056%, 7d avg −0.014%

Together, before fees+0.275%+ Points / potential airdropNado: Active · farm board+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.042% cheaper against Phemex than usual: you would sell low and buy high (spread −0.056% now, against its 7-day average of −0.014%). If the spread goes back, that is −$4 on $10k: about 10 hours of funding at the current rate (+$11 a day). At the pace of the last 4 days (+0.168% in total) that is about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	92.170	0	get 0.0000% / 4h	3h 20m	$1.0M	$47K	10x
Short	Nado CRCL-PERP	92.118	0.0352	get 0.0044% / 1h	20m 33s	$135K	$109K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Phemex. 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 PhemexbpFee NadobpOrdersPrice spread, now −0.056%Rate

Funding earned: $73.82
Price spread: −0.056% → −0.014%: −$4.21
Slippage, 4 orders: −$77.26
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$26.64
Costs to cover: 0.963%
Break-even: 9.5 days

Slippage from Phemex: live order book, 2 min ago; Nado: live order book, 12 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 Phemex live order book, 2 min ago	2.72 bp	34.2 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 12 min ago	3.30 bp	8.7 bp −$9	26.7 bp −$267	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
Vest CRCL-USD-PERP	−0.0104%	1h	91.630	−0.586%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	91.920	−0.271%	$17.7M	$36.0M	25x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	92.170	long leg	$1.0M	$47K	10x
Lighter RH CRCL	+0.0032%	1h	91.983	−0.203%	$993K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	92.020	−0.163%	$947K	$567K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0035%	1h	91.168	−1.087%	$2K	$29K	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0040%	8h	91.320	−0.922%	$71K	$1.1M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.890	−0.304%	$96K	$278K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.865	−0.331%	$67.5M	$43.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.754	−0.451%	$379K	$999K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.900	−0.293%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	91.830	−0.369%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.927	−0.264%	$135K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.900	−0.293%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.100	−1.161%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.250	+0.087%	$920	$1K	10x	as long as short
Bybit CRCLUSDT	+0.0102%	8h	91.900	−0.293%	$15.1M	$26.7M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.297	+0.138%	$4	—	10x	as long as short
Gate CRCL_USDT	+0.0115%	8h	91.970	−0.217%	$7.8M	$26.7M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0133%	8h	92.018	−0.165%	$423	$766	5x	as long as short
edgeX CRCLUSDC	+0.0154%	4h	91.204	−1.048%	$52K	$270K	10x	as long as short
Variational Omni CRCL	+0.0176%	8h	92.182	+0.013%	$2.4M	$3.3M	—	as long as short
Lighter CRCL	+0.0176%	1h	91.910	−0.282%	$3.0M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0233%	8h	92.059	−0.121%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	91.918	−0.274%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0250%	8h	91.880	−0.315%	$105.8M	$386.5M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.817	−0.383%	$27K	$66K	10x	as long as short
SoDEX CRCL-USD	+0.0264%	1h	91.812	−0.388%	$46K	$3K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0296%	8h	91.900	−0.293%	$22.4M	$61.8M	50x	as long as short
Nado CRCL-PERPshort	+0.0352%	1h	92.118	−0.056%	$135K	$109K	3x
BloFin CRCL-USDT	+0.0359%	8h	92.300	+0.141%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.920	−0.271%	$40K	$170K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.870	−0.325%	$415K	$256K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1052%	1h	92.310	+0.152%	$5K	$760K	10x	as long as short