Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0253%/8h= +27.7% APRpaid last 24h +0.030%

Price spread now: Lighter against OKX+0.019%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs+$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$240.245% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.523%+$52 on $10k

Price spread, last 7 days+0.040%+$4 · spread now +0.019%, 7d avg +0.048%

Together, before fees+0.563%+ Points / potential airdropLighter: Season 3 · farm board+$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.029% cheaper against OKX than usual: you would sell low and buy high (spread +0.019% now, against its 7-day average of +0.048%). If the spread goes back, that is −$3 on $10k: about 9 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CRCL-USDT-SWAP	91.120	0.0027	pay 0.0027% / 8h	5h 48m	$21.4M	$58.9M	50x
Short	Lighter CRCL	91.137	0.0280	get 0.0035% / 1h	48m 55s	$2.9M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now +0.019%Rate

Funding earned: $53.15
Price spread: +0.019% → +0.048%: −$2.94
Slippage, 4 orders: −$14.47
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $25.73
Costs to cover: 0.245%
Break-even: 3.6 days

Slippage from OKX: live order book, 5 min ago; Lighter: live order book, 8 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 OKX live order book, 5 min ago	0.55 bp	7.1 bp −$7	11.9 bp −$119	doesn't fit	doesn't fit
Sell Lighter live order book, 8 min ago	1.86 bp	6.5 bp −$7	14.2 bp −$142	43.7 bp −$4,374	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	−0.1192%	8h	91.180	+0.066%	$15.6M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	90.870	−0.274%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.160	+0.044%	$900K	$539K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.100	−0.022%	$14.9M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.110	−0.011%	$416K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.130	+0.011%	$7.0M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.307	+0.205%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.340	+0.241%	$66K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.100	−0.022%	$1.0M	$49K	10x	as long as short
Binance CRCLUSDT	+0.0014%	8h	91.085	−0.039%	$103.5M	$383.8M	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	91.073	−0.052%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0021%	8h	91.074	−0.050%	$1.1M	$4.9M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0022%	1h	91.379	+0.284%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.100	−0.022%	$1.3M	$2.2M	10x	as long as short
OKX CRCL-USDT-SWAPlong	+0.0027%	8h	91.120	long leg	$21.4M	$58.9M	50x
Lighter RH CRCL	+0.0032%	1h	91.126	+0.007%	$969K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.320	+0.219%	$93K	$271K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.036	−0.092%	$68.2M	$41.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.086	−0.037%	$353K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.093	−0.030%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.160	+0.044%	$973K	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0055%	4h	91.376	+0.281%	$23K	$267K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0070%	8h	91.133	+0.014%	$747	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.118	−0.002%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.160	+0.044%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.500	+0.417%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.070	−0.055%	$908	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.056	−0.071%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.079	−0.045%	$27K	$84K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0189%	1h	91.090	−0.033%	$4K	$767K	10x	as long as short
Nado CRCL-PERP	+0.0202%	1h	91.154	+0.037%	$130K	$103K	3x	as long as short
Lighter CRCLshort	+0.0280%	1h	91.137	+0.019%	$2.9M	$2.4M	10x
Injective CRCL/USDC PERP	+0.0440%	1h	91.820	+0.768%	$5K	$19K	30x	as long as short