Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against Phemex−0.045%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$910.910% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.113%+$11 on $10k

Price spread, last 3 days (all we have)+0.104%+$10 · spread now −0.045%, 7d avg +0.020%

Together, before fees+0.217%+ Points / potential airdropLighter RH: Points live · farm board+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.065% cheaper against Phemex than usual: you would sell low and buy high (spread −0.045% now, against its 7-day average of +0.020%). If the spread goes back, that is −$6 on $10k: about 6.8 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	93.670	0	get 0.0000% / 4h	3h 01m	$1.0M	$49K	10x
Short	Lighter RH CRCL	93.628	0.0032	get 0.0004% / 1h	1m 41s	$979K	$3.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.045%Rate

Funding earned: $6.72
Price spread: −0.045% → +0.020%: −$6.49
Slippage, 4 orders: −$79.01
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$90.77
Costs to cover: 0.910%
Break-even: 101.6 days

Slippage from Phemex: live order book, 1 min ago; Lighter RH: live order book, 1 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, 1 min ago	2.14 bp	47.7 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 1 min ago	2.35 bp	2.3 bp −$2	5.1 bp −$51	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	93.700	+0.032%	$937K	$601K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	93.600	−0.075%	$15.4M	$25.4M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	93.690	+0.021%	$7.2M	$27.2M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	93.620	−0.053%	$16.7M	$34.3M	25x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	93.950	+0.299%	$62K	$1.1M	10x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	93.670	long leg	$1.0M	$49K	10x
Lighter RH CRCLshort	+0.0032%	1h	93.628	−0.045%	$979K	$3.0M	10x
Aftermath Perps CRCLUSD	+0.0037%	1h	93.902	+0.248%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	93.600	−0.075%	$1.3M	$2.5M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	93.520	−0.160%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	93.586	−0.090%	$71.5M	$40.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	93.639	−0.033%	$363K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	93.640	−0.032%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	93.610	−0.064%	$1.0M	$5.7M	10x	as long as short
Variational Omni CRCL	+0.0078%	8h	93.978	+0.328%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0098%	8h	93.602	−0.073%	$768	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	93.627	−0.045%	$75K	$96K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	93.640	−0.032%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	93.750	+0.085%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	93.650	−0.021%	$934	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	93.649	−0.022%	$4	—	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0125%	8h	93.620	−0.053%	$22.6M	$58.6M	50x	as long as short
Binance CRCLUSDT	+0.0141%	8h	93.590	−0.085%	$108.0M	$385.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0144%	1h	93.587	−0.088%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0145%	8h	93.610	−0.064%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0232%	1h	93.632	−0.041%	$155K	$90K	3x	as long as short
BloFin CRCL-USDT	+0.0267%	8h	93.750	+0.085%	$1.1M	$574K	20x	as long as short
Phoenix CRCL	+0.0296%	1h	93.980	+0.331%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0328%	1h	93.643	−0.029%	$3.0M	$2.3M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.410	+0.790%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	93.790	+0.128%	$96K	$271K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	93.603	−0.072%	$428K	$297K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0712%	1h	93.620	−0.053%	$4K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0940%	4h	93.809	+0.149%	$24K	$268K	10x	as long as short