Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0171%/8h= +18.8% APRpaid last 24h +0.039%

Price spread now: Aster against Lighter RH+0.059%7-day average +0.005% · you sell dearer than you buy

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

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

costs, in and out, $10k−$240.237% of the position

Long on Lighter RH Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.163%+$16 on $10k

Price spread, last 7 days+0.037%+$4 · spread now +0.059%, 7d avg +0.005%

Together, before fees+0.200%+ Points / potential airdropLighter RH: Points live · Aster: Stage 5 · farm board+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Aster is 0.054% dearer against Lighter RH than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH CRCL	94.313	0.0032	pay 0.0004% / 1h	32m 37s	$891K	$2.8M	10x
Short	Aster CRCLUSDT	94.368	0.0203	get 0.0203% / 8h	7h 32m	$1.1M	$4.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter RH. 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 Lighter RHbpFee AsterbpOrdersPrice spread, now +0.059%Rate

Funding earned: $36
Price spread: +0.059% → +0.005%: $5.37
Slippage, 4 orders: −$15.65
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: $17.72
Costs to cover: 0.237%
Break-even: 3.6 days

Slippage from Lighter RH: live order book, 6 min ago; Aster: live order book, 1 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 RH live order book, 6 min ago	2.86 bp	3.4 bp −$3	11.3 bp −$113	doesn't fit	doesn't fit
Sell Aster live order book, 1 min ago	2.12 bp	7.4 bp −$7	11.3 bp −$113	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.109%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.310	−0.003%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.330	+0.018%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.300	−0.014%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.310	−0.003%	$1.0M	$51K	10x	as long as short
Lighter RH CRCLlong	+0.0032%	1h	94.313	long leg	$891K	$2.8M	10x
Bitget CRCLUSDT	+0.0040%	8h	94.320	+0.007%	$17.0M	$34.7M	25x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.320	+0.007%	$1.4M	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	94.251	−0.065%	$2K	$22K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.200	−0.120%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CRCLUSDC	+0.0047%	4h	94.288	−0.026%	$24K	$268K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.258	−0.058%	$71.7M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.293	−0.021%	$365K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.284	−0.031%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.180	−0.141%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.264	−0.052%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.350	+0.039%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.230	−0.088%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.340	+0.029%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.301	−0.013%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.306	−0.007%	$773	$740	5x	as long as short
Variational Omni CRCL	+0.0137%	8h	94.330	+0.018%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0154%	8h	94.310	−0.003%	$22.8M	$59.3M	50x	as long as short
Binance CRCLUSDT	+0.0196%	8h	94.320	+0.007%	$109.3M	$386.9M	50x	as long as short
Extended CRCL_24_5-USD	+0.0200%	1h	94.291	−0.024%	$1.1M	$5.9M	10x	as long as short
Aster CRCLUSDTshort	+0.0203%	8h	94.368	+0.059%	$1.1M	$4.9M	20x
Nado CRCL-PERP	+0.0225%	1h	94.259	−0.057%	$132K	$76K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0280%	1h	94.310	−0.003%	$4K	$771K	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.328	+0.016%	$3.0M	$2.2M	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.307	−0.006%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0319%	8h	94.350	+0.039%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.730	+0.442%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.280	−0.035%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.305	−0.008%	$430K	$299K	10x	as long as short