CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0372%/8h= +40.8% APRnext payment +$0.47 per $10,000 · paid last 24h +0.068%

Price spread now: Nado against Lighter RH−0.123%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$440.436% of the position

Long on Lighter RH Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.117%+$12 on $10k

Price spread, last 4 days (all we have)+0.102%+$10 · spread now −0.123%, 7d avg −0.033%

Together, before fees+0.219%+ Points / potential airdropLighter RH: Points live · Nado: Active · farm board+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.090% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.123% now, against its 7-day average of −0.033%). If the spread goes back, that is −$9 on $10k: about 19 hours of funding at the current rate (+$11 a day). At the pace of the last 3 days (+0.117% in total) that is about 2.7 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.117% in total (about 12.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.47 per $10,000. 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	91.715	0.0032	pay 0.0004% / 1h	18m 03s	$980K	$2.7M	10x
Short	Nado CRCL-PERP	91.602	0.0404	get 0.0051% / 1h	18m 03s	$134K	$109K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.123%Rate

Funding earned: $78.2
Price spread: −0.123% → −0.033%: −$9.01
Slippage, 4 orders: −$36.57
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $25.62
Costs to cover: 0.436%
Break-even: 4.7 days

Slippage from Lighter RH: live order book, 5 min ago; Nado: live order book, 24 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, 5 min ago	3.54 bp	4.5 bp −$5	12.7 bp −$127	doesn't fit	doesn't fit
Sell Nado live order book, 24 min ago	2.74 bp	13.2 bp −$13	29.7 bp −$297	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	−0.0557%	8h	91.860	+0.158%	$17.6M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	91.520	−0.213%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.790	+0.082%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.900	+0.202%	$7.8M	$27.6M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.790	+0.082%	$1.0M	$48K	10x	as long as short
Variational Omni CRCL	+0.0013%	8h	91.789	+0.081%	$2.4M	$3.2M	—	as long as short
Lighter RH CRCLlong	+0.0032%	1h	91.715	long leg	$980K	$2.7M	10x
Aftermath Perps CRCLUSD	+0.0038%	1h	91.658	−0.062%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.700	−0.016%	$94K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.804	+0.097%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.690	−0.027%	$1.1M	$5.3M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.790	+0.082%	$894K	$616K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.770	+0.060%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0094%	1h	91.770	+0.060%	$67.9M	$44.4M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.750	+0.038%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.690	−0.027%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.710	−0.005%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.760	+0.049%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.764	+0.054%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0106%	8h	91.761	+0.051%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0119%	8h	91.800	+0.093%	$104.9M	$398.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0120%	1h	91.777	+0.068%	$1.0M	$5.0M	10x	as long as short
edgeX CRCLUSDC	+0.0127%	4h	91.661	−0.059%	$52K	$277K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0136%	1h	91.769	+0.059%	$384K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0164%	8h	91.734	+0.021%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0193%	8h	91.680	−0.038%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0215%	8h	91.820	+0.114%	$22.3M	$62.9M	50x	as long as short
BloFin CRCL-USDT	+0.0239%	8h	91.810	+0.104%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.610	−0.114%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.749	+0.037%	$418K	$268K	10x	as long as short
Lighter CRCL	+0.0280%	1h	91.712	−0.003%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERPshort	+0.0404%	1h	91.602	−0.123%	$134K	$109K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	92.220	+0.551%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1497%	1h	91.750	+0.038%	$5K	$769K	10x	as long as short