CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0104%/8h= −11.4% APRnext payment −$0.13 per $10,000 · paid last 24h −0.032%

Price spread now: Extended against Lighter−0.031%7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

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

costs, in and out, $10k−$160.158% of the position

Long on Lighter Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.489%−$49 on $10k

Price spread, last 4 days (all we have)−0.089%−$9 · spread now −0.031%, 7d avg −0.108%

Together, before fees−0.578%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board−$58 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.077% dearer against Lighter than usual: you sell high and buy low (spread −0.031% now, against its 7-day average of −0.108%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.5 days. At the pace of the last 7 days (−0.489% in total) that is about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	94.443	0.0296	pay 0.0037% / 1h	31m 22s	$3.1M	$2.2M	10x
Short	Extended CRCL_24_5-USD	94.414	0.0192	get 0.0024% / 1h	31m 22s	$1.1M	$5.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.031%Rate

Funding earned: −$21.84
Price spread: −0.031% → −0.108%: $7.72
Slippage, 4 orders: −$10.77
Fee Lighter: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$29.89
Costs to cover: 0.158%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Extended: live order book, 3 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	1.22 bp	3.1 bp −$3	14.6 bp −$146	43.3 bp −$4,330	doesn't fit
Sell Extended live order book, 3 min ago	0.58 bp	5.7 bp −$6	27.5 bp −$275	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.247%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.450	+0.007%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.460	+0.018%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.300	−0.151%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.320	−0.130%	$1.0M	$51K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.428	−0.016%	$889K	$2.8M	10x	as long as short
Bitget CRCLUSDT	+0.0036%	8h	94.460	+0.018%	$17.0M	$34.7M	25x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.295	−0.156%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.450	+0.007%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.320	−0.130%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CRCLUSDC	+0.0047%	4h	94.288	−0.164%	$24K	$268K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.409	−0.036%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.439	−0.004%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.334	−0.115%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.330	−0.120%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.410	−0.035%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.400	−0.046%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.151%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.430	−0.014%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.348	−0.101%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.445	+0.002%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0137%	8h	94.330	−0.119%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0154%	8h	94.450	+0.007%	$22.8M	$59.5M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0174%	1h	94.310	−0.141%	$4K	$771K	10x	as long as short
Extended CRCL_24_5-USDshort	+0.0192%	1h	94.414	−0.031%	$1.1M	$5.9M	10x
Binance CRCLUSDT	+0.0194%	8h	94.460	+0.018%	$109.4M	$386.3M	50x	as long as short
Aster CRCLUSDT	+0.0201%	8h	94.423	−0.021%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0222%	1h	94.349	−0.099%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.328	−0.122%	$28K	$92K	10x	as long as short
Lighter CRCLlong	+0.0296%	1h	94.443	long leg	$3.1M	$2.2M	10x
BloFin CRCL-USDT	+0.0319%	8h	94.350	−0.098%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.730	+0.304%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.310	−0.141%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.435	−0.009%	$431K	$299K	10x	as long as short