Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.043%

Price spread now: Gate against Lighter RH−0.037%7-day average +0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$300.305% of the position

Long on Lighter RH Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 7 days+0.027%+$3 · spread now −0.037%, 7d avg +0.032%

Together, before fees+0.188%+ Points / potential airdropLighter RH: Points live · farm board+$19 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 Gate is 0.069% cheaper against Lighter RH than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.032%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.161%, 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	94.795	0.0032	pay 0.0004% / 1h	22m 07s	$895K	$2.9M	10x
Short	Gate CRCL_USDT	94.760	0	get 0.0000% / 8h	22m 07s	$7.2M	$27.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.037%Rate

Funding earned: −$6.72
Price spread: −0.037% → +0.032%: −$6.87
Slippage, 4 orders: −$15.46
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$44.05
Costs to cover: 0.305%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 1 min ago; Gate: live order book, 2 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	3.06 bp	3.1 bp −$3	7.0 bp −$70	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	1.06 bp	10.5 bp −$10	21.3 bp −$213	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
Gate CRCL_USDTshort	0.0000%	8h	94.760	−0.037%	$7.2M	$27.7M	50x
Phemex CRCLUSDT	0.0000%	4h	94.740	−0.058%	$1.0M	$52K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.750	−0.047%	$1.4M	$2.7M	10x	as long as short
Lighter RH CRCLlong	+0.0032%	1h	94.795	long leg	$895K	$2.9M	10x
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.510	−0.301%	$940K	$723K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.700	−0.100%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.739	−0.059%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.747	−0.051%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.610	−0.195%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0054%	1h	94.777	−0.019%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0099%	8h	94.790	−0.005%	$15.6M	$25.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.750	−0.047%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.730	−0.069%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.640	−0.164%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.750	−0.047%	$945	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.776	−0.020%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0114%	8h	94.769	−0.027%	$777	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0172%	1h	94.729	−0.070%	$71.2M	$42.9M	10x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.744	−0.054%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0198%	8h	94.780	−0.016%	$22.9M	$60.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0223%	8h	94.781	−0.015%	$61K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	94.722	−0.077%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0236%	8h	94.770	−0.026%	$109.8M	$390.2M	50x	as long as short
Aster CRCLUSDT	+0.0239%	8h	94.730	−0.069%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0270%	1h	94.671	−0.130%	$127K	$73K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.774	−0.022%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0302%	8h	94.790	−0.005%	$17.0M	$35.4M	25x	as long as short
Lighter CRCL	+0.0352%	1h	94.808	+0.014%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0354%	8h	94.680	−0.121%	$1.1M	$600K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.807%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.770	−0.026%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.778	−0.018%	$432K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0815%	4h	94.703	−0.097%	$24K	$267K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1123%	1h	94.800	+0.005%	$4K	$772K	10x	as long as short