Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h +0.019%

Price spread now: Variational Omni against Lighter RH+0.002%7-day average −0.003% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.034%−$3 on $10k

Price spread, last 7 days−0.012%−$1 · spread now +0.002%, 7d avg −0.003%

Together, before fees−0.046%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.003%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH CRCL	92.017	0.0080	pay 0.0010% / 1h	48m 38s	$975K	$2.9M	10x
Short	Variational Omni CRCL	92.019	0	get 0.0000% / 8h	3h 48m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.002%Rate

Funding earned: −$16.8
Price spread: +0.002% → −0.003%: $0.46
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$16.34
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter RH: live order book, 5 min ago; Variational Omni: RFQ quote, 1 min ago. Net counts fees only.

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	2.44 bp	2.8 bp −$3	7.4 bp −$74	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.46 bp	doesn't fit	8.5 bp −$85	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	−0.0702%	8h	92.100	+0.090%	$16.8M	$35.4M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.760	−0.279%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.110	+0.101%	$14.9M	$26.4M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.080	+0.068%	$7.3M	$27.2M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	92.019	+0.002%	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	92.050	+0.036%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0010%	8h	91.997	−0.022%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0014%	8h	92.120	+0.112%	$104.9M	$390.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	92.132	+0.124%	$1.1M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.002	−0.016%	$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
Arcus CRCL-USD	+0.0040%	1h	92.020	+0.003%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.910	−0.116%	$907K	$491K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.973	−0.048%	$68.4M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.964	−0.058%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.992	−0.027%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.940	−0.084%	$1.0M	$5.2M	10x	as long as short
BloFin CRCL-USDT	+0.0056%	8h	92.040	+0.025%	$1.1M	$1.3M	20x	as long as short
QFEX CRCL-USD	+0.0060%	1h	92.000	−0.018%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0064%	8h	92.190	+0.188%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0069%	8h	92.180	+0.177%	$22.3M	$61.6M	50x	as long as short
Lighter RH CRCLlong	+0.0080%	1h	92.017	long leg	$975K	$2.9M	10x
Pacifica CRCL	+0.0100%	1h	92.073	+0.061%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.000	−0.018%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.120	+0.112%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.970	−0.051%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.984	−0.035%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	92.125	+0.117%	$419K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0132%	8h	92.111	+0.102%	$424	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	92.079	+0.067%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0304%	1h	92.020	+0.003%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0386%	1h	91.915	−0.111%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.460	+0.481%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0488%	4h	92.164	+0.159%	$51K	$276K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0621%	1h	91.980	−0.040%	$4K	$768K	10x	as long as short