Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0389%/8h= +42.6% APRpaid last 24h −0.046%

Price spread now: Lighter RH against Bitget−0.062%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on Bitget Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.258%−$26 on $10k

Price spread, last 7 days+0.034%+$3 · spread now −0.062%, 7d avg −0.029%

Together, before fees−0.224%+ Points / potential airdropLighter RH: Points live · farm board−$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.033% cheaper against Bitget than usual: you would sell low and buy high (spread −0.062% now, against its 7-day average of −0.029%). If the spread goes back, that is −$3 on $10k: about 7 hours of funding at the current rate (+$12 a day). Mind the row above: over the last 7 days funding on this pair cost −0.258%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.258% in total (about -13.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CRCLUSDT	91.280	−0.0357	get 0.0357% / 8h	20m 05s	$17.5M	$36.6M	25x
Short	Lighter RH CRCL	91.223	0.0032	get 0.0004% / 1h	20m 05s	$982K	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.062%Rate

Funding earned: $81.69
Price spread: −0.062% → −0.029%: −$3.33
Slippage, 4 orders: −$15.97
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $50.39
Costs to cover: 0.280%
Break-even: 2.7 days

Slippage from Bitget: live order book, 4 min ago; Lighter RH: live order book, 3 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, 4 min ago	1.65 bp	9.2 bp −$9	14.4 bp −$144	54.2 bp −$5,420	doesn't fit
Sell Lighter RH live order book, 3 min ago	2.52 bp	4.0 bp −$4	7.7 bp −$77	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
Bitget CRCLUSDTlong	−0.0357%	8h	91.280	long leg	$17.5M	$36.6M	25x
Vest CRCL-USD-PERP	−0.0078%	1h	90.880	−0.438%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.260	−0.022%	$7.9M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.200	−0.088%	$1.0M	$48K	10x	as long as short
edgeX CRCLUSDC	+0.0006%	4h	91.021	−0.284%	$52K	$270K	10x	as long as short
Lighter RH CRCLshort	+0.0032%	1h	91.223	−0.062%	$982K	$2.6M	10x
Aftermath Perps CRCLUSD	+0.0037%	1h	91.145	−0.148%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.090	−0.208%	$94K	$296K	10x	as long as short
Bybit CRCLUSDT	+0.0043%	8h	91.250	−0.033%	$14.8M	$26.5M	50x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.174	−0.116%	$46K	$3K	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	90.980	−0.329%	$1.1M	$4.8M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	91.150	−0.142%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.050	−0.252%	$876K	$495K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0097%	1h	91.154	−0.138%	$67.3M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.150	−0.142%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.190	−0.099%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.040	−0.263%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.180	−0.110%	$909	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.212	−0.075%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0112%	8h	91.119	−0.176%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0150%	1h	91.212	−0.074%	$378K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0151%	8h	91.164	−0.127%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0177%	8h	91.227	−0.058%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	91.208	−0.079%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0194%	8h	91.230	−0.055%	$104.8M	$389.7M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.113	−0.183%	$27K	$74K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.221	−0.065%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0248%	8h	91.117	−0.178%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0270%	8h	91.240	−0.044%	$22.2M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	91.150	−0.142%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0427%	1h	91.104	−0.193%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.570	+0.318%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.191	−0.097%	$412K	$272K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0628%	1h	91.200	−0.088%	$5K	$769K	10x	as long as short