Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0023%/8h= −2.5% APRpaid last 24h −0.019%

Price spread now: Lighter RH against GRVT−0.065%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$260.257% of the position

Long on GRVT Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.092%−$9 on $10k

Price spread, last 7 days+0.104%+$10 · spread now −0.065%, 7d avg −0.015%

Together, before fees+0.012%+ Points / potential airdropGRVT: Active · Lighter RH: Points live · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter RH is 0.049% cheaper against GRVT than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.015%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT CRCL_USDT_Perp	91.444	0.0175	pay 0.0175% / 8h	1h 47m	$65K	$1.1M	10x
Short	Lighter RH CRCL	91.385	0.0152	get 0.0019% / 1h	47m 20s	$976K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$4.83
Price spread: −0.065% → −0.015%: −$4.95
Slippage, 4 orders: −$16.68
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$35.46
Costs to cover: 0.257%
Break-even: never at this rate

Slippage from GRVT: live order book, 1 min ago; Lighter RH: live order book, 1 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, 1 min ago	1.64 bp	9.0 bp −$9	13.9 bp −$139	doesn't fit	doesn't fit
Sell Lighter RH live order book, 1 min ago	3.23 bp	3.4 bp −$3	4.8 bp −$48	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	−0.0726%	8h	91.410	−0.037%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0084%	1h	91.060	−0.420%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.320	−0.136%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.380	−0.070%	$7.7M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.430	−0.015%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.360	−0.092%	$1.0M	$48K	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.380	−0.070%	$93K	$289K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.326	−0.129%	$2K	$27K	5x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.348	−0.105%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.290	−0.168%	$1.1M	$5.2M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.470	+0.028%	$891K	$605K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.360	−0.092%	$1.3M	$1.8M	10x	as long as short
Aster CRCLUSDT	+0.0073%	8h	91.353	−0.099%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0086%	8h	91.320	−0.135%	$104.4M	$397.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0088%	1h	91.327	−0.128%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.340	−0.114%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.350	−0.103%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.290	−0.168%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.300	−0.157%	$910	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.363	−0.089%	$4	—	10x	as long as short
Lighter RH CRCLshort	+0.0152%	1h	91.385	−0.065%	$976K	$2.7M	10x
tradeXYZ xyz:CRCL	+0.0157%	1h	91.260	−0.201%	$67.6M	$44.4M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0173%	8h	91.325	−0.130%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perplong	+0.0175%	8h	91.444	long leg	$65K	$1.1M	10x
Polymarket Perps CRCL-USD	+0.0181%	1h	91.298	−0.160%	$382K	$1.3M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0182%	8h	91.350	−0.103%	$22.2M	$62.6M	50x	as long as short
BloFin CRCL-USDT	+0.0205%	8h	91.410	−0.037%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.384	−0.066%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.375	−0.075%	$416K	$268K	10x	as long as short
edgeX CRCLUSDC	+0.0321%	4h	91.441	−0.003%	$52K	$278K	10x	as long as short
Lighter CRCL	+0.0328%	1h	91.386	−0.063%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.930	+0.531%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0457%	1h	91.325	−0.131%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0517%	1h	91.370	−0.081%	$5K	$769K	10x	as long as short