Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h +0.006%

Price spread now: BloFin against Lighter−0.166%90s7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.227% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.289%−$29 on $10k

Price spread, last 4 days (all we have)+0.097%+$10 · spread now −0.166%, 7d avg −0.083%

Together, before fees−0.192%+ Points / potential airdropLighter: Season 3 · farm board−$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.084% cheaper against Lighter than usual: you would sell low and buy high (spread −0.166% now, against its 7-day average of −0.083%). If the spread goes back, that is −$8 on $10k: about 3.4 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.289%, so the current rate has only just turned in your favour. The two prices were read 90 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.322	0.0240	pay 0.0030% / 1h	13m 46s	$2.9M	$2.4M	10x
Short	BloFin CRCL-USDT	91.170	0.0322	get 0.0322% / 8h	13m 46s	$1.1M	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.166%Rate

Funding earned: $17.19
Price spread: −0.166% → −0.083%: −$8.39
Slippage, 4 orders: −$10.66
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$13.87
Costs to cover: 0.227%
Break-even: 12.6 days

Slippage from Lighter: live order book, 8 min ago; BloFin: live order book, 4 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, 8 min ago	2.30 bp	2.3 bp −$2	12.1 bp −$121	40.2 bp −$4,022	doesn't fit
Sell BloFin live order book, 4 min ago	1.64 bp	7.9 bp −$8	12.9 bp −$129	31.3 bp −$3,133	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	−0.0362%	8h	91.430	+0.118%	$17.5M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0079%	1h	90.950	−0.407%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.370	+0.053%	$7.9M	$27.8M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.360	+0.042%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.324	+0.002%	$983K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.190	−0.145%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.180	−0.155%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.242	−0.088%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.090	−0.254%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0056%	8h	91.340	+0.020%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.230	−0.101%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.276%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0092%	1h	91.238	−0.092%	$67.3M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.200	−0.134%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.240	−0.090%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.190	−0.145%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.280	−0.046%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.291	−0.034%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0120%	8h	91.211	−0.122%	$2.4M	$3.2M	—	as long as short
Polymarket Perps CRCL-USD	+0.0151%	1h	91.220	−0.112%	$378K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0155%	8h	91.238	−0.092%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0186%	8h	91.322	0.000%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0200%	1h	91.293	−0.032%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0205%	8h	91.330	+0.009%	$104.8M	$389.4M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.195	−0.139%	$27K	$74K	10x	as long as short
Lighter CRCLlong	+0.0240%	1h	91.322	long leg	$2.9M	$2.4M	10x
GRVT CRCL_USDT_Perp	+0.0247%	8h	91.319	−0.003%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0277%	8h	91.340	+0.020%	$22.3M	$61.7M	50x	as long as short
BloFin CRCL-USDTshort	+0.0322%	8h	91.170	−0.166%	$1.1M	$1.7M	20x
Deribit CRCL_USDC-PERPETUAL	+0.0408%	1h	91.260	−0.068%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0430%	1h	91.199	−0.134%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.710	+0.425%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.250	−0.079%	$412K	$272K	10x	as long as short
edgeX CRCLUSDC	+0.0993%	4h	91.242	−0.088%	$52K	$271K	10x	as long as short