Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0288%/8h= −31.5% APRpaid last 24h −0.050%

Price spread now: Bybit against Lighter+0.010%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.521%−$52 on $10k

Price spread, last 7 days+0.039%+$4 · spread now +0.010%, 7d avg −0.027%

Together, before fees−0.482%+ Points / potential airdropLighter: Season 3 · farm board−$48 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.037% dearer against Lighter than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.027%): +$4 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.521	0.0288	pay 0.0036% / 1h	44m 46s	$2.9M	$2.4M	10x
Short	Bybit CRCLUSDT	91.530	0	get 0.0000% / 8h	2h 44m	$14.7M	$26.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$60.48
Price spread: +0.010% → −0.027%: $3.73
Slippage, 4 orders: −$11.6
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$79.34
Costs to cover: 0.226%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Bybit: live order book, 4 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 Lighter live order book, 7 min ago	1.75 bp	2.1 bp −$2	14.6 bp −$146	43.8 bp −$4,381	doesn't fit
Sell Bybit live order book, 4 min ago	0.55 bp	9.2 bp −$9	16.2 bp −$162	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	−0.0763%	8h	91.600	+0.086%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.280	−0.263%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.530	+0.010%	$14.7M	$26.7M	50x
Gate CRCL_USDT	0.0000%	8h	91.570	+0.054%	$7.4M	$27.1M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.509	−0.013%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.540	+0.021%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0022%	8h	91.527	+0.007%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.524	+0.003%	$974K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.507	−0.016%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDT	+0.0034%	8h	91.532	+0.012%	$104.3M	$393.6M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CRCLUSDC	+0.0039%	4h	91.574	+0.058%	$52K	$278K	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.550	+0.032%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.532	+0.012%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.541	+0.022%	$383K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.522	+0.001%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.540	+0.021%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.550	+0.032%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.132%	$911K	$521K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0088%	1h	91.456	−0.071%	$68.2M	$42.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0095%	8h	91.493	−0.031%	$421	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.530	+0.010%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.520	−0.001%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.550	+0.032%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.530	+0.010%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.529	+0.009%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0110%	8h	91.580	+0.065%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0117%	8h	91.570	+0.054%	$22.2M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.538	+0.018%	$417K	$295K	10x	as long as short
BloFin CRCL-USDT	+0.0133%	8h	91.550	+0.032%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.603	+0.090%	$27K	$82K	10x	as long as short
Lighter CRCLlong	+0.0288%	1h	91.521	long leg	$2.9M	$2.4M	10x
Deribit CRCL_USDC-PERPETUAL	+0.0297%	1h	91.520	−0.001%	$4K	$768K	10x	as long as short
Nado CRCL-PERP	+0.0337%	1h	91.474	−0.052%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.040	+0.567%	$5K	$19K	30x	as long as short