Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0296%/8h= +32.4% APRpaid last 24h +0.159%

Price spread now: edgeX against Lighter RH−0.378%110s7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs+$54as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$300.295% of the position

Long on Lighter RH Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.833%+$83 on $10k

Price spread, last 4 days (all we have)+0.517%+$52 · spread now −0.378%, 7d avg −0.013%

Together, before fees+1.350%+ Points / potential airdropLighter RH: Points live · edgeX: Active · farm board+$135 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.365% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.378% now, against its 7-day average of −0.013%). If the spread goes back, that is −$37 on $10k: about 4.1 days of funding at the current rate (+$9 a day). The two prices were read 110 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH CRCL	91.668	0.0032	pay 0.0004% / 1h	9m 47s	$977K	$2.9M	10x
Short	edgeX CRCLUSDC	91.321	0.0328	get 0.0164% / 4h	2h 09m	$52K	$276K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.378%Rate

Funding earned: $62.09
Price spread: −0.378% → −0.013%: −$36.53
Slippage, 4 orders: −$20.53
Fee Lighter RH: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$3.98
Costs to cover: 0.295%
Break-even: 7.4 days

Slippage from Lighter RH: live order book, 3 min ago; edgeX: live order book, 38 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, 3 min ago	0.93 bp	3.6 bp −$4	8.4 bp −$84	doesn't fit	doesn't fit
Sell edgeX live order book, 38 min ago	6.01 bp	11.6 bp −$12	23.6 bp −$236	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	−0.0957%	8h	91.750	+0.089%	$17.2M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0080%	1h	91.220	−0.489%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.690	+0.024%	$14.7M	$26.8M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.660	−0.009%	$7.6M	$27.7M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.539	−0.141%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.660	−0.009%	$1.0M	$48K	10x	as long as short
Lighter RH CRCLlong	+0.0032%	1h	91.668	long leg	$977K	$2.9M	10x
Aftermath Perps CRCLUSD	+0.0036%	1h	91.318	−0.382%	$2K	$27K	5x	as long as short
Aster CRCLUSDT	+0.0036%	8h	91.578	−0.099%	$1.0M	$5.1M	20x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.360	−0.336%	$93K	$289K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0048%	1h	91.633	−0.039%	$1.0M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0049%	8h	91.640	−0.031%	$104.4M	$397.1M	50x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.490	−0.194%	$383K	$1.3M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.564	−0.113%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.490	−0.194%	$1.1M	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.590	−0.085%	$1.3M	$1.8M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0055%	1h	91.609	−0.064%	$68.0M	$43.9M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.490	−0.194%	$891K	$605K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.640	−0.031%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.570	−0.107%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.220	−0.489%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.630	−0.041%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.660	−0.009%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.540	−0.140%	$417K	$283K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0125%	8h	91.320	−0.380%	$65K	$1.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0131%	8h	91.672	+0.004%	$422	$905	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0144%	8h	91.710	+0.046%	$22.2M	$62.8M	50x	as long as short
BloFin CRCL-USDT	+0.0166%	8h	91.560	−0.118%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.229	−0.479%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.668	0.000%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0326%	1h	91.486	−0.198%	$133K	$108K	3x	as long as short
edgeX CRCLUSDCshort	+0.0328%	4h	91.321	−0.378%	$52K	$276K	10x
Injective CRCL/USDC PERP	+0.0440%	1h	91.770	+0.111%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0733%	1h	91.660	−0.009%	$4K	$768K	10x	as long as short