Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.019%

Price spread now: Variational Omni against Lighter RH−0.087%7-day average −0.002% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.033%−$3 on $10k

Price spread, last 7 days+0.080%+$8 · spread now −0.087%, 7d avg −0.002%

Together, before fees+0.047%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · farm board+$5 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 Variational Omni is 0.086% cheaper against Lighter RH than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH CRCL	92.131	0.0032	pay 0.0004% / 1h	35m 04s	$980K	$2.9M	10x
Short	Variational Omni CRCL	92.051	0	get 0.0000% / 8h	6h 35m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.087%Rate

Funding earned: −$6.72
Price spread: −0.087% → −0.002%: −$8.56
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.28
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter RH: live order book, 3 min ago; Variational Omni: RFQ quote, 4 min ago. Net counts fees only.

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	2.07 bp	2.3 bp −$2	6.2 bp −$62	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	3.46 bp	doesn't fit	11.5 bp −$115	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	−0.0393%	8h	92.200	+0.075%	$16.0M	$35.3M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.990	−0.153%	$916K	$586K	10x	as long as short
Vest CRCL-USD-PERP	0.0000%	1h	91.830	−0.327%	—	$37K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.120	−0.012%	$15.1M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.070	−0.066%	$421K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.160	+0.031%	$7.2M	$26.4M	50x	as long as short
Variational Omni CRCLshort	0.0000%	8h	92.051	−0.087%	$2.4M	$3.2M	—
GRVT CRCL_USDT_Perp	0.0000%	8h	91.790	−0.370%	$61K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.000	−0.142%	$1.0M	$49K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0026%	1h	92.008	−0.133%	$2K	$23K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCLlong	+0.0032%	1h	92.131	long leg	$980K	$2.9M	10x
Arcus CRCL-USD	+0.0040%	1h	91.950	−0.196%	$93K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.086	−0.049%	$69.4M	$41.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.032	−0.107%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.082	−0.053%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.850	−0.305%	$1.0M	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	92.080	−0.055%	$1.3M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0076%	1h	92.100	−0.034%	$4K	$769K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0077%	8h	92.150	+0.021%	$21.7M	$60.3M	50x	as long as short
Binance CRCLUSDT	+0.0078%	8h	92.114	−0.018%	$105.1M	$392.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	92.066	−0.070%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0081%	8h	92.080	−0.055%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0083%	8h	92.108	−0.024%	$755	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.094	−0.040%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.090	−0.045%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.890	−0.262%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.050	−0.088%	$918	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.094	−0.040%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0172%	1h	92.023	−0.117%	$131K	$103K	3x	as long as short
Lighter CRCL	+0.0208%	1h	92.153	+0.024%	$3.0M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0222%	8h	92.330	+0.216%	$1.1M	$1.1M	20x	as long as short
Phoenix CRCL	+0.0231%	1h	91.730	−0.435%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.370	+0.259%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0565%	4h	91.735	−0.430%	$23K	$267K	10x	as long as short