Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1000%/8h= −109.5% APRpaid last 24h −0.032%

Price spread now: Bitget against Lighter+0.065%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

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

costs, in and out, $10k−$220.223% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.428%−$43 on $10k

Price spread, last 7 days−0.061%−$6 · spread now +0.065%, 7d avg −0.029%

Together, before fees−0.490%+ Points / potential airdropLighter: Season 3 · farm board−$49 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.094% dearer against Lighter than usual: you sell high and buy low (spread +0.065% now, against its 7-day average of −0.029%): +$9 on $10k if it goes back. Holding the pair costs −$30 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.428% in total) that is about 37 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.428% in total (about -22.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	92.040	0.0288	pay 0.0036% / 1h	52m 17s	$3.0M	$2.4M	10x
Short	Bitget CRCLUSDT	92.100	−0.0712	pay 0.0712% / 8h	3h 52m	$16.8M	$35.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$210
Price spread: +0.065% → −0.029%: $9.39
Slippage, 4 orders: −$10.3
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$222.91
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Bitget: live order book, 2 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, 5 min ago	1.52 bp	2.1 bp −$2	13.8 bp −$138	43.1 bp −$4,313	doesn't fit
Sell Bitget live order book, 2 min ago	1.63 bp	9.0 bp −$9	12.7 bp −$127	59.4 bp −$5,936	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 CRCLUSDTshort	−0.0712%	8h	92.100	+0.065%	$16.8M	$35.4M	25x
Vest CRCL-USD-PERP	−0.0067%	1h	91.890	−0.163%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.050	+0.011%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.180	+0.152%	$7.3M	$27.2M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.209	+0.183%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.110	+0.076%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0011%	8h	92.040	0.000%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0013%	8h	92.008	−0.035%	$104.8M	$390.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.987	−0.058%	$1.1M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.088	+0.052%	$2K	$25K	5x	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	92.130	+0.098%	$94K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	92.090	+0.054%	$909K	$492K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.004	−0.039%	$68.4M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.064	+0.026%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.051	+0.012%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.070	+0.033%	$1.0M	$5.2M	10x	as long as short
BloFin CRCL-USDT	+0.0051%	8h	92.200	+0.174%	$1.1M	$1.3M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0054%	8h	92.270	+0.250%	$64K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0056%	1h	92.039	−0.001%	$975K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	92.130	+0.098%	$1.3M	$1.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0061%	8h	92.070	+0.033%	$22.3M	$61.5M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	92.121	+0.088%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.140	+0.109%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.140	+0.109%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.050	+0.011%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.028	−0.013%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	92.150	+0.120%	$419K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0131%	8h	92.128	+0.096%	$424	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	92.079	+0.042%	$27K	$82K	10x	as long as short
Lighter CRCLlong	+0.0288%	1h	92.040	long leg	$3.0M	$2.4M	10x
Nado CRCL-PERP	+0.0403%	1h	92.095	+0.060%	$131K	$105K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.620	+0.630%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0512%	1h	91.990	−0.054%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0968%	4h	92.183	+0.155%	$51K	$275K	10x	as long as short