CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0240%/8h= +26.3% APRnext payment +$0.30 per $10,000 · paid last 24h +0.063%

Price spread now: Lighter against Coinbase International+0.228%7-day average +0.124% · you sell dearer than you buy

Net, funding: paid 7d − costs+$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on Coinbase International Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.504%+$50 on $10k

Price spread, last 4 days (all we have)−0.120%−$12 · spread now +0.228%, 7d avg +0.124%

Together, before fees+0.384%+ Points / potential airdropLighter: Season 3 · farm board+$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Lighter is 0.104% dearer against Coinbase International than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.124%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CRCL-PERP-INTX	92.490	0.0008	pay 0.0001% / 1h	12m 02s	$856K	$700K	10x
Short	Lighter CRCL	92.701	0.0248	get 0.0031% / 1h	12m 02s	$3.0M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Coinbase International. 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 Coinbase InternationalbpFee LighterbpOrdersPrice spread, now +0.228%Rate

Funding earned: $50.4
Price spread: +0.228% → +0.124%: $10.4
Slippage, 4 orders: −$25.19
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $25.6
Costs to cover: 0.352%
Break-even: 3.4 days

Slippage from Coinbase International: live order book, 39 min ago; Lighter: live order book, 3 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 Coinbase International live order book, 39 min ago	7.61 bp	12.6 bp −$13	27.1 bp −$271	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	1.46 bp	2.0 bp −$2	7.3 bp −$73	42.1 bp −$4,210	doesn't fit

CRCL on 34 exchanges

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	−0.0021%	1h	92.450	−0.043%	—	$30K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.620	+0.141%	$15.0M	$25.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.700	+0.227%	$18.1M	$33.8M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.620	+0.141%	$1.0M	$45K	10x	as long as short
Coinbase International CRCL-PERP-INTXlong	+0.0008%	1h	92.490	long leg	$856K	$700K	10x
Lighter RH CRCL	+0.0032%	1h	92.669	+0.194%	$1.0M	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	92.501	+0.012%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.600	+0.119%	$67.7M	$40.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.630	+0.151%	$381K	$850K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.635	+0.157%	$46K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.520	+0.032%	$1.1M	$3.8M	10x	as long as short
Gate CRCL_USDT	+0.0074%	8h	92.690	+0.216%	$7.4M	$25.9M	50x	as long as short
QFEX CRCL-USD	+0.0080%	1h	92.610	+0.130%	$1.3M	$1.6M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.590	+0.108%	$139K	$141K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.550	+0.065%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.330	−0.173%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.640	+0.162%	$924	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.668	+0.192%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0109%	8h	92.610	+0.130%	$426	$477	5x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0182%	1h	92.620	+0.141%	$5K	$470K	10x	as long as short
Phoenix CRCL	+0.0199%	1h	92.631	+0.152%	$27K	$66K	10x	as long as short
Lighter CRCLshort	+0.0248%	1h	92.701	+0.228%	$3.0M	$2.1M	10x
Variational Omni CRCL	+0.0281%	8h	92.555	+0.070%	$2.5M	$3.3M	—	as long as short
Nado CRCL-PERP	+0.0313%	1h	92.580	+0.097%	$151K	$112K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0329%	8h	92.660	+0.184%	$22.8M	$57.1M	50x	as long as short
Aster CRCLUSDT	+0.0357%	8h	92.560	+0.076%	$1.1M	$4.5M	20x	as long as short
Extended CRCL_24_5-USD	+0.0360%	1h	92.599	+0.118%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0363%	8h	92.642	+0.164%	$107.0M	$359.9M	50x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.590	+0.108%	$93K	$229K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.090	−0.432%	$38K	$172K	30x	as long as short
edgeX CRCLUSDC	+0.0473%	4h	92.559	+0.075%	$53K	$270K	10x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.645	+0.168%	$411K	$241K	10x	as long as short
BloFin CRCL-USDT	+0.0482%	8h	92.600	+0.119%	$1.1M	$1.7M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0722%	8h	92.474	−0.018%	$70K	$1.0M	10x	as long as short