Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.024%

Price spread now: Lighter RH against Bybit+0.003%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

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

costs, in and out, $10k−$290.289% of the position

Long on Bybit Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.169%−$17 on $10k

Price spread, last 7 days−0.012%−$1 · spread now +0.003%, 7d avg −0.029%

Together, before fees−0.181%+ Points / potential airdropLighter RH: Points live · farm board−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter RH is 0.033% dearer against Bybit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.029%. Mind the row above: over the last 7 days funding on this pair cost −0.169%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CRCLUSDT	91.630	0	get 0.0000% / 8h	2h 48m	$14.7M	$26.7M	50x
Short	Lighter RH CRCL	91.633	0.0032	get 0.0004% / 1h	48m 48s	$975K	$2.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.003%Rate

Funding earned: $6.72
Price spread: +0.003% → −0.029%: $3.25
Slippage, 4 orders: −$17.87
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$18.9
Costs to cover: 0.289%
Break-even: 26.7 days

Slippage from Bybit: live order book, 5 min ago; Lighter RH: live order book, 4 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, 5 min ago	0.55 bp	10.7 bp −$11	19.1 bp −$191	doesn't fit	doesn't fit
Sell Lighter RH live order book, 4 min ago	3.60 bp	3.6 bp −$4	5.5 bp −$55	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 CRCLUSDT	−0.0749%	8h	91.670	+0.044%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.370	−0.284%	—	$31K	25x	as long as short
Bybit CRCLUSDTlong	0.0000%	8h	91.630	long leg	$14.7M	$26.7M	50x
Gate CRCL_USDT	0.0000%	8h	91.660	+0.033%	$7.4M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.669	+0.043%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.630	0.000%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0025%	8h	91.652	+0.024%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCLshort	+0.0032%	1h	91.633	+0.003%	$975K	$2.9M	10x
Extended CRCL_24_5-USD	+0.0032%	1h	91.589	−0.045%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0035%	8h	91.619	−0.012%	$104.4M	$393.6M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.600	−0.033%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.612	−0.019%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.620	−0.011%	$384K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.602	−0.031%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.600	−0.033%	$1.0M	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0053%	4h	91.553	−0.084%	$51K	$276K	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.610	−0.022%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.251%	$911K	$521K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0078%	1h	91.581	−0.053%	$68.2M	$42.8M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0095%	8h	91.611	−0.021%	$421	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.616	−0.015%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.610	−0.022%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.600	−0.033%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.610	−0.022%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.621	−0.010%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0110%	8h	91.680	+0.055%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0115%	8h	91.650	+0.022%	$22.2M	$62.0M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.640	+0.011%	$417K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0138%	8h	91.620	−0.011%	$1.1M	$1.6M	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0187%	1h	91.620	−0.011%	$4K	$768K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.658	+0.031%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0328%	1h	91.697	+0.073%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0361%	1h	91.575	−0.060%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.050	+0.458%	$5K	$19K	30x	as long as short