Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.034%

Price spread now: Lighter RH against KuCoin−0.025%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$890.893% of the position

Long on KuCoin Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 7 days+0.055%+$5 · spread now −0.025%, 7d avg −0.005%

Together, before fees−0.152%+ Points / potential airdropLighter RH: Points live · farm board−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.005%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CRCLUSDTM	91.520	0.0100	pay 0.0100% / 8h	4h 35m	$2.7M	$2.0M	20x
Short	Lighter RH CRCL	91.497	0.0032	get 0.0004% / 1h	35m 10s	$970K	$2.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$14.28
Price spread: −0.025% → −0.005%: −$1.98
Slippage, 4 orders: −$77.34
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$105.6
Costs to cover: 0.893%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Lighter RH: 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 KuCoin live order book, 2 min ago	1.09 bp	52.2 bp −$52	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 3 min ago	2.23 bp	2.3 bp −$2	5.7 bp −$57	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	−0.1012%	8h	91.580	+0.066%	$16.2M	$35.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.270	−0.273%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	91.556	+0.039%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.507	−0.014%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.530	+0.011%	$104.4M	$388.8M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.500	−0.022%	$14.9M	$26.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.545	+0.027%	$416K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.570	+0.055%	$7.2M	$27.1M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.439	−0.089%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.729	+0.229%	$65K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.540	+0.022%	$1.0M	$49K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0013%	8h	91.550	+0.033%	$21.9M	$60.7M	50x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.500	−0.022%	$903K	$489K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0028%	1h	91.599	+0.087%	$2K	$24K	5x	as long as short
QFEX CRCL-USD	+0.0028%	1h	91.530	+0.011%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCLshort	+0.0032%	1h	91.497	−0.025%	$970K	$2.9M	10x
Arcus CRCL-USD	+0.0040%	1h	91.590	+0.076%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.485	−0.038%	$68.2M	$41.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.478	−0.046%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.498	−0.024%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.410	−0.120%	$992K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0086%	8h	91.433	−0.096%	$421	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.500	−0.022%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTMlong	+0.0100%	8h	91.520	long leg	$2.7M	$2.0M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	91.640	+0.131%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.540	+0.022%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.483	−0.040%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.550	+0.033%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	91.525	+0.005%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0160%	1h	91.491	−0.032%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0285%	1h	91.413	−0.117%	$130K	$104K	3x	as long as short
edgeX CRCLUSDC	+0.0422%	4h	91.677	+0.172%	$51K	$276K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.090	+0.623%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0735%	1h	91.480	−0.044%	$4K	$767K	10x	as long as short