Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0188%/8h= +20.6% APRpaid last 24h +0.058%

Price spread now: Lighter against Orderly−0.004%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	94.350	0.0100	pay 0.0100% / 8h	1h 59m	$941	$3K	10x
Short	Lighter CRCL	94.346	0.0288	get 0.0036% / 1h	59m 38s	$3.1M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.004%Rate

Funding earned: $39.48
Price spread: −0.004% → 0.000%: −$0.42
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $33.06
Costs to cover: 0.060%
Break-even: 1.1 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 3 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 3 min ago	1.69 bp	1.9 bp −$2	4.9 bp −$49	38.9 bp −$3,889	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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_USDT	0.0000%	8h	94.400	+0.053%	$7.2M	$27.4M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.450	+0.106%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.410	+0.064%	$1.0M	$50K	10x	as long as short
Variational Omni CRCL	+0.0017%	8h	94.462	+0.118%	$2.5M	$3.2M	—	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.390	+0.042%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0029%	8h	94.430	+0.085%	$15.5M	$25.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.356	+0.006%	$880K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.399	+0.052%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.380	+0.032%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.330	−0.021%	$357K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	94.423	+0.077%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.290	−0.064%	$1.1M	$5.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0064%	1h	94.387	+0.039%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0069%	8h	94.424	+0.078%	$108.4M	$389.3M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.262	−0.094%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.350	0.000%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.350	0.000%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	94.350	long leg	$941	$3K	10x
Aevo CRCL-PERP	+0.0104%	1h	94.368	+0.019%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0105%	8h	94.365	+0.016%	$1.1M	$4.8M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0136%	8h	94.415	+0.069%	$774	$740	5x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	+0.042%	$939K	$743K	10x	as long as short
RISEx CRCL/USDC	+0.0159%	1h	94.410	+0.064%	$431K	$310K	10x	as long as short
BloFin CRCL-USDT	+0.0184%	8h	94.460	+0.117%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERP	+0.0193%	1h	94.290	−0.063%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0203%	8h	94.400	+0.053%	$22.8M	$60.6M	50x	as long as short
Arcus CRCL-USD	+0.0214%	1h	94.380	+0.032%	$97K	$274K	10x	as long as short
Phoenix CRCL	+0.0228%	1h	94.456	+0.112%	$28K	$92K	10x	as long as short
Lighter CRCLshort	+0.0288%	1h	94.346	−0.004%	$3.1M	$2.2M	10x
tradeXYZ xyz:CRCL	+0.0317%	1h	94.298	−0.055%	$70.7M	$42.9M	10x	as long as short
Bitget CRCLUSDT	+0.0317%	8h	94.430	+0.085%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.920	+0.604%	$5K	$20K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0492%	1h	94.400	+0.053%	$4K	$771K	10x	as long as short
edgeX CRCLUSDC	+0.0995%	4h	94.463	+0.119%	$24K	$268K	10x	as long as short