Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0286%/8h= +31.4% APRpaid last 24h +0.040%

Price spread now: Lighter against Aster+0.001%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs+$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.525%+$53 on $10k

Price spread, last 7 days+0.060%+$6 · spread now +0.001%, 7d avg +0.057%

Together, before fees+0.585%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.056% cheaper against Aster than usual: you would sell low and buy high (spread +0.001% now, against its 7-day average of +0.057%). If the spread goes back, that is −$6 on $10k: about 16 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster CRCLUSDT	92.023	0.0010	pay 0.0010% / 8h	3h 50m	$1.1M	$5.0M	20x
Short	Lighter CRCL	92.024	0.0296	get 0.0037% / 1h	50m 29s	$3.0M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now +0.001%Rate

Funding earned: $60.16
Price spread: +0.001% → +0.057%: −$5.59
Slippage, 4 orders: −$14.57
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: $32
Costs to cover: 0.226%
Break-even: 3.3 days

Slippage from Aster: live order book, 3 min ago; Lighter: live order book, 7 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 Aster live order book, 3 min ago	2.17 bp	11.0 bp −$11	46.2 bp −$462	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	1.52 bp	1.7 bp −$2	11.4 bp −$114	46.0 bp −$4,596	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	−0.0707%	8h	92.060	+0.040%	$16.8M	$35.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.780	−0.264%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.000	−0.025%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.050	+0.029%	$7.3M	$27.2M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.019	−0.005%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.040	+0.018%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDTlong	+0.0010%	8h	92.023	long leg	$1.1M	$5.0M	20x
Binance CRCLUSDT	+0.0013%	8h	91.993	−0.033%	$104.8M	$390.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.964	−0.064%	$1.1M	$5.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.026	+0.003%	$975K	$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	+0.0040%	1h	92.050	+0.029%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.050	+0.029%	$94K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.910	−0.123%	$907K	$491K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.945	−0.085%	$68.4M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.993	−0.033%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.989	−0.037%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.930	−0.101%	$1.0M	$5.2M	10x	as long as short
BloFin CRCL-USDT	+0.0051%	8h	91.970	−0.058%	$1.1M	$1.3M	20x	as long as short
QFEX CRCL-USD	+0.0060%	1h	92.000	−0.025%	$1.3M	$1.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0062%	8h	92.030	+0.007%	$22.3M	$61.5M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0064%	8h	92.190	+0.181%	$64K	$1.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.980	−0.047%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.020	−0.003%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.120	+0.105%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.010	−0.014%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.004	−0.021%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	92.000	−0.025%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0130%	8h	91.979	−0.047%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	92.079	+0.061%	$27K	$82K	10x	as long as short
Lighter CRCLshort	+0.0296%	1h	92.024	+0.001%	$3.0M	$2.4M	10x
Nado CRCL-PERP	+0.0388%	1h	91.925	−0.106%	$134K	$106K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0402%	1h	92.030	+0.007%	$4K	$768K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.620	+0.649%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0488%	4h	92.164	+0.153%	$51K	$276K	10x	as long as short