Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0272%/8h= +29.8% APRpaid last 24h +0.078%

Price spread now: Lighter against Variational Omni+0.003%7-day average +0.062% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.136%+$14 on $10k

Price spread, last 7 days+0.047%+$5 · spread now +0.003%, 7d avg +0.062%

Together, before fees+0.183%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.058% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.003% now, against its 7-day average of +0.062%). If the spread goes back, that is −$6 on $10k: about 17 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	94.541	0	get 0.0000% / 8h	2h 11m	$2.5M	$3.2M	—
Short	Lighter CRCL	94.544	0.0272	get 0.0034% / 1h	11m 32s	$3.1M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.003%Rate

Funding earned: $57.12
Price spread: +0.003% → +0.062%: −$5.84
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $51.28
Costs to cover: 0.000%
Break-even: 0.7 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Lighter: live order book, 6 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 Variational Omni RFQ quote, 3 min ago	3.43 bp	doesn't fit	37.8 bp −$378	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	2.06 bp	2.1 bp −$2	6.3 bp −$63	41.4 bp −$4,140	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
Deribit CRCL_USDC-PERPETUAL	−0.0173%	1h	94.530	−0.011%	$4K	$771K	10x	as long as short
RISEx CRCL/USDC	0.0000%	1h	94.485	−0.058%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.490	−0.054%	$7.2M	$27.8M	50x	as long as short
Variational Omni CRCLlong	0.0000%	8h	94.541	long leg	$2.5M	$3.2M	—
GRVT CRCL_USDT_Perp	0.0000%	8h	94.530	−0.011%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.520	−0.022%	$1.0M	$50K	10x	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.450	−0.096%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0021%	8h	94.510	−0.033%	$15.5M	$25.9M	50x	as long as short
edgeX CRCLUSDC	+0.0031%	4h	94.519	−0.023%	$24K	$268K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.544	+0.003%	$882K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0040%	1h	94.477	−0.067%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0041%	8h	94.490	−0.054%	$108.5M	$389.3M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	94.455	−0.091%	$2K	$19K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.440	−0.107%	—	$45K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.510	−0.033%	$71.0M	$42.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.448	−0.098%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.474	−0.071%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.400	−0.149%	$1.1M	$5.9M	10x	as long as short
Aster CRCLUSDT	+0.0081%	8h	94.530	−0.011%	$1.1M	$4.8M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	94.501	−0.042%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.460	−0.085%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.350	−0.202%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.470	−0.075%	$942	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.530	−0.012%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0131%	8h	94.481	−0.063%	$435	$570	5x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	−0.159%	$939K	$743K	10x	as long as short
BloFin CRCL-USDT	+0.0160%	8h	94.500	−0.043%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERP	+0.0203%	1h	94.463	−0.083%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0218%	8h	94.470	−0.075%	$22.8M	$60.7M	50x	as long as short
Phoenix CRCL	+0.0228%	1h	94.496	−0.047%	$28K	$92K	10x	as long as short
Lighter CRCLshort	+0.0272%	1h	94.544	+0.003%	$3.1M	$2.4M	10x
Bitget CRCLUSDT	+0.0325%	8h	94.510	−0.033%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.830	+0.306%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0560%	1h	94.500	−0.043%	$97K	$274K	10x	as long as short