Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0026%/8h= +2.8% APRpaid last 24h −0.020%

Price spread now: Aster against Lighter+0.029%7-day average −0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$220.219% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.511%−$51 on $10k

Price spread, last 7 days+0.052%+$5 · spread now +0.029%, 7d avg −0.056%

Together, before fees−0.459%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board−$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Aster is 0.084% dearer against Lighter than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.056%. Mind the row above: over the last 7 days funding on this pair cost −0.511%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.454	0.0192	pay 0.0024% / 1h	48m 35s	$2.9M	$2.1M	10x
Short	Aster CRCLUSDT	91.480	0.0218	get 0.0218% / 8h	7h 48m	$1.0M	$5.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now +0.029%Rate

Funding earned: $5.39
Price spread: +0.029% → −0.056%: $8.43
Slippage, 4 orders: −$13.91
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$8.09
Costs to cover: 0.219%
Break-even: 17.5 days

Slippage from Lighter: live order book, 4 min ago; Aster: live order book, 5 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 Lighter live order book, 4 min ago	2.24 bp	2.5 bp −$3	13.6 bp −$136	39.3 bp −$3,925	doesn't fit
Sell Aster live order book, 5 min ago	3.28 bp	7.4 bp −$7	15.0 bp −$150	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	−0.0215%	8h	91.480	+0.028%	$17.4M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0089%	1h	91.160	−0.321%	—	$31K	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.470	+0.017%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.448	−0.007%	$985K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.320	−0.147%	$874K	$503K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.368	−0.095%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.410	−0.048%	$95K	$287K	10x	as long as short
Gate CRCL_USDT	+0.0046%	8h	91.460	+0.007%	$7.8M	$26.2M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.380	−0.081%	$67.4M	$44.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.348	−0.116%	$377K	$1.3M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	91.460	+0.007%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.400	−0.059%	$1.1M	$4.8M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	91.410	−0.048%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.410	−0.048%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.400	−0.059%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.210	−0.267%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.490	+0.039%	$912	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.498	+0.048%	$4	—	10x	as long as short
Bybit CRCLUSDT	+0.0123%	8h	91.460	+0.007%	$14.9M	$26.5M	50x	as long as short
Variational Omni CRCL	+0.0143%	8h	91.540	+0.094%	$2.4M	$3.3M	—	as long as short
Paradex CRCL-USD-PERP	+0.0147%	8h	91.412	−0.046%	$420	$766	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0151%	8h	91.371	−0.091%	$62K	$1.1M	10x	as long as short
Lighter CRCLlong	+0.0192%	1h	91.454	long leg	$2.9M	$2.1M	10x
Aster CRCLUSDTshort	+0.0218%	8h	91.480	+0.029%	$1.0M	$5.0M	20x
Extended CRCL_24_5-USD	+0.0232%	1h	91.417	−0.040%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0234%	8h	91.470	+0.018%	$105.1M	$388.1M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.478	+0.026%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0293%	8h	91.480	+0.028%	$22.3M	$61.7M	50x	as long as short
Nado CRCL-PERP	+0.0336%	1h	91.363	−0.100%	$134K	$109K	3x	as long as short
BloFin CRCL-USDT	+0.0351%	8h	91.510	+0.061%	$1.1M	$1.7M	20x	as long as short
edgeX CRCLUSDC	+0.0355%	4h	91.326	−0.140%	$52K	$270K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.950	+0.542%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.450	−0.004%	$413K	$258K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0516%	1h	91.480	+0.028%	$5K	$769K	10x	as long as short