Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0191%/8h= −20.9% APRpaid last 24h −0.142%

Price spread now: Lighter RH against edgeX+0.137%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$300.297% of the position

Long on edgeX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.820%−$82 on $10k

Price spread, last 4 days (all we have)−0.382%−$38 · spread now +0.137%, 7d avg +0.012%

Together, before fees−1.202%+ Points / potential airdropedgeX: Active · Lighter RH: Points live · farm board−$120 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter RH is 0.124% dearer against edgeX than usual: you sell high and buy low (spread +0.137% now, against its 7-day average of +0.012%): +$12 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.2 days. At the pace of the last 7 days (−0.820% in total) that is about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX CRCLUSDC	91.994	0.0223	pay 0.0111% / 4h	10m 56s	$51K	$277K	10x
Short	Lighter RH CRCL	92.120	0.0032	get 0.0004% / 1h	10m 56s	$976K	$2.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against edgeX. 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 edgeXbpFee Lighter RHbpOrdersPrice spread, now +0.137%Rate

Funding earned: −$40.05
Price spread: +0.137% → +0.012%: $12.44
Slippage, 4 orders: −$20.72
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$57.33
Costs to cover: 0.297%
Break-even: never at this rate

Slippage from edgeX: live order book, 47 min ago; Lighter RH: 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 edgeX live order book, 47 min ago	6.52 bp	12.0 bp −$12	23.8 bp −$238	doesn't fit	doesn't fit
Sell Lighter RH live order book, 2 min ago	2.77 bp	2.9 bp −$3	6.8 bp −$68	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
Bitget CRCLUSDT	−0.0925%	8h	92.150	+0.169%	$16.6M	$35.2M	25x	as long as short
Vest CRCL-USD-PERP	−0.0069%	1h	91.860	−0.146%	—	$31K	25x	as long as short
Aster CRCLUSDT	0.0000%	8h	92.033	+0.042%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	92.084	+0.098%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	92.100	+0.115%	$104.9M	$390.1M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.100	+0.115%	$14.9M	$26.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.155	+0.175%	$419K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.150	+0.169%	$7.3M	$27.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.128	+0.145%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.052	+0.063%	$64K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	92.020	+0.028%	$1.0M	$49K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0016%	1h	91.990	−0.005%	$908K	$491K	10x	as long as short
QFEX CRCL-USD	+0.0028%	1h	92.150	+0.169%	$1.3M	$2.0M	10x	as long as short
Lighter RH CRCLshort	+0.0032%	1h	92.120	+0.137%	$976K	$2.9M	10x
OKX CRCL-USDT-SWAP	+0.0035%	8h	92.130	+0.147%	$22.3M	$61.5M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0036%	1h	91.997	+0.003%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.010	+0.017%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.035	+0.044%	$68.6M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.069	+0.081%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.071	+0.083%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.000	+0.006%	$1.0M	$5.2M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.120	+0.137%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.040	+0.050%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.990	−0.005%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.070	+0.082%	$918	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.066	+0.078%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0111%	8h	92.118	+0.135%	$424	$905	5x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	92.100	+0.115%	$1.1M	$1.3M	20x	as long as short
Phoenix CRCL	+0.0148%	1h	92.044	+0.054%	$27K	$83K	10x	as long as short
Lighter CRCL	+0.0216%	1h	92.116	+0.132%	$3.0M	$2.4M	10x	as long as short
edgeX CRCLUSDClong	+0.0223%	4h	91.994	long leg	$51K	$277K	10x
Nado CRCL-PERP	+0.0309%	1h	92.045	+0.055%	$131K	$104K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.560	+0.615%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0728%	1h	92.090	+0.104%	$4K	$767K	10x	as long as short