Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0014%/8h= −1.5% APRpaid last 24h −0.006%

Price spread now: Lighter against BloFin−0.183%90s7-day average +0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.238% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.289%+$29 on $10k

Price spread, last 4 days (all we have)+0.253%+$25 · spread now −0.183%, 7d avg +0.083%

Together, before fees+0.542%+ Points / potential airdropLighter: Season 3 · farm board+$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Lighter is 0.266% cheaper against BloFin than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of +0.083%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.289%, so the current rate has only just turned against you. The two prices were read 90 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CRCL-USDT	91.720	0.0302	pay 0.0302% / 8h	37m 36s	$1.1M	$1.7M	20x
Short	Lighter CRCL	91.552	0.0288	get 0.0036% / 1h	37m 36s	$2.9M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now −0.183%Rate

Funding earned: −$2.95
Price spread: −0.183% → +0.083%: −$26.57
Slippage, 4 orders: −$11.83
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$53.35
Costs to cover: 0.238%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 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 BloFin live order book, 5 min ago	3.27 bp	9.3 bp −$9	11.4 bp −$114	24.3 bp −$2,429	doesn't fit
Sell Lighter live order book, 5 min ago	2.18 bp	2.2 bp −$2	10.7 bp −$107	43.4 bp −$4,342	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	−0.0240%	8h	91.620	−0.109%	$17.5M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0078%	1h	91.410	−0.338%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.560	−0.174%	$7.8M	$27.3M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.700	−0.022%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0029%	8h	91.550	−0.185%	$14.8M	$26.4M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.554	−0.181%	$983K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	91.650	−0.077%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.660	−0.065%	$97K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.611	−0.119%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.710	−0.011%	$1.1M	$4.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.530	−0.207%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	−0.349%	$890K	$405K	10x	as long as short
Variational Omni CRCL	+0.0095%	8h	91.757	+0.040%	$2.4M	$3.3M	—	as long as short
Pacifica CRCL	+0.0100%	1h	91.500	−0.240%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.560	−0.174%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.700	−0.022%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.650	−0.076%	$914	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.662	−0.063%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0124%	1h	91.474	−0.268%	$67.7M	$43.8M	10x	as long as short
Aster CRCLUSDT	+0.0167%	8h	91.590	−0.142%	$1.0M	$5.0M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0169%	8h	91.515	−0.223%	$421	$905	5x	as long as short
Polymarket Perps CRCL-USD	+0.0174%	1h	91.658	−0.068%	$380K	$1.3M	10x	as long as short
Binance CRCLUSDT	+0.0182%	8h	91.536	−0.201%	$105.2M	$389.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	91.511	−0.228%	$1.0M	$5.0M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0187%	1h	91.660	−0.065%	$5K	$769K	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.688	−0.035%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0248%	8h	91.784	+0.069%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0259%	8h	91.550	−0.185%	$22.3M	$61.8M	50x	as long as short
Lighter CRCLshort	+0.0288%	1h	91.552	−0.183%	$2.9M	$2.4M	10x
BloFin CRCL-USDTlong	+0.0302%	8h	91.720	long leg	$1.1M	$1.7M	20x
Nado CRCL-PERP	+0.0433%	1h	91.644	−0.083%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+0.491%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.520	−0.218%	$411K	$272K	10x	as long as short
edgeX CRCLUSDC	+0.0982%	4h	91.785	+0.071%	$52K	$275K	10x	as long as short