Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0111%/8h= +12.2% APRpaid last 24h +0.063%

Price spread now: Lighter against Bitget+0.033%7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs+$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.444%+$44 on $10k

Price spread, last 7 days+0.015%+$1 · spread now +0.033%, 7d avg +0.030%

Together, before fees+0.459%+ Points / potential airdropLighter: Season 3 · farm board+$46 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.030%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CRCLUSDT	94.610	0.0313	pay 0.0313% / 8h	47m 14s	$16.8M	$35.3M	25x
Short	Lighter CRCL	94.641	0.0424	get 0.0053% / 1h	47m 14s	$3.1M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now +0.033%Rate

Funding earned: $23.31
Price spread: +0.033% → +0.030%: $0.23
Slippage, 4 orders: −$8.96
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $2.59
Costs to cover: 0.210%
Break-even: 6.2 days

Slippage from Bitget: live order book, 2 min ago; Lighter: 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 Bitget live order book, 2 min ago	0.53 bp	8.8 bp −$9	16.4 bp −$164	41.4 bp −$4,142	doesn't fit
Sell Lighter live order book, 5 min ago	2.38 bp	2.6 bp −$3	13.8 bp −$138	42.1 bp −$4,208	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
Gate CRCL_USDT	0.0000%	8h	94.620	+0.011%	$7.2M	$27.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.560	−0.053%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.580	−0.032%	$1.4M	$2.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.490	−0.127%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.510	−0.106%	—	$45K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.576	−0.036%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.510	−0.106%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0050%	1h	94.510	−0.106%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0077%	1h	94.579	−0.033%	$366K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0088%	1h	94.623	+0.014%	$892K	$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
Bybit CRCLUSDT	+0.0097%	8h	94.630	+0.021%	$15.6M	$25.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.550	−0.063%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.550	−0.063%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.450	−0.169%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.590	−0.021%	$943	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.585	−0.027%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0113%	8h	94.523	−0.092%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0130%	8h	94.642	+0.034%	$776	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0152%	8h	94.531	−0.084%	$63K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0173%	8h	94.570	−0.042%	$108.9M	$388.8M	50x	as long as short
Extended CRCL_24_5-USD	+0.0176%	1h	94.563	−0.050%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0186%	8h	94.536	−0.078%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0199%	8h	94.570	−0.042%	$22.9M	$60.6M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0282%	1h	94.538	−0.076%	$70.9M	$42.7M	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.557	−0.056%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0293%	8h	94.600	−0.011%	$1.1M	$589K	20x	as long as short
Bitget CRCLUSDTlong	+0.0313%	8h	94.610	long leg	$16.8M	$35.3M	25x
Nado CRCL-PERP	+0.0316%	1h	94.567	−0.045%	$127K	$73K	3x	as long as short
Lighter CRCLshort	+0.0424%	1h	94.641	+0.033%	$3.1M	$2.2M	10x
Injective CRCL/USDC PERP	+0.0440%	1h	94.950	+0.359%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0490%	1h	94.620	+0.011%	$4K	$772K	10x	as long as short
edgeX CRCLUSDC	+0.0525%	4h	94.516	−0.100%	$24K	$268K	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.610	0.000%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.625	+0.016%	$432K	$312K	10x	as long as short