Arcus vs Nado Funding Arbitrage
31 shared markets · net of estimated fees · updated every few minutesArcus and Nado both quote 31 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is LIT — long Nado / short Arcus at 26.5% net APR — but the median across all shared markets is 26.5%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 3 markets go long on Arcus and 28 on Nado. 29 markets clear 5% net APR, 26 clear 10%.
How this pair behaves
Arcus pays funding every 1h on 59 markets; Nado pays every 24h on 71 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Arcus quotes 59 perpetual markets in total and Nado quotes 71; the 31 they share are what this page ranks. Across its own book Arcus runs a median funding rate of 4.4% and Nado -1.8% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 25 of 31 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| ORCL | Nado | Arcus | 129.2% | 132.1% | -4.2% | $21K |
| MRVL | Nado | Arcus | 115.3% | 117.8% | +2.5% | $48K |
| MU | Nado | Arcus | 103.1% | 105.3% | +8.7% | $528K |
| CASHCAT | Nado | Arcus | 92.5% | 98.9% | +18.9% | $734K |
| AMD | Nado | Arcus | 90.1% | 92.3% | +20.6% | $115K |
| INTC | Nado | Arcus | 80.4% | 82.8% | +15.4% | $92K |
| AAPL | Nado | Arcus | 78.5% | 80.6% | +3.8% | $91K |
| QQQ | Nado | Arcus | 74.3% | 76.4% | +0.1% | $752K |
| NBIS | Nado | Arcus | 72.9% | 75.5% | -0.4% | $93K |
| SKHY | Nado | Arcus | 61.1% | 64.2% | +11.3% | $86K |
| MSTR | Arcus | Nado | 51.5% | 54.3% | -5.8% | $86K |
| MSFT | Nado | Arcus | 47.3% | 49.5% | +4.6% | $147K |
| TSLA | Nado | Arcus | 44.8% | 47.0% | +2.9% | $99K |
| META | Nado | Arcus | 39.1% | 41.4% | +24.1% | $196K |
| PONS | Nado | Arcus | 28.9% | 32.3% | +38.6% | $191K |
| LIT | Nado | Arcus | 26.5% | 28.8% | +12.9% | $2.0M |
| LINK | Nado | Arcus | 22.4% | 25.0% | +28.2% | $46K |
| UNI | Nado | Arcus | 20.8% | 22.9% | +13.3% | $756K |
| PENGU | Nado | Arcus | 18.5% | 22.3% | +18.4% | $68K |
| NVDA | Nado | Arcus | 18.4% | 20.7% | +18.1% | $305K |
| SPY | Nado | Arcus | 13.7% | 15.8% | +1.1% | $267K |
| SNDK | Nado | Arcus | 13.2% | 15.4% | +3.6% | $878K |
| BNB | Nado | Arcus | 12.8% | 15.1% | +9.5% | $253K |
| USELESS | Nado | Arcus | 11.6% | 17.8% | +4.5% | $19K |
| GOOGL | Nado | Arcus | 11.4% | 13.6% | +14.2% | $129K |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Arcus vs Nado — FAQ
How many markets can you arbitrage between Arcus and Nado?
31 perpetual markets are quoted on both Arcus and Nado right now. 29 of them show a net spread of at least 5% APR after estimated fees, and 5 have at least $1M of 24h volume on the smaller leg.
What is the best Arcus / Nado funding spread right now?
LIT: long Nado and short Arcus for about 26.5% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 31 shared markets is 26.5%, so the top of the list is not typical.
Which side pays on the Arcus / Nado pair?
It varies by market: Arcus is the long (funding-receiving) leg in 3 of the shared markets and Nado in the other 28. The direction is set per market by which venue currently prices funding lower.
Trading the Arcus / Nado spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: Arcus funding rates · Nado funding rates; the full calculation is in the methodology.