Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0280%/8h= −30.7% APRpaid last 24h −0.045%

Price spread now: Gate against Lighter−0.018%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.509%−$51 on $10k

Price spread, last 7 days−0.053%−$5 · spread now −0.018%, 7d avg −0.027%

Together, before fees−0.562%+ Points / potential airdropLighter: Season 3 · farm board−$56 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: −$8 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	94.257	0.0280	pay 0.0035% / 1h	26m 11s	$3.0M	$2.3M	10x
Short	Gate CRCL_USDT	94.240	0	get 0.0000% / 8h	1h 26m	$7.2M	$27.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.018%Rate

Funding earned: −$58.8
Price spread: −0.018% → −0.027%: $0.89
Slippage, 4 orders: −$17.39
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$90.3
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Gate: 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	1.27 bp	3.0 bp −$3	11.0 bp −$110	41.8 bp −$4,183	doesn't fit
Sell Gate live order book, 3 min ago	0.53 bp	15.2 bp −$15	27.0 bp −$270	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
Gate CRCL_USDTshort	0.0000%	8h	94.240	−0.018%	$7.2M	$27.6M	50x
Phemex CRCLUSDT	0.0000%	4h	94.240	−0.018%	$1.0M	$50K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.251	−0.006%	$888K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.120	−0.145%	$1.4M	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.160	−0.103%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0047%	1h	94.205	−0.055%	$2K	$20K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.199	−0.062%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.200	−0.060%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.070	−0.198%	$1.1M	$5.8M	10x	as long as short
Bybit CRCLUSDT	+0.0072%	8h	94.250	−0.007%	$15.5M	$25.9M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.100	−0.167%	$936K	$740K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.170	−0.092%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.230	−0.029%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.110	−0.156%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.200	−0.060%	$939	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.248	−0.009%	$4	—	10x	as long as short
edgeX CRCLUSDC	+0.0123%	4h	94.166	−0.097%	$24K	$266K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0124%	8h	94.204	−0.056%	$59K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	94.183	−0.078%	$2.5M	$3.2M	—	as long as short
Paradex CRCL-USD-PERP	+0.0148%	8h	94.216	−0.043%	$773	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0152%	1h	94.215	−0.045%	$70.6M	$42.8M	10x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.210	−0.050%	$430K	$310K	10x	as long as short
Extended CRCL_24_5-USD	+0.0168%	1h	94.205	−0.056%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0172%	8h	94.226	−0.033%	$108.3M	$388.7M	50x	as long as short
Aster CRCLUSDT	+0.0193%	8h	94.161	−0.102%	$1.1M	$4.8M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0209%	8h	94.220	−0.039%	$22.8M	$60.3M	50x	as long as short
Phoenix CRCL	+0.0212%	1h	94.187	−0.074%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.200	−0.060%	$96K	$275K	10x	as long as short
Nado CRCL-PERP	+0.0261%	1h	94.162	−0.100%	$126K	$74K	3x	as long as short
Lighter CRCLlong	+0.0280%	1h	94.257	long leg	$3.0M	$2.3M	10x
Deribit CRCL_USDC-PERPETUAL	+0.0281%	1h	94.210	−0.050%	$4K	$771K	10x	as long as short
BloFin CRCL-USDT	+0.0291%	8h	94.200	−0.060%	$1.1M	$579K	20x	as long as short
Bitget CRCLUSDT	+0.0313%	8h	94.260	+0.003%	$16.6M	$35.1M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.760	+0.534%	$5K	$19K	30x	as long as short