Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.060%

Price spread now: Orderly against Lighter+0.007%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$4 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	92.124	0.0224	pay 0.0028% / 1h	7m 31s	$3.0M	$2.4M	10x
Short	Orderly PERP_CRCL_USDC_mythos	92.130	0.0100	get 0.0100% / 8h	5h 07m	$919	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.007%Rate

Funding earned: −$26.04
Price spread: +0.007% → 0.000%: $0.65
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$31.39
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 5 min ago; Orderly: no order-book sample. Net counts fees only.

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	1.57 bp	5.6 bp −$6	11.8 bp −$118	41.2 bp −$4,124	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1052%	8h	92.140	+0.017%	$16.1M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0075%	1h	91.900	−0.243%	—	$31K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	92.080	−0.048%	$908K	$501K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	92.090	−0.037%	$1.1M	$5.7M	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.100	−0.026%	$15.2M	$25.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.115	−0.010%	$421K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.170	+0.050%	$7.2M	$27.0M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.197	+0.079%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.212	+0.095%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.190	+0.072%	$1.0M	$49K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRCLUSDT	0.0000%	8h	92.108	−0.018%	$105.2M	$386.2M	50x	as long as short
BloFin CRCL-USDT	+0.0007%	8h	92.200	+0.082%	$1.1M	$1.3M	20x	as long as short
Aster CRCLUSDT	+0.0008%	8h	92.113	−0.012%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0010%	8h	92.090	−0.037%	$21.6M	$59.7M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	92.124	0.000%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	92.060	−0.069%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.138	+0.015%	$977K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.120	−0.004%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.076	−0.052%	$68.7M	$41.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.100	−0.026%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.141	+0.018%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.110	−0.015%	$1.0M	$5.2M	10x	as long as short
edgeX CRCLUSDC	+0.0057%	4h	92.204	+0.087%	$23K	$248K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0085%	8h	92.144	+0.022%	$756	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.116	−0.009%	$133K	$156K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.100	−0.026%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.140	+0.017%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	92.130	+0.007%	$919	$2K	10x
Aevo CRCL-PERP	+0.0104%	1h	92.130	+0.006%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	92.176	+0.056%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0224%	1h	92.105	−0.021%	$131K	$104K	3x	as long as short
Lighter CRCLlong	+0.0224%	1h	92.124	long leg	$3.0M	$2.4M	10x
Deribit CRCL_USDC-PERPETUAL	+0.0402%	1h	92.150	+0.028%	$4K	$767K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.530	+0.441%	$5K	$19K	30x	as long as short