Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0108%/8h= +11.8% APRpaid last 24h +0.060%

Price spread now: Lighter against Orderly−0.099%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding pays, the price is against you. Lighter is 0.099% cheaper against Orderly than usual: you would sell low and buy high (spread −0.099% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 3.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	92.080	0.0100	pay 0.0100% / 8h	6h 33m	$918	$3K	10x
Short	Lighter CRCL	91.989	0.0208	get 0.0026% / 1h	33m 49s	$3.0M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.099%Rate

Funding earned: $22.68
Price spread: −0.099% → 0.000%: −$9.88
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $6.8
Costs to cover: 0.060%
Break-even: 4.9 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 3 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 3 min ago	1.47 bp	2.7 bp −$3	8.3 bp −$83	46.6 bp −$4,665	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0424%	8h	92.120	+0.043%	$16.0M	$35.3M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.990	−0.098%	$916K	$583K	10x	as long as short
Vest CRCL-USD-PERP	−0.0002%	1h	91.870	−0.228%	—	$37K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.010	−0.076%	$15.0M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.124	+0.047%	$421K	$299K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.070	−0.011%	$7.2M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	92.051	−0.032%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.790	−0.315%	$61K	$1.1M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	92.050	−0.033%	$4K	$769K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.060	−0.022%	$1.0M	$49K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0026%	1h	92.041	−0.042%	$2K	$23K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.974	−0.115%	$978K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.000	−0.087%	$93K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.938	−0.154%	$69.3M	$41.9M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.080	0.000%	$356K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.082	+0.002%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.850	−0.250%	$1.0M	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	92.100	+0.022%	$1.3M	$2.4M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0076%	8h	92.040	−0.043%	$21.7M	$60.3M	50x	as long as short
Binance CRCLUSDT	+0.0079%	8h	92.020	−0.065%	$105.0M	$392.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	92.040	−0.044%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0082%	8h	92.093	+0.014%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0083%	8h	92.165	+0.092%	$756	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	92.127	+0.051%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.110	+0.033%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.890	−0.206%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	92.080	long leg	$918	$3K	10x
Aevo CRCL-PERP	+0.0104%	1h	92.089	+0.010%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0168%	1h	92.094	+0.015%	$131K	$103K	3x	as long as short
Lighter CRCLshort	+0.0208%	1h	91.989	−0.099%	$3.0M	$2.4M	10x
Phoenix CRCL	+0.0231%	1h	91.730	−0.380%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.370	+0.315%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0565%	4h	91.735	−0.375%	$23K	$267K	10x	as long as short