Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0264%/8h= −28.9% APRpaid last 24h −0.055%

Price spread now: Lighter RH against OKX−0.136%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on OKX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.188%−$19 on $10k

Price spread, last 7 days+0.147%+$15 · spread now −0.136%, 7d avg −0.011%

Together, before fees−0.041%+ Points / potential airdropLighter RH: Points live · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Lighter RH is 0.125% cheaper against OKX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CRCL-USDT-SWAP	92.190	0.0296	pay 0.0296% / 8h	7h 19m	$22.5M	$61.8M	50x
Short	Lighter RH CRCL	92.065	0.0032	get 0.0004% / 1h	19m 46s	$989K	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.136%Rate

Funding earned: −$55.51
Price spread: −0.136% → −0.011%: −$12.46
Slippage, 4 orders: −$12.27
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$90.25
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Lighter RH: 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 OKX live order book, 4 min ago	0.55 bp	7.6 bp −$8	13.8 bp −$138	doesn't fit	doesn't fit
Sell Lighter RH live order book, 3 min ago	1.80 bp	2.8 bp −$3	7.2 bp −$72	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
Vest CRCL-USD-PERP	−0.0104%	1h	91.630	−0.607%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.170	−0.022%	$17.7M	$36.0M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.990	−0.217%	$1.0M	$47K	10x	as long as short
Lighter RH CRCLshort	+0.0032%	1h	92.065	−0.136%	$989K	$2.4M	10x
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	92.020	−0.184%	$947K	$567K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0036%	1h	91.351	−0.910%	$2K	$29K	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0040%	8h	91.320	−0.944%	$71K	$1.1M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.890	−0.325%	$96K	$278K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.043	−0.159%	$67.7M	$43.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.754	−0.473%	$379K	$999K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.900	−0.315%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	91.830	−0.390%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.927	−0.285%	$135K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.950	−0.260%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.100	−1.182%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.960	−0.249%	$917	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.977	−0.231%	$4	—	10x	as long as short
Gate CRCL_USDT	+0.0115%	8h	92.090	−0.108%	$7.8M	$26.7M	50x	as long as short
Bybit CRCLUSDT	+0.0121%	8h	92.110	−0.087%	$15.1M	$26.7M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0133%	8h	92.018	−0.187%	$423	$766	5x	as long as short
edgeX CRCLUSDC	+0.0154%	4h	91.204	−1.069%	$52K	$270K	10x	as long as short
Variational Omni CRCL	+0.0176%	8h	92.182	−0.009%	$2.4M	$3.3M	—	as long as short
Lighter CRCL	+0.0184%	1h	92.131	−0.064%	$3.0M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0239%	8h	92.171	−0.020%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0248%	1h	91.961	−0.248%	$1.1M	$5.1M	10x	as long as short
Binance CRCLUSDT	+0.0252%	8h	92.064	−0.136%	$106.0M	$385.6M	50x	as long as short
Phoenix CRCL	+0.0254%	1h	91.817	−0.405%	$27K	$66K	10x	as long as short
OKX CRCL-USDT-SWAPlong	+0.0296%	8h	92.190	long leg	$22.5M	$61.8M	50x
Nado CRCL-PERP	+0.0357%	1h	91.972	−0.237%	$135K	$109K	3x	as long as short
BloFin CRCL-USDT	+0.0359%	8h	92.300	+0.119%	$1.1M	$1.7M	20x	as long as short
SoDEX CRCL-USD	+0.0402%	1h	91.960	−0.249%	$46K	$3K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.920	−0.293%	$40K	$170K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.870	−0.347%	$415K	$256K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0729%	1h	91.990	−0.217%	$5K	$749K	10x	as long as short