Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0275%/8h= −30.1% APRpaid last 24h −0.051%

Price spread now: Lighter RH against Aster−0.037%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$220.225% of the position

Long on Aster Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.182%−$18 on $10k

Price spread, last 7 days+0.014%+$1 · spread now −0.037%, 7d avg −0.001%

Together, before fees−0.168%+ Points / potential airdropAster: Stage 5 · Lighter RH: Points live · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Lighter RH is 0.036% cheaper against Aster than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.182% in total (about -9.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster CRCLUSDT	92.614	0.0307	pay 0.0307% / 8h	6h 56m	$1.1M	$4.9M	20x
Short	Lighter RH CRCL	92.579	0.0032	get 0.0004% / 1h	56m 44s	$995K	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Aster. 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 AsterbpFee Lighter RHbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$57.69
Price spread: −0.037% → −0.001%: −$3.64
Slippage, 4 orders: −$14.47
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$83.8
Costs to cover: 0.225%
Break-even: never at this rate

Slippage from Aster: live order book, 2 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 Aster live order book, 2 min ago	0.54 bp	9.8 bp −$10	1247.1 bp −$12.5K	doesn't fit	doesn't fit
Sell Lighter RH live order book, 1 min ago	2.00 bp	5.3 bp −$5	10.1 bp −$101	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
Vest CRCL-USD-PERP	−0.0066%	1h	92.130	−0.522%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.610	−0.004%	$18.0M	$35.2M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.640	+0.029%	$1.0M	$46K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	92.260	−0.382%	$888K	$675K	10x	as long as short
Lighter RH CRCLshort	+0.0032%	1h	92.579	−0.037%	$995K	$2.3M	10x
Aftermath Perps CRCLUSD	+0.0038%	1h	92.519	−0.102%	$2K	$29K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.472	−0.153%	$380K	$955K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.455	−0.171%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.300	−0.339%	$1.1M	$4.3M	10x	as long as short
Gate CRCL_USDT	+0.0052%	8h	92.600	−0.015%	$7.3M	$25.3M	50x	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	+0.0080%	1h	92.270	−0.371%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.400	−0.231%	$135K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.660	+0.050%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.510	−0.112%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.540	−0.079%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.515	−0.107%	$4	—	10x	as long as short
Bybit CRCLUSDT	+0.0143%	8h	92.590	−0.025%	$15.1M	$25.9M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0156%	1h	92.510	−0.112%	$67.7M	$42.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0163%	8h	92.397	−0.234%	$425	$766	5x	as long as short
Lighter CRCL	+0.0176%	1h	92.529	−0.091%	$3.0M	$2.0M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	92.779	+0.179%	$27K	$64K	10x	as long as short
Variational Omni CRCL	+0.0257%	8h	92.578	−0.039%	$2.4M	$3.2M	—	as long as short
Aster CRCLUSDTlong	+0.0307%	8h	92.614	long leg	$1.1M	$4.9M	20x
OKX CRCL-USDT-SWAP	+0.0313%	8h	92.580	−0.036%	$22.6M	$59.4M	50x	as long as short
Binance CRCLUSDT	+0.0319%	8h	92.560	−0.058%	$106.6M	$377.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0320%	1h	92.560	−0.058%	$1.1M	$5.0M	10x	as long as short
Nado CRCL-PERP	+0.0340%	1h	92.405	−0.225%	$149K	$111K	3x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.450	−0.177%	$96K	$267K	10x	as long as short
BloFin CRCL-USDT	+0.0439%	8h	92.450	−0.177%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	93.200	+0.633%	$39K	$172K	30x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.500	−0.123%	$414K	$255K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0507%	1h	92.500	−0.123%	$5K	$617K	10x	as long as short
edgeX CRCLUSDC	+0.0681%	4h	92.633	+0.021%	$53K	$268K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0688%	8h	92.732	+0.128%	$62K	$1.1M	10x	as long as short