CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0220%/8h= −24.1% APRnext payment −$0.28 per $10,000 · paid last 24h +0.001%

Price spread now: Deribit against Lighter−0.034%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on Lighter Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.169%−$17 on $10k

Price spread, last 3 days (all we have)−0.069%−$7 · spread now −0.034%, 7d avg −0.095%

Together, before fees−0.238%+ Points / potential airdropLighter: Season 3 · farm board−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.061% dearer against Lighter than usual: you sell high and buy low (spread −0.034% now, against its 7-day average of −0.095%): +$6 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	94.492	0.0288	pay 0.0036% / 1h	0m 47s	$3.1M	$2.4M	10x
Short	Deribit CRCL_USDC-PERPETUAL	94.460	0.0068	get 0.0008% / 1h	0m 47s	$4K	$771K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$46.26
Price spread: −0.034% → −0.095%: $6.09
Slippage, 4 orders: −$18.6
Fee Lighter: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$65.77
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Deribit: live order book, 23 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, 6 min ago	0.90 bp	3.0 bp −$3	10.0 bp −$100	40.1 bp −$4,007	doesn't fit
Sell Deribit live order book, 23 min ago	0.53 bp	9.3 bp −$9	10.7 bp −$107	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
RISEx CRCL/USDC	0.0000%	1h	94.472	−0.021%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.450	−0.044%	$7.2M	$27.8M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.417	−0.079%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.420	−0.076%	$1.0M	$50K	10x	as long as short
Variational Omni CRCL	+0.0011%	8h	94.421	−0.075%	$2.5M	$3.2M	—	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.450	−0.044%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0027%	8h	94.490	−0.002%	$15.5M	$25.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.477	−0.016%	$881K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.468	−0.026%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.400	−0.097%	—	$45K	25x	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	94.416	−0.080%	$70.8M	$42.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.419	−0.077%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.434	−0.061%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.350	−0.150%	$1.1M	$5.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0064%	1h	94.432	−0.064%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0064%	8h	94.449	−0.046%	$108.5M	$389.3M	50x	as long as short
Deribit CRCL_USDC-PERPETUALshort	+0.0068%	1h	94.460	−0.034%	$4K	$771K	10x
Aster CRCLUSDT	+0.0099%	8h	94.432	−0.063%	$1.1M	$4.8M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	94.430	−0.066%	$76K	$100K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.430	−0.066%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.350	−0.150%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.410	−0.087%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.459	−0.035%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0135%	8h	94.482	−0.011%	$775	$740	5x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	−0.108%	$939K	$743K	10x	as long as short
BloFin CRCL-USDT	+0.0184%	8h	94.460	−0.034%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERP	+0.0193%	1h	94.429	−0.067%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0204%	8h	94.440	−0.055%	$22.8M	$60.6M	50x	as long as short
Phoenix CRCL	+0.0228%	1h	94.456	−0.038%	$28K	$92K	10x	as long as short
Lighter CRCLlong	+0.0288%	1h	94.492	long leg	$3.1M	$2.4M	10x
Bitget CRCLUSDT	+0.0318%	8h	94.450	−0.044%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.920	+0.453%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0560%	1h	94.440	−0.055%	$97K	$274K	10x	as long as short
edgeX CRCLUSDC	+0.0714%	4h	94.432	−0.064%	$24K	$268K	10x	as long as short