Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.052%

Price spread now: Lighter against GRVT+0.153%48s7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs+$36as 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−$240.239% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.602%+$60 on $10k

Price spread, last 7 days−0.148%−$15 · spread now +0.153%, 7d avg +0.042%

Together, before fees+0.454%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board+$45 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.111% dearer against GRVT than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.042%. The two prices were read 48 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	GRVT CRCL_USDT_Perp	91.144	0.0244	pay 0.0244% / 8h	18m 49s	$70K	$1.1M	10x
Short	Lighter CRCL	91.284	0.0248	get 0.0031% / 1h	18m 49s	$2.9M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now +0.153%Rate

Funding earned: $0.84
Price spread: +0.153% → +0.042%: $11.13
Slippage, 4 orders: −$14.89
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$11.92
Costs to cover: 0.239%
Break-even: 106.3 days

Slippage from GRVT: live order book, 4 min ago; Lighter: live order book, 3 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 GRVT live order book, 4 min ago	1.65 bp	11.1 bp −$11	17.1 bp −$171	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	2.30 bp	2.8 bp −$3	12.1 bp −$121	45.8 bp −$4,580	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	−0.0360%	8h	91.360	+0.237%	$17.5M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0078%	1h	90.950	−0.213%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.310	+0.182%	$7.9M	$27.7M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.320	+0.193%	$1.0M	$48K	10x	as long as short
edgeX CRCLUSDC	+0.0006%	4h	91.021	−0.136%	$52K	$270K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.282	+0.151%	$983K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.186	+0.046%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.120	−0.027%	$94K	$296K	10x	as long as short
Bybit CRCLUSDT	+0.0046%	8h	91.300	+0.171%	$14.8M	$26.5M	50x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.260	+0.127%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.200	+0.061%	$1.1M	$4.8M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	91.230	+0.094%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.050	−0.104%	$876K	$495K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0097%	1h	91.195	+0.056%	$67.3M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.250	+0.116%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.210	+0.072%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.040	−0.114%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.290	+0.160%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.330	+0.203%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0112%	8h	91.119	−0.028%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0153%	1h	91.260	+0.127%	$378K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0155%	8h	91.279	+0.148%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0181%	8h	91.309	+0.181%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	91.267	+0.135%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0199%	8h	91.280	+0.149%	$104.8M	$389.6M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.188	+0.048%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perplong	+0.0244%	8h	91.144	long leg	$70K	$1.1M	10x
Lighter CRCLshort	+0.0248%	1h	91.284	+0.153%	$2.9M	$2.4M	10x
OKX CRCL-USDT-SWAP	+0.0274%	8h	91.310	+0.182%	$22.3M	$61.7M	50x	as long as short
BloFin CRCL-USDT	+0.0315%	8h	91.330	+0.204%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0429%	1h	91.134	−0.011%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.570	+0.467%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.253	+0.119%	$412K	$272K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0846%	1h	91.320	+0.193%	$5K	$769K	10x	as long as short