Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h +0.024%

Price spread now: Bybit against Lighter RH−0.017%7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$250.250% of the position

Long on Lighter RH Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.169%+$17 on $10k

Price spread, last 7 days+0.036%+$4 · spread now −0.017%, 7d avg +0.029%

Together, before fees+0.205%+ Points / potential airdropLighter RH: Points live · farm board+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.047% cheaper against Lighter RH than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.029%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.169%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH CRCL	92.016	0.0040	pay 0.0005% / 1h	49m 09s	$975K	$2.9M	10x
Short	Bybit CRCLUSDT	92.000	0	get 0.0000% / 8h	3h 49m	$14.9M	$26.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$8.4
Price spread: −0.017% → +0.029%: −$4.67
Slippage, 4 orders: −$13.96
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$38.02
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 4 min ago; Bybit: live order book, 5 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, 4 min ago	2.44 bp	2.8 bp −$3	7.4 bp −$74	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.09 bp	10.4 bp −$10	18.3 bp −$183	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	−0.0704%	8h	92.050	+0.037%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.760	−0.278%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	92.000	−0.017%	$14.9M	$26.4M	50x
Gate CRCL_USDT	0.0000%	8h	92.060	+0.048%	$7.3M	$27.2M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.019	+0.003%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.050	+0.037%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0010%	8h	91.986	−0.033%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0014%	8h	92.010	−0.007%	$104.8M	$390.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.979	−0.040%	$1.1M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.002	−0.015%	$2K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCLlong	+0.0040%	1h	92.016	long leg	$975K	$2.9M	10x
Arcus CRCL-USD	+0.0040%	1h	92.030	+0.015%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.910	−0.115%	$907K	$491K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.912	−0.113%	$68.3M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.964	−0.057%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.992	−0.026%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.940	−0.083%	$1.0M	$5.2M	10x	as long as short
BloFin CRCL-USDT	+0.0056%	8h	92.040	+0.026%	$1.1M	$1.3M	20x	as long as short
QFEX CRCL-USD	+0.0060%	1h	92.000	−0.017%	$1.3M	$1.9M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0063%	8h	92.050	+0.037%	$22.3M	$61.5M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0064%	8h	92.190	+0.189%	$64K	$1.1M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.000	−0.017%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.980	−0.039%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.120	+0.113%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.970	−0.050%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.984	−0.034%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	92.005	−0.012%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0129%	8h	91.990	−0.028%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	92.079	+0.068%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0304%	1h	92.018	+0.002%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0386%	1h	91.915	−0.109%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.460	+0.483%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0488%	4h	92.164	+0.160%	$51K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0621%	1h	91.980	−0.039%	$4K	$768K	10x	as long as short