Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.041%

Price spread now: Lighter against KuCoin−0.005%7-day average +0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$900.898% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.483%+$48 on $10k

Price spread, last 7 days−0.002%$0 · spread now −0.005%, 7d avg +0.052%

Together, before fees+0.481%+ Points / potential airdropLighter: Season 3 · farm board+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.058% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.005% now, against its 7-day average of +0.052%). If the spread goes back, that is −$6 on $10k: about 26 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CRCLUSDTM	91.530	0.0100	pay 0.0100% / 8h	2h 46m	$2.7M	$1.8M	20x
Short	Lighter CRCL	91.525	0.0280	get 0.0035% / 1h	46m 16s	$2.9M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now −0.005%Rate

Funding earned: $37.8
Price spread: −0.005% → +0.052%: −$5.76
Slippage, 4 orders: −$77.82
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$57.77
Costs to cover: 0.898%
Break-even: 17.7 days

Slippage from KuCoin: live order book, 6 min ago; Lighter: live order book, 6 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 KuCoin live order book, 6 min ago	1.09 bp	58.5 bp −$58	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	1.75 bp	2.0 bp −$2	9.4 bp −$94	42.8 bp −$4,276	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	−0.0755%	8h	91.570	+0.044%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.270	−0.284%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.510	−0.022%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.550	+0.022%	$7.4M	$27.1M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.669	+0.152%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.510	−0.022%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0023%	8h	91.561	+0.034%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.573	+0.047%	$974K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.476	−0.060%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0034%	8h	91.500	−0.033%	$104.2M	$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	91.580	+0.055%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.521	−0.009%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.501	−0.032%	$383K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.491	−0.043%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.540	+0.011%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.550	+0.022%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.142%	$911K	$521K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0076%	1h	91.487	−0.047%	$68.1M	$42.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0094%	8h	91.531	+0.001%	$421	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.549	+0.021%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTMlong	+0.0100%	8h	91.530	long leg	$2.7M	$1.8M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.600	+0.076%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.530	0.000%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.508	−0.024%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0110%	8h	91.680	+0.164%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0116%	8h	91.540	+0.011%	$22.2M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.550	+0.022%	$417K	$295K	10x	as long as short
BloFin CRCL-USDT	+0.0139%	8h	91.630	+0.109%	$1.1M	$1.6M	20x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0187%	1h	91.520	−0.011%	$4K	$768K	10x	as long as short
Phoenix CRCL	+0.0210%	1h	91.658	+0.140%	$27K	$82K	10x	as long as short
Lighter CRCLshort	+0.0280%	1h	91.525	−0.005%	$2.9M	$2.4M	10x
Nado CRCL-PERP	+0.0342%	1h	91.484	−0.050%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.050	+0.568%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0927%	4h	91.615	+0.093%	$52K	$278K	10x	as long as short