CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0052%/8h= −5.7% APRnext payment −$0.07 per $10,000 · paid last 24h +0.007%

Price spread now: Nado against Lighter−0.225%7-day average −0.094% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$200.203% of the position

Long on Lighter Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.016%+$2 on $10k

Price spread, last 4 days (all we have)+0.212%+$21 · spread now −0.225%, 7d avg −0.094%

Together, before fees+0.229%+ Points / potential airdropLighter: Season 3 · Nado: Active · farm board+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Nado is 0.131% cheaper against Lighter than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.094%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	95.487	0.0424	pay 0.0053% / 1h	49m 20s	$3.3M	$2.4M	10x
Short	Nado CRCL-PERP	95.272	0.0372	get 0.0046% / 1h	49m 20s	$153K	$93K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.225%Rate

Funding earned: −$10.99
Price spread: −0.225% → −0.094%: −$13.13
Slippage, 4 orders: −$13.31
Fee Lighter: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$44.43
Costs to cover: 0.203%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Nado: live order book, 56 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, 6 min ago	2.14 bp	3.1 bp −$3	8.0 bp −$80	34.4 bp −$3,438	doesn't fit
Sell Nado live order book, 56 min ago	2.15 bp	9.0 bp −$9	28.6 bp −$286	doesn't fit	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
Coinbase International CRCL-PERP-INTX	−0.0024%	1h	95.490	+0.003%	$871K	$805K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	95.440	−0.049%	$15.8M	$28.9M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	95.440	−0.049%	$424K	$228K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	95.460	−0.028%	$19.4M	$39.3M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	95.410	−0.081%	$1.1M	$47K	10x	as long as short
QFEX CRCL-USD	+0.0014%	1h	95.400	−0.091%	$1.4M	$1.7M	10x	as long as short
Gate CRCL_USDT	+0.0031%	8h	95.460	−0.028%	$7.7M	$26.5M	50x	as long as short
Injective CRCL/USDC PERP	+0.0033%	1h	95.630	+0.150%	$39K	$172K	30x	as long as short
Aftermath Perps CRCLUSD	+0.0040%	1h	95.208	−0.292%	$2K	$29K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	95.360	−0.133%	—	$29K	25x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	95.339	−0.155%	$69.2M	$44.3M	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	95.360	−0.133%	$1.1M	$4.3M	10x	as long as short
Arcus CRCL-USD	+0.0057%	1h	95.360	−0.133%	$96K	$239K	10x	as long as short
Lighter RH CRCL	+0.0064%	1h	95.447	−0.042%	$1.0M	$2.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	95.377	−0.115%	$142K	$151K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	95.350	−0.143%	$2.5M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	95.370	−0.123%	$98K	$26K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	95.340	−0.154%	$751	$2K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0104%	8h	95.298	−0.198%	$438	$477	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	95.357	−0.137%	$4	—	10x	as long as short
Phoenix CRCL	+0.0136%	1h	95.413	−0.077%	$28K	$94K	10x	as long as short
Variational Omni CRCL	+0.0157%	8h	95.650	+0.170%	$2.7M	$3.3M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0209%	8h	95.390	−0.102%	$23.6M	$67.1M	50x	as long as short
edgeX CRCLUSDC	+0.0250%	4h	95.480	−0.008%	$55K	$278K	10x	as long as short
Binance CRCLUSDT	+0.0262%	8h	95.459	−0.029%	$112.0M	$393.5M	50x	as long as short
Extended CRCL_24_5-USD	+0.0264%	1h	95.398	−0.093%	$1.1M	$4.0M	10x	as long as short
Aster CRCLUSDT	+0.0281%	8h	95.423	−0.067%	$1.2M	$4.8M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0299%	8h	95.530	+0.045%	$66K	$1.0M	10x	as long as short
Nado CRCL-PERPshort	+0.0372%	1h	95.272	−0.225%	$153K	$93K	3x
BloFin CRCL-USDT	+0.0380%	8h	95.420	−0.070%	$1.1M	$1.8M	20x	as long as short
Polymarket Perps CRCL-USD	+0.0384%	1h	95.406	−0.085%	$323K	$1.2M	10x	as long as short
Lighter CRCLlong	+0.0424%	1h	95.487	long leg	$3.3M	$2.4M	10x
Deribit CRCL_USDC-PERPETUAL	+0.0799%	1h	95.400	−0.091%	$5K	$415K	10x	as long as short
SoDEX CRCL-USD	+0.2373%	1h	95.462	−0.026%	$48K	$3K	10x	as long as short