Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0280%/8h= −30.7% APRpaid last 24h −0.090%

Price spread now: Phemex against Lighter−0.009%7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$164as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$840.841% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.795%−$80 on $10k

Price spread, last 3 days (all we have)−0.081%−$8 · spread now −0.009%, 7d avg −0.085%

Together, before fees−0.876%+ Points / potential airdropLighter: Season 3 · farm board−$88 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.076% dearer against Lighter than usual: you sell high and buy low (spread −0.009% now, against its 7-day average of −0.085%): +$8 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.178	0.0280	pay 0.0035% / 1h	49m 56s	$2.9M	$2.4M	10x
Short	Phemex CRCLUSDT	91.170	0	get 0.0000% / 4h	1h 49m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$58.8
Price spread: −0.009% → −0.085%: $7.58
Slippage, 4 orders: −$72.14
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$135.36
Costs to cover: 0.841%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Phemex: 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 Lighter live order book, 7 min ago	1.86 bp	3.4 bp −$3	15.8 bp −$158	42.5 bp −$4,247	doesn't fit
Sell Phemex live order book, 3 min ago	1.64 bp	36.6 bp −$37	doesn't fit	doesn't fit	doesn't fit

CRCL on 33 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	−0.1163%	8h	91.210	+0.035%	$15.6M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0075%	1h	90.980	−0.217%	—	$38K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.160	−0.020%	$900K	$539K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.130	−0.053%	$14.9M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.198	+0.022%	$416K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.150	−0.031%	$7.0M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.307	+0.142%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.480	+0.331%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	91.170	−0.009%	$1.0M	$49K	10x
Binance CRCLUSDT	+0.0016%	8h	91.125	−0.058%	$103.5M	$383.5M	50x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0016%	1h	91.077	−0.110%	$1.1M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	91.468	+0.318%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.230	+0.057%	$1.3M	$2.2M	10x	as long as short
Aster CRCLUSDT	+0.0025%	8h	91.145	−0.036%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0030%	8h	91.140	−0.042%	$21.4M	$58.9M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.170	−0.009%	$968K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.440	+0.287%	$93K	$270K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.095	−0.091%	$68.2M	$41.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.110	−0.075%	$353K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.140	−0.042%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.160	−0.020%	$973K	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0055%	4h	91.376	+0.217%	$23K	$267K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0070%	8h	91.371	+0.212%	$749	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.338	+0.175%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.190	+0.013%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.500	+0.353%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.140	−0.042%	$909	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.133	−0.049%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.382	+0.224%	$27K	$84K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0189%	1h	91.180	+0.002%	$4K	$767K	10x	as long as short
Nado CRCL-PERP	+0.0205%	1h	91.164	−0.015%	$130K	$103K	3x	as long as short
Lighter CRCLlong	+0.0280%	1h	91.178	long leg	$2.9M	$2.4M	10x
Injective CRCL/USDC PERP	+0.0440%	1h	91.900	+0.792%	$5K	$19K	30x	as long as short