Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0584%/8hpaid last 24h −0.083%

Price spread now: Lighter against edgeX−0.474%7-day average +0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$270.266% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

Price spread, last 3 days (all we have)−0.072%−$7 · spread now −0.474%, 7d avg +0.084%

Together, before fees−0.253%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Lighter is 0.558% cheaper against edgeX than usual: you would sell low and buy high (−$56 if the spread goes back to its 7-day average of +0.084%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.181% in total (about -9.4% 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	edgeX CRCLUSDC	94.340	0.0920	pay 0.0460% / 4h	5m 02s	$24K	$265K	10x
Short	Lighter CRCL	93.893	0.0336	get 0.0042% / 1h	5m 02s	$2.9M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now −0.474%Rate

Funding earned: −$122.72
Price spread: −0.474% → +0.084%: −$55.78
Slippage, 4 orders: −$17.61
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$205.11
Costs to cover: 0.266%
Break-even: never at this rate

Slippage from edgeX: live order book, 27 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 edgeX live order book, 27 min ago	5.83 bp	11.1 bp −$11	22.8 bp −$228	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	1.64 bp	2.1 bp −$2	12.0 bp −$120	42.1 bp −$4,206	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
Gate CRCL_USDT	0.0000%	8h	93.870	−0.498%	$7.1M	$27.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	93.910	−0.456%	$1.0M	$49K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	93.868	−0.500%	$809K	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	93.920	−0.445%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	93.985	−0.376%	$354K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	93.855	−0.514%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	93.940	−0.424%	$1.1M	$5.7M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	94.030	−0.329%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0079%	8h	93.940	−0.424%	$15.3M	$25.7M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0093%	1h	93.906	−0.460%	$70.7M	$41.5M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	93.960	−0.403%	$77K	$97K	10x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.150	−0.201%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	93.880	−0.488%	$936	$3K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0100%	8h	93.988	−0.373%	$714	$428	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	93.877	−0.491%	$4	—	10x	as long as short
KuCoin CRCLUSDTM	+0.0105%	8h	93.950	−0.413%	$2.9M	$1.8M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0108%	8h	94.304	−0.039%	$50K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0118%	8h	94.065	−0.292%	$2.5M	$3.2M	—	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	93.900	−0.466%	$938K	$723K	10x	as long as short
Aster CRCLUSDT	+0.0162%	8h	93.887	−0.480%	$1.1M	$4.7M	20x	as long as short
Phoenix CRCL	+0.0162%	1h	94.263	−0.082%	$28K	$92K	10x	as long as short
Binance CRCLUSDT	+0.0173%	8h	93.957	−0.406%	$108.0M	$379.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0176%	1h	93.952	−0.411%	$1.2M	$3.5M	10x	as long as short
RISEx CRCL/USDC	+0.0224%	1h	94.023	−0.336%	$417K	$301K	10x	as long as short
BloFin CRCL-USDT	+0.0293%	8h	93.910	−0.456%	$1.1M	$571K	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0295%	8h	93.980	−0.382%	$22.8M	$59.1M	50x	as long as short
Lighter CRCLshort	+0.0336%	1h	93.893	−0.474%	$2.9M	$2.1M	10x
Nado CRCL-PERP	+0.0338%	1h	93.986	−0.376%	$131K	$67K	3x	as long as short
Aftermath Perps CRCLUSD	+0.0364%	1h	94.240	−0.106%	$2K	$17K	5x	as long as short
Bitget CRCLUSDT	+0.0428%	8h	93.960	−0.403%	$16.8M	$34.5M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.500	+0.170%	$5K	$20K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0710%	1h	93.850	−0.519%	$4K	$802K	10x	as long as short
Arcus CRCL-USD	+0.0748%	1h	94.010	−0.350%	$100K	$258K	10x	as long as short
edgeX CRCLUSDClong	+0.0920%	4h	94.340	long leg	$24K	$265K	10x