Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0146%/8h= +16.0% APRpaid last 24h +0.023%

Price spread now: Lighter against OKX−0.004%7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs+$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.533%+$53 on $10k

Price spread, last 7 days−0.026%−$3 · spread now −0.004%, 7d avg +0.045%

Together, before fees+0.507%+ Points / potential airdropLighter: Season 3 · farm board+$51 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.049% cheaper against OKX than usual: you would sell low and buy high (spread −0.004% now, against its 7-day average of +0.045%). If the spread goes back, that is −$5 on $10k: about 27 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CRCL-USDT-SWAP	91.350	0.0182	pay 0.0182% / 8h	1h 47m	$22.2M	$62.6M	50x
Short	Lighter CRCL	91.346	0.0328	get 0.0041% / 1h	47m 17s	$2.9M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.004%Rate

Funding earned: $30.71
Price spread: −0.004% → +0.045%: −$4.89
Slippage, 4 orders: −$10.57
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $5.25
Costs to cover: 0.206%
Break-even: 5.8 days

Slippage from OKX: live order book, 1 min ago; Lighter: live order book, 5 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 OKX live order book, 1 min ago	0.55 bp	6.8 bp −$7	13.2 bp −$132	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	2.90 bp	3.0 bp −$3	7.3 bp −$73	40.5 bp −$4,053	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	−0.0726%	8h	91.400	+0.055%	$17.4M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0084%	1h	91.060	−0.317%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.320	−0.033%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.380	+0.033%	$7.7M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.430	+0.087%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.330	−0.022%	$1.0M	$48K	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.380	+0.033%	$93K	$289K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	91.326	−0.027%	$2K	$27K	5x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.298	−0.057%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.290	−0.066%	$1.1M	$5.2M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International CRCL-PERP-INTX	+0.0056%	1h	91.470	+0.131%	$891K	$605K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.360	+0.011%	$1.3M	$1.8M	10x	as long as short
Aster CRCLUSDT	+0.0073%	8h	91.352	+0.002%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0086%	8h	91.310	−0.044%	$104.4M	$397.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0088%	1h	91.296	−0.059%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.340	−0.011%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.340	−0.011%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.290	−0.066%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.300	−0.055%	$910	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.307	−0.047%	$4	—	10x	as long as short
Lighter RH CRCL	+0.0152%	1h	91.337	−0.014%	$976K	$2.7M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0157%	1h	91.260	−0.099%	$67.6M	$44.4M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0173%	8h	91.325	−0.027%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0175%	8h	91.444	+0.103%	$65K	$1.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0181%	1h	91.298	−0.057%	$382K	$1.3M	10x	as long as short
OKX CRCL-USDT-SWAPlong	+0.0182%	8h	91.350	long leg	$22.2M	$62.6M	50x
BloFin CRCL-USDT	+0.0206%	8h	91.300	−0.055%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.384	+0.037%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.375	+0.027%	$416K	$268K	10x	as long as short
edgeX CRCLUSDC	+0.0321%	4h	91.441	+0.099%	$52K	$278K	10x	as long as short
Lighter CRCLshort	+0.0328%	1h	91.346	−0.004%	$2.9M	$2.4M	10x
Injective CRCL/USDC PERP	+0.0440%	1h	91.930	+0.635%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0457%	1h	91.325	−0.028%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0517%	1h	91.300	−0.055%	$5K	$769K	10x	as long as short