Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0376%/8h= −41.2% APRpaid last 24h −0.055%

Price spread now: Variational Omni against Lighter−0.010%7-day average −0.059% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.141%−$14 on $10k

Price spread, last 7 days+0.002%$0 · spread now −0.010%, 7d avg −0.059%

Together, before fees−0.139%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.049% dearer against Lighter than usual: you sell high and buy low (spread −0.010% now, against its 7-day average of −0.059%): +$5 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 4 days (−0.141% in total) that is about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.678	0.0376	pay 0.0047% / 1h	51m 01s	$3.0M	$2.4M	10x
Short	Variational Omni CRCL	91.669	0	get 0.0000% / 8h	2h 51m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.010%Rate

Funding earned: −$78.96
Price spread: −0.010% → −0.059%: $4.94
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$74.02
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 6 min ago; Variational Omni: RFQ quote, 3 min ago. 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, 6 min ago	2.18 bp	2.6 bp −$3	7.4 bp −$74	35.7 bp −$3,573	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	3.46 bp	doesn't fit	10.2 bp −$102	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
Bitget CRCLUSDT	−0.0747%	8h	91.720	+0.046%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.370	−0.336%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.670	−0.009%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.700	+0.024%	$7.4M	$27.0M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	91.669	−0.010%	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.640	−0.041%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0024%	8h	91.696	+0.020%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.691	+0.014%	$974K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.638	−0.043%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0034%	8h	91.661	−0.018%	$104.5M	$393.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.590	−0.096%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.609	−0.075%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.635	−0.047%	$384K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.648	−0.033%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.600	−0.085%	$1.0M	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0053%	4h	91.553	−0.136%	$51K	$276K	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.610	−0.074%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0059%	1h	91.619	−0.064%	$68.0M	$42.6M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.303%	$911K	$521K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0095%	8h	91.631	−0.052%	$422	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.635	−0.047%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.640	−0.041%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.520	−0.172%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.670	−0.009%	$914	$2K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0104%	8h	91.609	−0.075%	$62K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.655	−0.025%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0114%	8h	91.690	+0.013%	$22.3M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.665	−0.015%	$417K	$299K	10x	as long as short
BloFin CRCL-USDT	+0.0138%	8h	91.700	+0.024%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.482	−0.214%	$27K	$82K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0296%	1h	91.650	−0.031%	$4K	$768K	10x	as long as short
Lighter CRCLlong	+0.0376%	1h	91.678	long leg	$3.0M	$2.4M	10x
Nado CRCL-PERP	+0.0382%	1h	91.605	−0.079%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.050	+0.406%	$5K	$19K	30x	as long as short