Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0116%/8h= +12.7% APRpaid last 24h +0.032%

Price spread now: BloFin against Lighter RH+0.005%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs+$11as in the Funding arb table

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

costs, in and out, $10k−$270.274% of the position

Long on Lighter RH Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.379%+$38 on $10k

Price spread, last 3 days (all we have)−0.070%−$7 · spread now +0.005%, 7d avg −0.007%

Together, before fees+0.310%+ Points / potential airdropLighter RH: Points live · farm board+$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH CRCL	94.495	0.0136	pay 0.0017% / 1h	44m 43s	$900K	$2.9M	10x
Short	BloFin CRCL-USDT	94.500	0.0252	get 0.0252% / 8h	1h 44m	$1.1M	$581K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.005%Rate

Funding earned: $24.29
Price spread: +0.005% → −0.007%: $1.18
Slippage, 4 orders: −$15.4
Fee Lighter RH: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$1.93
Costs to cover: 0.274%
Break-even: 7.6 days

Slippage from Lighter RH: live order book, 3 min ago; BloFin: 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	3.70 bp	4.3 bp −$4	9.8 bp −$98	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.53 bp	10.6 bp −$11	17.4 bp −$174	61.6 bp −$6,162	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
Gate CRCL_USDT	0.0000%	8h	94.470	−0.026%	$7.2M	$27.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.440	−0.058%	$1.0M	$50K	10x	as long as short
QFEX CRCL-USD	+0.0033%	1h	94.440	−0.058%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.390	−0.111%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0046%	1h	94.446	−0.051%	$2K	$19K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.462	−0.035%	$362K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.452	−0.046%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.300	−0.206%	$1.1M	$5.8M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0056%	8h	94.380	−0.122%	$50K	$1.2M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0080%	1h	94.290	−0.217%	$938K	$742K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0081%	8h	94.500	+0.005%	$15.5M	$25.9M	50x	as long as short
Variational Omni CRCL	+0.0085%	8h	94.386	−0.115%	$2.5M	$3.2M	—	as long as short
Pacifica CRCL	+0.0100%	1h	94.430	−0.069%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.450	−0.048%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.260	−0.249%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.440	−0.058%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.487	−0.008%	$4	—	10x	as long as short
Extended CRCL_24_5-USD	+0.0128%	1h	94.472	−0.024%	$1.1M	$3.8M	10x	as long as short
Lighter RH CRCLlong	+0.0136%	1h	94.495	long leg	$900K	$2.9M	10x
Binance CRCLUSDT	+0.0140%	8h	94.480	−0.016%	$108.5M	$388.3M	50x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.490	−0.005%	$431K	$310K	10x	as long as short
Aster CRCLUSDT	+0.0165%	8h	94.466	−0.031%	$1.1M	$4.8M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0172%	8h	94.527	+0.034%	$775	$740	5x	as long as short
Phoenix CRCL	+0.0212%	1h	94.406	−0.094%	$28K	$92K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.480	−0.016%	$97K	$275K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0221%	8h	94.500	+0.005%	$22.8M	$60.5M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0251%	1h	94.434	−0.065%	$70.8M	$42.9M	10x	as long as short
BloFin CRCL-USDTshort	+0.0252%	8h	94.500	+0.005%	$1.1M	$581K	20x
Nado CRCL-PERP	+0.0327%	1h	94.452	−0.046%	$127K	$74K	3x	as long as short
Bitget CRCLUSDT	+0.0328%	8h	94.500	+0.005%	$16.7M	$35.1M	25x	as long as short
Lighter CRCL	+0.0368%	1h	94.514	+0.020%	$3.0M	$2.2M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.850	+0.376%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0684%	4h	94.406	−0.094%	$24K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0703%	1h	94.490	−0.005%	$4K	$771K	10x	as long as short