CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0212%/8h= +23.2% APRnext payment +$0.27 per $10,000 · paid last 24h −0.001%

Price spread now: Lighter against Deribit+0.024%7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.169%+$17 on $10k

Price spread, last 3 days (all we have)+0.079%+$8 · spread now +0.024%, 7d avg +0.095%

Together, before fees+0.247%+ Points / potential airdropLighter: Season 3 · farm board+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.070% cheaper against Deribit than usual: you would sell low and buy high (spread +0.024% now, against its 7-day average of +0.095%). If the spread goes back, that is −$7 on $10k: about 27 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CRCL_USDC-PERPETUAL	94.460	0.0068	pay 0.0008% / 1h	0m 40s	$4K	$771K	10x
Short	Lighter CRCL	94.483	0.0280	get 0.0035% / 1h	0m 40s	$3.1M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Deribit. 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 DeribitbpFee LighterbpOrdersPrice spread, now +0.024%Rate

Funding earned: $44.58
Price spread: +0.024% → +0.095%: −$7.04
Slippage, 4 orders: −$18.6
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $11.95
Costs to cover: 0.256%
Break-even: 5.1 days

Slippage from Deribit: live order book, 23 min ago; Lighter: live order book, 7 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 Deribit live order book, 23 min ago	0.53 bp	12.4 bp −$12	16.1 bp −$161	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	0.90 bp	0.9 bp −$1	3.5 bp −$35	35.1 bp −$3,512	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	−0.018%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.450	−0.011%	$7.2M	$27.8M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.417	−0.045%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.420	−0.042%	$1.0M	$50K	10x	as long as short
Variational Omni CRCL	+0.0011%	8h	94.421	−0.042%	$2.5M	$3.2M	—	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.450	−0.011%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0027%	8h	94.490	+0.032%	$15.5M	$25.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.466	+0.006%	$881K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.468	+0.008%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.400	−0.064%	—	$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	94.429	−0.033%	$70.8M	$42.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.419	−0.043%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.434	−0.028%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.350	−0.116%	$1.1M	$5.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0064%	1h	94.430	−0.032%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0067%	8h	94.440	−0.021%	$108.4M	$389.3M	50x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0068%	1h	94.460	long leg	$4K	$771K	10x
Pacifica CRCL	+0.0100%	1h	94.404	−0.060%	$76K	$100K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.430	−0.032%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.350	−0.116%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.410	−0.053%	$941	$3K	10x	as long as short
Aster CRCLUSDT	+0.0101%	8h	94.436	−0.026%	$1.1M	$4.8M	20x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.459	−0.001%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0133%	8h	94.464	+0.004%	$775	$740	5x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	−0.074%	$939K	$743K	10x	as long as short
BloFin CRCL-USDT	+0.0184%	8h	94.460	0.000%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERP	+0.0193%	1h	94.429	−0.033%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0204%	8h	94.430	−0.032%	$22.8M	$60.6M	50x	as long as short
Phoenix CRCL	+0.0228%	1h	94.456	−0.004%	$28K	$92K	10x	as long as short
Lighter CRCLshort	+0.0280%	1h	94.483	+0.024%	$3.1M	$2.4M	10x
Bitget CRCLUSDT	+0.0317%	8h	94.450	−0.011%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.920	+0.487%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0560%	1h	94.440	−0.021%	$97K	$274K	10x	as long as short
edgeX CRCLUSDC	+0.0714%	4h	94.432	−0.030%	$24K	$268K	10x	as long as short