Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.025%

Price spread now: Bybit against Lighter RH−0.089%7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on Lighter RH Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.170%+$17 on $10k

Price spread, last 7 days+0.094%+$9 · spread now −0.089%, 7d avg +0.030%

Together, before fees+0.263%+ Points / potential airdropLighter RH: Points live · farm board+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.119% cheaper against Lighter RH than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.030%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.170%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH CRCL	94.424	0.0032	pay 0.0004% / 1h	22m 35s	$889K	$2.8M	10x
Short	Bybit CRCLUSDT	94.340	0	get 0.0000% / 8h	7h 22m	$15.5M	$25.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter RH. 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 Lighter RHbpFee BybitbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$6.72
Price spread: −0.089% → +0.030%: −$11.86
Slippage, 4 orders: −$14.58
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$44.15
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 6 min ago; Bybit: live order book, 1 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 RH live order book, 6 min ago	2.81 bp	3.0 bp −$3	9.9 bp −$99	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.06 bp	9.2 bp −$9	16.3 bp −$163	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.210	−0.227%	$942K	$622K	10x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	94.340	−0.089%	$15.5M	$25.6M	50x
Gate CRCL_USDT	0.0000%	8h	94.450	+0.028%	$7.3M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.506	+0.087%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.440	+0.017%	$1.0M	$49K	10x	as long as short
Bitget CRCLUSDT	+0.0026%	8h	94.430	+0.006%	$17.0M	$34.6M	25x	as long as short
Lighter RH CRCLlong	+0.0032%	1h	94.424	long leg	$889K	$2.8M	10x
Aftermath Perps CRCLUSD	+0.0041%	1h	94.404	−0.021%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.390	−0.036%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.350	−0.078%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CRCL	+0.0050%	1h	94.361	−0.067%	$71.8M	$42.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.445	+0.022%	$366K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.458	+0.036%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.380	−0.047%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.391	−0.035%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.470	+0.049%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.410	−0.015%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.440	+0.017%	$942	$3K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0103%	8h	94.401	−0.025%	$774	$740	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.456	+0.034%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0117%	8h	94.489	+0.069%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0146%	8h	94.350	−0.078%	$22.8M	$59.4M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.363	−0.064%	$1.1M	$5.8M	10x	as long as short
Binance CRCLUSDT	+0.0185%	8h	94.379	−0.048%	$109.4M	$386.0M	50x	as long as short
Aster CRCLUSDT	+0.0190%	8h	94.449	+0.027%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0228%	1h	94.391	−0.035%	$132K	$76K	3x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0280%	1h	94.410	−0.015%	$4K	$769K	10x	as long as short
Lighter CRCL	+0.0288%	1h	94.492	+0.072%	$3.1M	$2.2M	10x	as long as short
edgeX CRCLUSDC	+0.0294%	4h	94.484	+0.064%	$24K	$268K	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.424	0.000%	$28K	$92K	10x	as long as short
BloFin CRCL-USDT	+0.0305%	8h	94.460	+0.038%	$1.1M	$561K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.890	+0.494%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.420	−0.004%	$96K	$271K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.368	−0.059%	$430K	$299K	10x	as long as short