CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0132%/8h= +14.5% APRnext payment +$0.17 per $10,000 · paid last 24h −0.014%

Price spread now: Lighter against Deribit+0.058%7-day average +0.089% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$240.237% of the position

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.154%+$15 on $10k

Price spread, last 3 days (all we have)+0.032%+$3 · spread now +0.058%, 7d avg +0.089%

Together, before fees+0.186%+ Points / potential airdropLighter: Season 3 · farm board+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.032% cheaper against Deribit than usual: you would sell low and buy high (spread +0.058% now, against its 7-day average of +0.089%). If the spread goes back, that is −$3 on $10k: about 19 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CRCL_USDC-PERPETUAL	92.100	0.0076	pay 0.0009% / 1h	35m 08s	$4K	$769K	10x
Short	Lighter CRCL	92.153	0.0208	get 0.0026% / 1h	35m 08s	$3.0M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Deribit. 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 DeribitbpFee LighterbpOrdersPrice spread, now +0.058%Rate

Funding earned: $27.75
Price spread: +0.058% → +0.089%: −$3.16
Slippage, 4 orders: −$16.69
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $0.91
Costs to cover: 0.237%
Break-even: 6.8 days

Slippage from Deribit: live order book, 34 min ago; Lighter: live order book, 2 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 Deribit live order book, 34 min ago	0.53 bp	5.1 bp −$5	8.6 bp −$86	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	1.47 bp	2.7 bp −$3	8.3 bp −$83	46.6 bp −$4,665	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
Bitget CRCLUSDT	−0.0393%	8h	92.200	+0.109%	$16.0M	$35.3M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.990	−0.119%	$916K	$586K	10x	as long as short
Vest CRCL-USD-PERP	0.0000%	1h	91.830	−0.293%	—	$37K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.120	+0.022%	$15.1M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.070	−0.033%	$421K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.160	+0.065%	$7.2M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.051	−0.053%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.790	−0.337%	$61K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.000	−0.109%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0026%	1h	92.008	−0.100%	$2K	$23K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	92.131	+0.034%	$980K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.950	−0.163%	$93K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.086	−0.015%	$69.4M	$41.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.032	−0.074%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.082	−0.020%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.850	−0.271%	$1.0M	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	92.080	−0.022%	$1.3M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUALlong	+0.0076%	1h	92.100	long leg	$4K	$769K	10x
OKX CRCL-USDT-SWAP	+0.0077%	8h	92.150	+0.054%	$21.7M	$60.3M	50x	as long as short
Binance CRCLUSDT	+0.0078%	8h	92.114	+0.016%	$105.1M	$392.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	92.066	−0.037%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0081%	8h	92.080	−0.021%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0083%	8h	92.108	+0.009%	$755	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.094	−0.006%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.090	−0.011%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.890	−0.228%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.050	−0.054%	$918	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.094	−0.006%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0172%	1h	92.023	−0.083%	$131K	$103K	3x	as long as short
Lighter CRCLshort	+0.0208%	1h	92.153	+0.058%	$3.0M	$2.4M	10x
BloFin CRCL-USDT	+0.0222%	8h	92.330	+0.250%	$1.1M	$1.1M	20x	as long as short
Phoenix CRCL	+0.0231%	1h	91.730	−0.402%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.370	+0.293%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0565%	4h	91.735	−0.396%	$23K	$267K	10x	as long as short