Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h −0.023%

Price spread now: OKX against Lighter−0.024%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.533%−$53 on $10k

Price spread, last 7 days+0.054%+$5 · spread now −0.024%, 7d avg −0.045%

Together, before fees−0.479%+ Points / potential airdropLighter: Season 3 · farm board−$48 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.020% dearer against Lighter than usual: you sell high and buy low (spread −0.024% now, against its 7-day average of −0.045%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 20 hours. At the pace of the last 7 days (−0.533% in total) that is about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.412	0.0280	pay 0.0035% / 1h	28m 36s	$2.9M	$2.4M	10x
Short	OKX CRCL-USDT-SWAP	91.390	0.0198	get 0.0198% / 8h	1h 28m	$22.2M	$62.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$17.26
Price spread: −0.024% → −0.045%: $2.04
Slippage, 4 orders: −$10.08
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$35.3
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from Lighter: live order book, 9 min ago; OKX: 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, 9 min ago	2.13 bp	3.1 bp −$3	8.1 bp −$81	40.1 bp −$4,008	doesn't fit
Sell OKX live order book, 5 min ago	0.55 bp	6.6 bp −$7	11.6 bp −$116	146.8 bp −$14.7K	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	−0.0704%	8h	91.450	+0.042%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0088%	1h	91.110	−0.330%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.390	−0.024%	$14.6M	$26.6M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.430	+0.020%	$7.8M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.369	−0.047%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.380	−0.035%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.417	+0.005%	$977K	$2.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.293	−0.130%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.340	−0.079%	$95K	$291K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.373	−0.043%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.240	−0.188%	$1.1M	$5.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.200	−0.232%	$888K	$603K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.400	−0.013%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0073%	1h	91.344	−0.074%	$67.6M	$44.4M	10x	as long as short
Aster CRCLUSDT	+0.0087%	8h	91.434	+0.024%	$1.0M	$5.1M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.332	−0.087%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.350	−0.068%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.290	−0.133%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.400	−0.013%	$911	$2K	10x	as long as short
Binance CRCLUSDT	+0.0100%	8h	91.396	−0.017%	$104.4M	$397.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0104%	1h	91.368	−0.048%	$1.0M	$5.0M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.399	−0.015%	$4	—	10x	as long as short
Polymarket Perps CRCL-USD	+0.0132%	1h	91.394	−0.020%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0155%	8h	91.387	−0.027%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0187%	8h	91.389	−0.025%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0198%	8h	91.390	−0.024%	$22.2M	$62.5M	50x
BloFin CRCL-USDT	+0.0220%	8h	91.410	−0.002%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.232	−0.197%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.400	−0.013%	$416K	$268K	10x	as long as short
Lighter CRCLlong	+0.0280%	1h	91.412	long leg	$2.9M	$2.4M	10x
Deribit CRCL_USDC-PERPETUAL	+0.0298%	1h	91.370	−0.046%	$5K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0408%	1h	91.352	−0.066%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.720	+0.337%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0857%	4h	91.319	−0.102%	$52K	$278K	10x	as long as short