Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0304%/8h= +33.3% APRpaid last 24h +0.082%

Price spread now: Lighter against Phemex+0.054%7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$890.888% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.805%+$81 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now +0.054%, 7d avg +0.082%

Together, before fees+0.834%+ Points / potential airdropLighter: Season 3 · farm board+$83 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.029% cheaper against Phemex than usual: you would sell low and buy high (spread +0.054% now, against its 7-day average of +0.082%). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.440	0	get 0.0000% / 4h	1h 44m	$1.0M	$48K	10x
Short	Lighter CRCL	91.489	0.0304	get 0.0038% / 1h	44m 58s	$2.9M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now +0.054%Rate

Funding earned: $63.84
Price spread: +0.054% → +0.082%: −$2.87
Slippage, 4 orders: −$76.83
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$27.86
Costs to cover: 0.888%
Break-even: 10.1 days

Slippage from Phemex: live order book, 3 min ago; Lighter: live order book, 2 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 Phemex live order book, 3 min ago	1.64 bp	45.9 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	2.96 bp	3.0 bp −$3	6.4 bp −$64	39.0 bp −$3,898	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	−0.0728%	8h	91.530	+0.098%	$17.4M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0084%	1h	91.120	−0.350%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.430	−0.011%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.440	0.000%	$7.8M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.309	−0.143%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.440	long leg	$1.0M	$48K	10x
Aftermath Perps CRCLUSD	+0.0040%	1h	91.348	−0.101%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.340	−0.109%	$93K	$289K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.378	−0.068%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.290	−0.164%	$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	91.310	−0.142%	$889K	$604K	10x	as long as short
QFEX CRCL-USD	+0.0068%	1h	91.340	−0.109%	$1.3M	$1.8M	10x	as long as short
Aster CRCLUSDT	+0.0075%	8h	91.421	−0.021%	$1.0M	$5.1M	20x	as long as short
Binance CRCLUSDT	+0.0088%	8h	91.427	−0.014%	$104.5M	$397.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0088%	1h	91.420	−0.022%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.290	−0.164%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.430	−0.011%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.240	−0.219%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.410	−0.033%	$911	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.476	+0.039%	$4	—	10x	as long as short
Lighter RH CRCL	+0.0136%	1h	91.502	+0.068%	$978K	$2.7M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0142%	1h	91.404	−0.039%	$67.7M	$44.4M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0171%	1h	91.410	−0.033%	$383K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0171%	8h	91.327	−0.123%	$420	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0181%	8h	91.343	−0.106%	$67K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0186%	8h	91.450	+0.011%	$22.2M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0208%	8h	91.490	+0.055%	$1.1M	$1.7M	20x	as long as short
Phoenix CRCL	+0.0245%	1h	91.384	−0.061%	$27K	$82K	10x	as long as short
RISEx CRCL/USDC	+0.0271%	1h	91.340	−0.109%	$416K	$268K	10x	as long as short
Lighter CRCLshort	+0.0304%	1h	91.489	+0.054%	$2.9M	$2.4M	10x
Injective CRCL/USDC PERP	+0.0440%	1h	91.930	+0.536%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0441%	1h	91.370	−0.076%	$134K	$109K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0516%	1h	91.460	+0.022%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0926%	4h	91.343	−0.106%	$52K	$278K	10x	as long as short