Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0400%/8h= −43.8% APRpaid last 24h −0.050%

Price spread now: Bybit against Lighter−0.032%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.521%−$52 on $10k

Price spread, last 7 days+0.052%+$5 · spread now −0.032%, 7d avg −0.028%

Together, before fees−0.469%+ Points / potential airdropLighter: Season 3 · farm board−$47 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.028%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.679	0.0400	pay 0.0050% / 1h	51m 56s	$3.0M	$2.4M	10x
Short	Bybit CRCLUSDT	91.650	0	get 0.0000% / 8h	2h 51m	$14.7M	$26.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$84
Price spread: −0.032% → −0.028%: −$0.41
Slippage, 4 orders: −$15.25
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$110.66
Costs to cover: 0.263%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Bybit: 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	2.18 bp	2.6 bp −$3	7.4 bp −$74	35.7 bp −$3,573	doesn't fit
Sell Bybit live order book, 2 min ago	0.55 bp	10.6 bp −$11	18.5 bp −$185	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	−0.0747%	8h	91.750	+0.077%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.380	−0.326%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.650	−0.032%	$14.7M	$26.7M	50x
Gate CRCL_USDT	0.0000%	8h	91.720	+0.045%	$7.4M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.609	−0.076%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.660	−0.021%	$1.0M	$48K	10x	as long as short
edgeX CRCLUSDC	+0.0013%	4h	91.533	−0.160%	$51K	$275K	10x	as long as short
Aster CRCLUSDT	+0.0022%	8h	91.698	+0.020%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0031%	8h	91.650	−0.032%	$104.4M	$393.4M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.674	−0.005%	$974K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0032%	1h	91.655	−0.026%	$1.1M	$5.6M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.570	−0.119%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.630	−0.053%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.636	−0.047%	$384K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.642	−0.040%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.530	−0.163%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.660	−0.021%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0055%	1h	91.625	−0.059%	$68.0M	$42.6M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.304%	$911K	$521K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0094%	8h	91.660	−0.021%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0097%	8h	91.710	+0.034%	$70K	$1.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.663	−0.017%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.640	−0.043%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.540	−0.152%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.670	−0.010%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.657	−0.024%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0112%	8h	91.660	−0.021%	$22.3M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.670	−0.010%	$417K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0122%	8h	91.630	−0.053%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.482	−0.215%	$27K	$82K	10x	as long as short
Nado CRCL-PERP	+0.0379%	1h	91.565	−0.125%	$133K	$108K	3x	as long as short
Lighter CRCLlong	+0.0400%	1h	91.679	long leg	$3.0M	$2.4M	10x
Injective CRCL/USDC PERP	+0.0440%	1h	92.020	+0.372%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0842%	1h	91.680	+0.001%	$4K	$768K	10x	as long as short