Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h −0.066%

Price spread now: GRVT against Lighter+0.203%7-day average −0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs+$4as in the Price arb table

costs, in and out, $10k−$220.218% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.588%−$59 on $10k

Price spread, last 3 days (all we have)−0.077%−$8 · spread now +0.203%, 7d avg −0.052%

Together, before fees−0.665%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board−$67 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.255% dearer against Lighter than usual: you sell high and buy low (spread +0.203% now, against its 7-day average of −0.052%): +$26 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 27 days. At the pace of the last 7 days (−0.588% in total) that is about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	94.428	0.0280	pay 0.0035% / 1h	53m 34s	$3.0M	$2.2M	10x
Short	GRVT CRCL_USDT_Perp	94.620	0.0249	get 0.0249% / 8h	7h 53m	$55K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.203%Rate

Funding earned: −$6.51
Price spread: +0.203% → −0.052%: $25.53
Slippage, 4 orders: −$12.79
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$2.77
Costs to cover: 0.218%
Break-even: from the start

Slippage from Lighter: live order book, 4 min ago; GRVT: 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, 4 min ago	2.12 bp	3.2 bp −$3	8.8 bp −$88	38.0 bp −$3,803	doesn't fit
Sell GRVT live order book, 5 min ago	0.53 bp	9.7 bp −$10	14.8 bp −$148	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
tradeXYZ xyz:CRCL	−0.0256%	1h	94.310	−0.125%	$71.7M	$42.0M	10x	as long as short
Polymarket Perps CRCL-USD	−0.0115%	1h	94.330	−0.104%	$365K	$1.1M	10x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.290	−0.146%	$943K	$726K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.340	−0.093%	$15.6M	$25.9M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.430	+0.002%	$7.2M	$26.9M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.550	+0.129%	$1.0M	$52K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.394	−0.036%	$891K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.340	−0.093%	$1.3M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.260	−0.178%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0048%	1h	94.477	+0.052%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	94.417	−0.012%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.290	−0.146%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.394	−0.036%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.440	+0.013%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.530	+0.108%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.480	+0.055%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.636	+0.220%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0115%	8h	94.374	−0.057%	$774	$740	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0159%	8h	94.340	−0.093%	$22.8M	$60.4M	50x	as long as short
Variational Omni CRCL	+0.0187%	8h	94.512	+0.089%	$2.5M	$3.1M	—	as long as short
Nado CRCL-PERP	+0.0222%	1h	94.246	−0.193%	$132K	$76K	3x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	94.349	−0.084%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0242%	8h	94.337	−0.096%	$109.2M	$389.5M	50x	as long as short
Aster CRCLUSDT	+0.0244%	8h	94.430	+0.002%	$1.1M	$4.9M	20x	as long as short
GRVT CRCL_USDT_Perpshort	+0.0249%	8h	94.620	+0.203%	$55K	$1.1M	10x
Bitget CRCLUSDT	+0.0266%	8h	94.470	+0.044%	$16.9M	$35.2M	25x	as long as short
Lighter CRCLlong	+0.0280%	1h	94.428	long leg	$3.0M	$2.2M	10x
Phoenix CRCL	+0.0288%	1h	94.700	+0.288%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0364%	8h	94.320	−0.114%	$1.1M	$585K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.170	+0.786%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.490	+0.066%	$97K	$276K	10x	as long as short
edgeX CRCLUSDC	+0.0597%	4h	94.645	+0.230%	$24K	$267K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.370	−0.061%	$430K	$303K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1021%	1h	94.560	+0.140%	$4K	$772K	10x	as long as short