Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0520%/8h= +57.0% APRpaid last 24h +0.159%

Price spread now: edgeX against Lighter RH−0.177%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs+$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$330.335% of the position

Long on Lighter RH Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.833%+$83 on $10k

Price spread, last 4 days (all we have)+0.316%+$32 · spread now −0.177%, 7d avg −0.013%

Together, before fees+1.149%+ Points / potential airdropLighter RH: Points live · edgeX: Active · farm board+$115 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.164% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.177% now, against its 7-day average of −0.013%). If the spread goes back, that is −$16 on $10k: about 25 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH CRCL	91.658	0.0032	pay 0.0004% / 1h	6m 48s	$977K	$2.9M	10x
Short	edgeX CRCLUSDC	91.496	0.0552	get 0.0276% / 4h	2h 06m	$52K	$277K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.177%Rate

Funding earned: $109.27
Price spread: −0.177% → −0.013%: −$16.41
Slippage, 4 orders: −$24.48
Fee Lighter RH: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $59.38
Costs to cover: 0.335%
Break-even: 3.2 days

Slippage from Lighter RH: live order book, 1 min ago; edgeX: live order book, 41 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, 1 min ago	3.98 bp	5.1 bp −$5	9.3 bp −$93	doesn't fit	doesn't fit
Sell edgeX live order book, 41 min ago	6.01 bp	11.6 bp −$12	23.6 bp −$236	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	−0.0899%	8h	91.720	+0.068%	$17.2M	$36.9M	25x	as long as short
Vest CRCL-USD-PERP	−0.0081%	1h	91.450	−0.227%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.650	−0.009%	$14.7M	$26.8M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.670	+0.013%	$7.7M	$27.7M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.539	−0.130%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.670	+0.013%	$1.0M	$48K	10x	as long as short
Lighter RH CRCLlong	+0.0032%	1h	91.658	long leg	$977K	$2.9M	10x
Aftermath Perps CRCLUSD	+0.0037%	1h	91.491	−0.182%	$2K	$27K	5x	as long as short
Aster CRCLUSDT	+0.0038%	8h	91.550	−0.117%	$1.0M	$5.1M	20x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.560	−0.107%	$93K	$289K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	91.657	−0.001%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.570	−0.096%	$1.1M	$5.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0053%	1h	91.723	+0.071%	$384K	$1.3M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.720	+0.068%	$1.3M	$1.8M	10x	as long as short
Binance CRCLUSDT	+0.0056%	8h	91.650	−0.009%	$104.7M	$397.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0056%	1h	91.614	−0.048%	$1.0M	$5.7M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0071%	1h	91.599	−0.064%	$67.9M	$44.3M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.590	−0.074%	$892K	$606K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.720	+0.068%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.570	−0.096%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.470	−0.205%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.710	+0.057%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.696	+0.041%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.735	+0.084%	$418K	$283K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0134%	8h	91.536	−0.133%	$65K	$1.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0142%	8h	91.725	+0.073%	$422	$905	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0153%	8h	91.670	+0.013%	$22.3M	$62.8M	50x	as long as short
BloFin CRCL-USDT	+0.0176%	8h	91.750	+0.100%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.699	+0.045%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0256%	1h	91.661	+0.003%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0334%	1h	91.626	−0.035%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.150	+0.537%	$5K	$19K	30x	as long as short
edgeX CRCLUSDCshort	+0.0552%	4h	91.496	−0.177%	$52K	$277K	10x
Deribit CRCL_USDC-PERPETUAL	+0.1060%	1h	91.720	+0.068%	$4K	$768K	10x	as long as short