CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0177%/8h= −19.4% APRnext payment −$0.22 per $10,000 · paid last 24h −0.067%

Price spread now: QFEX against Lighter0.000%7-day average −0.105% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on Lighter Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.142%−$14 on $10k

Price spread, last 7 days−0.008%−$1 · spread now 0.000%, 7d avg −0.105%

Together, before fees−0.150%+ Points / potential airdropLighter: Season 3 · farm board−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.105% dearer against Lighter than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.105%): +$11 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 48 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.250	0.0248	pay 0.0031% / 1h	17m 14s	$2.9M	$2.4M	10x
Short	QFEX CRCL-USD	91.250	0.0071	get 0.0009% / 1h	17m 14s	$1.3M	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$37.14
Price spread: 0.000% → −0.105%: $10.55
Slippage, 4 orders: −$10.6
Fee Lighter: 0 bp × 2 orders: $0
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$47.2
Costs to cover: 0.206%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; QFEX: live order book, 10 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	2.30 bp	2.3 bp −$2	12.1 bp −$121	40.2 bp −$4,022	doesn't fit
Sell QFEX live order book, 10 min ago	2.74 bp	7.7 bp −$8	8.7 bp −$87	16.3 bp −$1,626	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	−0.0359%	8h	91.360	+0.121%	$17.5M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0079%	1h	90.930	−0.351%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.280	+0.033%	$7.9M	$27.7M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.270	+0.022%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.271	+0.023%	$982K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.184	−0.073%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.180	−0.077%	$95K	$296K	10x	as long as short
Bybit CRCLUSDT	+0.0048%	8h	91.270	+0.022%	$14.8M	$26.5M	50x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.219	−0.034%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.200	−0.055%	$1.1M	$4.8M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USDshort	+0.0071%	1h	91.250	0.000%	$1.3M	$1.7M	10x
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.050	−0.219%	$876K	$495K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0095%	1h	91.164	−0.094%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.220	−0.033%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.220	−0.033%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.190	−0.066%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.230	−0.022%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.245	−0.005%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0112%	8h	91.119	−0.144%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0153%	1h	91.229	−0.023%	$378K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0154%	8h	91.231	−0.021%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0183%	8h	91.268	+0.020%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0200%	8h	91.243	−0.008%	$104.7M	$389.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0200%	1h	91.206	−0.048%	$1.0M	$5.0M	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.195	−0.060%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0247%	8h	91.319	+0.075%	$70K	$1.1M	10x	as long as short
Lighter CRCLlong	+0.0248%	1h	91.250	long leg	$2.9M	$2.4M	10x
edgeX CRCLUSDC	+0.0258%	4h	91.261	+0.012%	$52K	$271K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0276%	8h	91.260	+0.011%	$22.3M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0320%	8h	91.260	+0.011%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0431%	1h	91.163	−0.095%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.710	+0.504%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.262	+0.013%	$412K	$272K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0518%	1h	91.220	−0.033%	$5K	$769K	10x	as long as short