Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h +0.088%

Price spread now: edgeX against Lighter+0.007%7-day average −0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

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

costs, in and out, $10k−$280.279% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.139%+$14 on $10k

Price spread, last 4 days (all we have)+0.539%+$54 · spread now +0.007%, 7d avg −0.071%

Together, before fees+0.678%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board+$68 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and edgeX is 0.078% dearer against Lighter than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.255	0.0248	pay 0.0031% / 1h	17m 27s	$2.9M	$2.4M	10x
Short	edgeX CRCLUSDC	91.261	0.0258	get 0.0129% / 4h	17m 27s	$52K	$271K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.007%Rate

Funding earned: $2.2
Price spread: +0.007% → −0.071%: $7.81
Slippage, 4 orders: −$18.88
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$17.87
Costs to cover: 0.279%
Break-even: 63.9 days

Slippage from Lighter: live order book, 5 min ago; edgeX: live order book, 20 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	2.30 bp	2.3 bp −$2	12.1 bp −$121	40.2 bp −$4,022	doesn't fit
Sell edgeX live order book, 20 min ago	6.01 bp	11.5 bp −$11	24.1 bp −$241	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	−0.0359%	8h	91.360	+0.115%	$17.5M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0079%	1h	90.930	−0.356%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.280	+0.027%	$7.9M	$27.7M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.290	+0.038%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.258	+0.003%	$982K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.184	−0.078%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.180	−0.082%	$95K	$296K	10x	as long as short
Bybit CRCLUSDT	+0.0048%	8h	91.270	+0.016%	$14.8M	$26.5M	50x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.250	−0.005%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.200	−0.060%	$1.1M	$4.8M	10x	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	91.250	−0.005%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.050	−0.225%	$876K	$495K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0095%	1h	91.164	−0.100%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.220	−0.038%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.220	−0.038%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.190	−0.071%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.270	+0.016%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.286	+0.034%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0112%	8h	91.119	−0.149%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0153%	1h	91.229	−0.028%	$378K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0154%	8h	91.231	−0.027%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0183%	8h	91.270	+0.017%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0200%	8h	91.240	−0.016%	$104.7M	$389.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0200%	1h	91.224	−0.033%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.195	−0.066%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0247%	8h	91.319	+0.070%	$70K	$1.1M	10x	as long as short
Lighter CRCLlong	+0.0248%	1h	91.255	long leg	$2.9M	$2.4M	10x
edgeX CRCLUSDCshort	+0.0258%	4h	91.261	+0.007%	$52K	$271K	10x
OKX CRCL-USDT-SWAP	+0.0276%	8h	91.260	+0.005%	$22.3M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0315%	8h	91.330	+0.082%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0431%	1h	91.163	−0.101%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.570	+0.345%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.262	+0.008%	$412K	$272K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0518%	1h	91.260	+0.005%	$5K	$769K	10x	as long as short