Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0288%/8h= −31.5% APRpaid last 24h −0.081%

Price spread now: Phemex against Lighter−0.066%7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$181as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$1001.003% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.805%−$81 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now −0.066%, 7d avg −0.082%

Together, before fees−0.843%+ Points / potential airdropLighter: Season 3 · farm board−$84 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.082%, so right now this pair is about funding alone: −$9 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	92.781	0.0288	pay 0.0036% / 1h	5m 44s	$3.0M	$2.1M	10x
Short	Phemex CRCLUSDT	92.720	0	get 0.0000% / 4h	1h 05m	$1.0M	$46K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.066%Rate

Funding earned: −$60.48
Price spread: −0.066% → −0.082%: $1.61
Slippage, 4 orders: −$88.3
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$159.17
Costs to cover: 1.003%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Phemex: 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, 5 min ago	1.46 bp	2.0 bp −$2	6.2 bp −$62	35.9 bp −$3,591	doesn't fit
Sell Phemex live order book, 5 min ago	1.62 bp	49.5 bp −$49	doesn't fit	doesn't fit	doesn't fit

CRCL on 34 exchanges

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	−0.0048%	1h	92.500	−0.303%	$865K	$744K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.750	−0.033%	$15.0M	$25.0M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.750	−0.033%	$18.5M	$33.3M	25x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	92.720	−0.066%	$1.0M	$46K	10x
Vest CRCL-USD-PERP	+0.0017%	1h	92.550	−0.249%	—	$30K	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.762	−0.020%	$1.0M	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	92.675	−0.114%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.635	−0.157%	$67.6M	$39.6M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.786	+0.005%	$319K	$982K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.736	−0.049%	$46K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.530	−0.271%	$1.0M	$3.7M	10x	as long as short
QFEX CRCL-USD	+0.0055%	1h	92.680	−0.109%	$1.3M	$1.6M	10x	as long as short
Gate CRCL_USDT	+0.0062%	8h	92.770	−0.012%	$7.5M	$25.7M	50x	as long as short
Injective CRCL/USDC PERP	+0.0072%	1h	92.090	−0.745%	$38K	$172K	30x	as long as short
Paradex CRCL-USD-PERP	+0.0076%	8h	92.729	−0.057%	$427	$477	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.704	−0.082%	$139K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.690	−0.098%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.610	−0.184%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.730	−0.055%	$925	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.757	−0.025%	$4	—	10x	as long as short
Phoenix CRCL	+0.0197%	1h	92.624	−0.169%	$27K	$66K	10x	as long as short
Variational Omni CRCL	+0.0203%	8h	92.521	−0.280%	$2.5M	$3.2M	—	as long as short
Arcus CRCL-USD	+0.0214%	1h	92.730	−0.055%	$93K	$199K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0226%	8h	92.720	−0.066%	$22.7M	$56.6M	50x	as long as short
Binance CRCLUSDT	+0.0260%	8h	92.720	−0.066%	$106.7M	$348.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0264%	1h	92.720	−0.066%	$1.1M	$4.0M	10x	as long as short
Aster CRCLUSDT	+0.0273%	8h	92.750	−0.033%	$1.1M	$4.5M	20x	as long as short
Nado CRCL-PERP	+0.0281%	1h	92.720	−0.066%	$154K	$94K	3x	as long as short
Lighter CRCLlong	+0.0288%	1h	92.781	long leg	$3.0M	$2.1M	10x
Deribit CRCL_USDC-PERPETUAL	+0.0289%	1h	92.750	−0.033%	$5K	$415K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0312%	8h	92.645	−0.147%	$59K	$987K	10x	as long as short
BloFin CRCL-USDT	+0.0382%	8h	92.750	−0.033%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0528%	1h	92.760	−0.023%	$416K	$225K	10x	as long as short
edgeX CRCLUSDC	+0.0760%	4h	92.591	−0.205%	$53K	$268K	10x	as long as short