Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0253%/8h= +27.7% APRpaid last 24h +0.050%

Price spread now: Lighter against Bybit+0.077%7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs+$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.507%+$51 on $10k

Price spread, last 7 days−0.048%−$5 · spread now +0.077%, 7d avg +0.030%

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

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Lighter is 0.048% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	94.410	0.0027	pay 0.0027% / 8h	2h 00m	$15.5M	$25.9M	50x
Short	Lighter CRCL	94.483	0.0280	get 0.0035% / 1h	0m 18s	$3.1M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.077%Rate

Funding earned: $53.16
Price spread: +0.077% → +0.030%: $4.77
Slippage, 4 orders: −$19.56
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $27.37
Costs to cover: 0.306%
Break-even: 3.4 days

Slippage from Bybit: live order book, 3 min ago; Lighter: live order book, 2 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 Bybit live order book, 3 min ago	0.53 bp	13.5 bp −$13	20.0 bp −$200	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	1.69 bp	1.9 bp −$2	4.9 bp −$49	38.9 bp −$3,889	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
RISEx CRCL/USDC	0.0000%	1h	94.443	+0.035%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.440	+0.032%	$7.2M	$27.8M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.417	+0.008%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.410	0.000%	$1.0M	$50K	10x	as long as short
Variational Omni CRCL	+0.0017%	8h	94.462	+0.055%	$2.5M	$3.2M	—	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.420	+0.011%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDTlong	+0.0027%	8h	94.410	long leg	$15.5M	$25.9M	50x
Lighter RH CRCL	+0.0032%	1h	94.466	+0.059%	$881K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.399	−0.012%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.380	−0.032%	—	$45K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.333	−0.082%	$70.7M	$42.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.330	−0.085%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.423	+0.014%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.350	−0.064%	$1.1M	$5.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0064%	1h	94.382	−0.030%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0067%	8h	94.390	−0.021%	$108.4M	$389.3M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.404	−0.007%	$76K	$100K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.390	−0.021%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.350	−0.064%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.350	−0.064%	$941	$3K	10x	as long as short
Aster CRCLUSDT	+0.0101%	8h	94.391	−0.021%	$1.1M	$4.8M	20x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.368	−0.045%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0133%	8h	94.464	+0.057%	$775	$740	5x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	−0.021%	$939K	$743K	10x	as long as short
BloFin CRCL-USDT	+0.0184%	8h	94.460	+0.053%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERP	+0.0193%	1h	94.290	−0.127%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0203%	8h	94.420	+0.011%	$22.8M	$60.6M	50x	as long as short
Phoenix CRCL	+0.0228%	1h	94.456	+0.049%	$28K	$92K	10x	as long as short
Lighter CRCLshort	+0.0280%	1h	94.483	+0.077%	$3.1M	$2.4M	10x
Bitget CRCLUSDT	+0.0317%	8h	94.430	+0.021%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.920	+0.540%	$5K	$20K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0492%	1h	94.400	−0.011%	$4K	$771K	10x	as long as short
Arcus CRCL-USD	+0.0560%	1h	94.440	+0.032%	$97K	$274K	10x	as long as short
edgeX CRCLUSDC	+0.0714%	4h	94.432	+0.023%	$24K	$268K	10x	as long as short