Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0389%/8h= −42.6% APRpaid last 24h +0.046%

Price spread now: Bitget against Lighter RH+0.048%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on Lighter RH Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.258%+$26 on $10k

Price spread, last 7 days−0.020%−$2 · spread now +0.048%, 7d avg +0.029%

Together, before fees+0.239%+ Points / potential airdropLighter RH: Points live · farm board+$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.029%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.258%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.258% in total (about 13.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH CRCL	91.186	0.0032	pay 0.0004% / 1h	20m 32s	$982K	$2.6M	10x
Short	Bitget CRCLUSDT	91.230	−0.0357	pay 0.0357% / 8h	20m 32s	$17.4M	$36.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$81.69
Price spread: +0.048% → +0.029%: $1.92
Slippage, 4 orders: −$15.97
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$107.74
Costs to cover: 0.280%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 3 min ago; Bitget: live order book, 3 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, 3 min ago	2.52 bp	4.8 bp −$5	9.5 bp −$95	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	1.65 bp	10.0 bp −$10	13.2 bp −$132	31.3 bp −$3,126	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 CRCLUSDTshort	−0.0357%	8h	91.230	+0.048%	$17.4M	$36.6M	25x
Vest CRCL-USD-PERP	−0.0078%	1h	90.880	−0.336%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.220	+0.037%	$7.9M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.160	−0.029%	$1.0M	$48K	10x	as long as short
edgeX CRCLUSDC	+0.0006%	4h	91.021	−0.181%	$52K	$270K	10x	as long as short
Lighter RH CRCLlong	+0.0032%	1h	91.186	long leg	$982K	$2.6M	10x
Aftermath Perps CRCLUSD	+0.0038%	1h	91.096	−0.099%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.090	−0.105%	$94K	$296K	10x	as long as short
Bybit CRCLUSDT	+0.0043%	8h	91.240	+0.059%	$14.8M	$26.5M	50x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.116	−0.077%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	90.980	−0.226%	$1.1M	$4.8M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	91.150	−0.039%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.000	−0.204%	$875K	$494K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0097%	1h	91.100	−0.094%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.150	−0.039%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.150	−0.039%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.040	−0.160%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.110	−0.083%	$908	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.134	−0.057%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0112%	8h	91.119	−0.073%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0150%	1h	91.128	−0.064%	$378K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0151%	8h	91.164	−0.024%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0177%	8h	91.192	+0.006%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	91.156	−0.033%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0194%	8h	91.194	+0.009%	$104.7M	$389.7M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.113	−0.080%	$27K	$74K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.181	−0.005%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0248%	8h	91.117	−0.075%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0270%	8h	91.250	+0.070%	$22.2M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0313%	8h	91.150	−0.039%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0427%	1h	91.104	−0.090%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.570	+0.421%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.191	+0.006%	$412K	$272K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0519%	1h	91.130	−0.061%	$5K	$769K	10x	as long as short