Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.020%

Price spread now: Lighter RH against Orderly−0.009%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 RH

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 RH: Points live · 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: −$2 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	91.460	0.0100	pay 0.0100% / 8h	36m 09s	$912	$1K	10x
Short	Lighter RH CRCL	91.452	0.0032	get 0.0004% / 1h	36m 09s	$981K	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$14.28
Price spread: −0.009% → 0.000%: −$0.87
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$21.15
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter RH: live order book, 2 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 RH live order book, 2 min ago	4.10 bp	4.6 bp −$5	7.4 bp −$74	doesn't fit	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
Bitget CRCLUSDT	−0.0242%	8h	91.520	+0.066%	$17.5M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0078%	1h	91.240	−0.241%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.520	+0.066%	$7.8M	$27.3M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.460	0.000%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0027%	8h	91.460	0.000%	$14.8M	$26.5M	50x	as long as short
Lighter RH CRCLshort	+0.0032%	1h	91.452	−0.009%	$981K	$2.6M	10x
Aftermath Perps CRCLUSD	+0.0038%	1h	91.555	+0.103%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.600	+0.153%	$97K	$292K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.438	−0.024%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.400	−0.066%	$1.1M	$4.8M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.470	+0.011%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	−0.066%	$890K	$405K	10x	as long as short
Variational Omni CRCL	+0.0095%	8h	91.757	+0.325%	$2.4M	$3.3M	—	as long as short
Pacifica CRCL	+0.0100%	1h	91.470	+0.011%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.490	+0.033%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.700	+0.262%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.460	long leg	$912	$1K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.459	−0.001%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0119%	1h	91.435	−0.027%	$67.7M	$43.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0162%	1h	91.446	−0.015%	$379K	$1.3M	10x	as long as short
Aster CRCLUSDT	+0.0166%	8h	91.517	+0.062%	$1.0M	$5.0M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0167%	8h	91.460	0.000%	$421	$905	5x	as long as short
Binance CRCLUSDT	+0.0182%	8h	91.430	−0.033%	$105.0M	$389.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	91.435	−0.028%	$1.0M	$5.0M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0188%	1h	91.460	0.000%	$5K	$769K	10x	as long as short
Phoenix CRCL	+0.0227%	1h	91.689	+0.250%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0247%	8h	91.730	+0.295%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0257%	8h	91.460	0.000%	$22.3M	$61.7M	50x	as long as short
Lighter CRCL	+0.0280%	1h	91.479	+0.021%	$2.9M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0302%	8h	91.480	+0.022%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0428%	1h	91.435	−0.028%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.010	+0.601%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.475	+0.016%	$410K	$272K	10x	as long as short
edgeX CRCLUSDC	+0.0559%	4h	91.666	+0.225%	$52K	$275K	10x	as long as short