Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0095%/8h= −10.4% APRpaid last 24h −0.019%

Price spread now: Lighter RH against Variational Omni−0.009%7-day average +0.002% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.032%+$3 on $10k

Price spread, last 7 days+0.026%+$3 · spread now −0.009%, 7d avg +0.002%

Together, before fees+0.058%+ Points / potential airdropVariational Omni: Active · Lighter RH: Points live · farm board+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	94.450	0.0127	pay 0.0127% / 8h	7h 31m	$2.5M	$3.1M	—
Short	Lighter RH CRCL	94.442	0.0032	get 0.0004% / 1h	31m 06s	$889K	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Variational Omni. 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 Variational OmnibpFee Lighter RHbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$19.98
Price spread: −0.009% → +0.002%: −$1.12
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$21.1
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; 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 Variational Omni RFQ quote, 3 min ago	3.43 bp	doesn't fit	15.1 bp −$151	doesn't fit	doesn't fit
Sell Lighter RH live order book, 2 min ago	2.33 bp	3.0 bp −$3	5.4 bp −$54	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	94.210	−0.254%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.450	0.000%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.450	0.000%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.300	−0.159%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.360	−0.096%	$1.0M	$51K	10x	as long as short
Lighter RH CRCLshort	+0.0032%	1h	94.442	−0.009%	$889K	$2.8M	10x
Bitget CRCLUSDT	+0.0036%	8h	94.460	+0.010%	$17.0M	$34.7M	25x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.295	−0.164%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.450	0.000%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.320	−0.138%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CRCLUSDC	+0.0047%	4h	94.288	−0.172%	$24K	$268K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.380	−0.074%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.439	−0.012%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.429	−0.023%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.330	−0.127%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.410	−0.043%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.400	−0.053%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	−0.159%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.430	−0.022%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.454	+0.004%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.445	−0.005%	$774	$740	5x	as long as short
Variational Omni CRCLlong	+0.0127%	8h	94.450	long leg	$2.5M	$3.1M	—
OKX CRCL-USDT-SWAP	+0.0153%	8h	94.450	0.000%	$22.8M	$59.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.430	−0.021%	$1.1M	$5.9M	10x	as long as short
Binance CRCLUSDT	+0.0194%	8h	94.450	0.000%	$109.4M	$386.3M	50x	as long as short
Aster CRCLUSDT	+0.0201%	8h	94.425	−0.026%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0222%	1h	94.349	−0.107%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.328	−0.130%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.457	+0.007%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0314%	8h	94.460	+0.010%	$1.1M	$561K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.465%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.310	−0.149%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.435	−0.016%	$431K	$299K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0810%	1h	94.450	0.000%	$4K	$771K	10x	as long as short