Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0362%/8h= +39.6% APRpaid last 24h +0.044%

Price spread now: GRVT against Lighter RH+0.104%7-day average +0.015% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$250.251% of the position

Long on Lighter RH Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.115%+$12 on $10k

Price spread, last 7 days−0.121%−$12 · spread now +0.104%, 7d avg +0.015%

Together, before fees−0.006%+ Points / potential airdropLighter RH: Points live · GRVT: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and GRVT is 0.089% dearer against Lighter RH than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.015%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.115% in total (about 6.0% 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	91.285	0.0032	pay 0.0004% / 1h	42m 50s	$983K	$2.4M	10x
Short	GRVT CRCL_USDT_Perp	91.380	0.0394	get 0.0394% / 8h	7h 42m	$62K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.104%Rate

Funding earned: $76.02
Price spread: +0.104% → +0.015%: $8.94
Slippage, 4 orders: −$16.14
Fee Lighter RH: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $59.82
Costs to cover: 0.251%
Break-even: 1.5 days

Slippage from Lighter RH: live order book, 5 min ago; GRVT: live order book, just now.

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, 5 min ago	3.22 bp	4.3 bp −$4	8.4 bp −$84	doesn't fit	doesn't fit
Sell GRVT live order book, just now	1.10 bp	6.8 bp −$7	17.8 bp −$178	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	−0.0164%	8h	91.320	+0.038%	$17.4M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0091%	1h	91.050	−0.257%	—	$31K	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.330	+0.049%	$1.0M	$48K	10x	as long as short
Gate CRCL_USDT	+0.0024%	8h	91.320	+0.038%	$7.8M	$26.3M	50x	as long as short
Lighter RH CRCLlong	+0.0032%	1h	91.285	long leg	$983K	$2.4M	10x
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.190	−0.104%	$872K	$505K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.284	−0.001%	$2K	$29K	5x	as long as short
Bybit CRCLUSDT	+0.0038%	8h	91.280	−0.005%	$14.9M	$26.5M	50x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.250	−0.038%	$95K	$287K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.188	−0.106%	$67.2M	$44.3M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USD	+0.0050%	1h	91.227	−0.064%	$377K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.260	−0.027%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.320	+0.038%	$1.1M	$4.8M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	91.280	−0.005%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.300	+0.016%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.320	+0.038%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.320	+0.038%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.290	+0.005%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.267	−0.020%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0143%	8h	91.296	+0.012%	$420	$766	5x	as long as short
Variational Omni CRCL	+0.0157%	8h	91.350	+0.071%	$2.4M	$3.3M	—	as long as short
Lighter CRCL	+0.0192%	1h	91.295	+0.011%	$2.9M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0221%	8h	91.298	+0.014%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0238%	8h	91.260	−0.028%	$104.9M	$387.9M	50x	as long as short
Extended CRCL_24_5-USD	+0.0240%	1h	91.241	−0.048%	$1.1M	$5.1M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	91.375	+0.099%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0293%	8h	91.300	+0.016%	$22.2M	$61.5M	50x	as long as short
Nado CRCL-PERP	+0.0356%	1h	91.233	−0.057%	$134K	$109K	3x	as long as short
BloFin CRCL-USDT	+0.0358%	8h	91.280	−0.005%	$1.1M	$1.7M	20x	as long as short
GRVT CRCL_USDT_Perpshort	+0.0394%	8h	91.380	+0.104%	$62K	$1.1M	10x
Deribit CRCL_USDC-PERPETUAL	+0.0408%	1h	91.280	−0.005%	$5K	$769K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.900	+0.674%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.315	+0.033%	$412K	$258K	10x	as long as short
edgeX CRCLUSDC	+0.0927%	4h	91.362	+0.084%	$52K	$271K	10x	as long as short