CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0176%/8h= −19.3% APRnext payment −$0.22 per $10,000 · paid last 24h −0.064%

Price spread now: Coinbase International against Lighter+0.120%7-day average −0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs+$8as in the Price arb table

costs, in and out, $10k−$160.163% of the position

Long on Lighter Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.502%−$50 on $10k

Price spread, last 4 days (all we have)−0.194%−$19 · spread now +0.120%, 7d avg −0.125%

Together, before fees−0.697%+ Points / potential airdropLighter: Season 3 · farm board−$70 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.245% dearer against Lighter than usual: you sell high and buy low (spread +0.120% now, against its 7-day average of −0.125%): +$24 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 4.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	90.791	0.0208	pay 0.0026% / 1h	28m 46s	$2.9M	$2.1M	10x
Short	Coinbase International CRCL-PERP-INTX	90.900	0.0032	get 0.0004% / 1h	28m 46s	$937K	$570K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.120%Rate

Funding earned: −$36.96
Price spread: +0.120% → −0.125%: $24.49
Slippage, 4 orders: −$6.25
Fee Lighter: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$28.72
Costs to cover: 0.163%
Break-even: from the start

Slippage from Lighter: live order book, 3 min ago; Coinbase International: 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, 3 min ago	2.47 bp	2.5 bp −$3	6.7 bp −$67	37.4 bp −$3,739	doesn't fit
Sell Coinbase International live order book, 5 min ago	0.55 bp	5.5 bp −$6	8.7 bp −$87	911.8 bp −$91.2K	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
Vest CRCL-USD-PERP	−0.0100%	1h	90.670	−0.133%	—	$31K	25x	as long as short
Bitget CRCLUSDT	−0.0034%	8h	90.820	+0.032%	$17.4M	$36.3M	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	90.800	+0.010%	$14.9M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	90.910	+0.131%	$7.8M	$26.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	90.890	+0.109%	$1.0M	$47K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0008%	8h	90.967	+0.194%	$71K	$1.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	90.807	+0.018%	$976K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTXshort	+0.0032%	1h	90.900	+0.120%	$937K	$570K	10x
Aftermath Perps CRCLUSD	+0.0037%	1h	90.966	+0.193%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	90.800	+0.010%	$94K	$283K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	90.750	−0.045%	$66.9M	$44.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	90.800	+0.010%	$375K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	90.840	+0.054%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.790	−0.001%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	90.870	+0.087%	$1.3M	$1.7M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0080%	1h	90.830	+0.043%	$5K	$764K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	90.830	+0.043%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	90.840	+0.054%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	90.950	+0.175%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	90.840	+0.054%	$906	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	90.872	+0.090%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0125%	8h	90.796	+0.005%	$418	$766	5x	as long as short
Variational Omni CRCL	+0.0148%	8h	90.940	+0.164%	$2.4M	$3.3M	—	as long as short
Aster CRCLUSDT	+0.0206%	8h	90.807	+0.017%	$1.0M	$5.0M	20x	as long as short
Lighter CRCLlong	+0.0208%	1h	90.791	long leg	$2.9M	$2.1M	10x
Extended CRCL_24_5-USD	+0.0216%	1h	90.817	+0.028%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0218%	8h	90.800	+0.010%	$104.4M	$386.4M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.098	+0.338%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0283%	8h	90.810	+0.021%	$22.2M	$61.2M	50x	as long as short
edgeX CRCLUSDC	+0.0304%	4h	90.952	+0.177%	$52K	$271K	10x	as long as short
BloFin CRCL-USDT	+0.0340%	8h	90.870	+0.087%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0364%	1h	90.788	−0.003%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.519%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	90.854	+0.069%	$410K	$258K	10x	as long as short