Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0280%/8h= +30.7% APRpaid last 24h +0.090%

Price spread now: Lighter against Phemex0.000%7-day average +0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$840.841% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.795%+$80 on $10k

Price spread, last 3 days (all we have)+0.090%+$9 · spread now 0.000%, 7d avg +0.085%

Together, before fees+0.885%+ Points / potential airdropLighter: Season 3 · farm board+$88 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.085% cheaper against Phemex than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.085%). If the spread goes back, that is −$8 on $10k: about 24 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	Phemex CRCLUSDT	91.170	0	get 0.0000% / 4h	1h 49m	$1.0M	$49K	10x
Short	Lighter CRCL	91.170	0.0280	get 0.0035% / 1h	49m 28s	$2.9M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now 0.000%Rate

Funding earned: $58.8
Price spread: 0.000% → +0.085%: −$8.46
Slippage, 4 orders: −$72.14
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$33.79
Costs to cover: 0.841%
Break-even: 11.0 days

Slippage from Phemex: live order book, 3 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 Phemex live order book, 3 min ago	1.64 bp	37.6 bp −$38	doesn't fit	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	+0.011%	$15.6M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	90.870	−0.329%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.160	−0.011%	$900K	$539K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.100	−0.077%	$14.9M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.110	−0.066%	$416K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.140	−0.033%	$7.0M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.307	+0.150%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.340	+0.186%	$66K	$1.1M	10x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.170	long leg	$1.0M	$49K	10x
Binance CRCLUSDT	+0.0014%	8h	91.077	−0.102%	$103.5M	$383.6M	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	91.093	−0.084%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0021%	8h	91.107	−0.070%	$1.1M	$4.9M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0022%	1h	91.379	+0.229%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.100	−0.077%	$1.3M	$2.2M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0027%	8h	91.080	−0.099%	$21.4M	$58.8M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.156	−0.015%	$969K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.320	+0.165%	$93K	$271K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.042	−0.140%	$68.2M	$41.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.086	−0.092%	$353K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.140	−0.033%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.160	−0.011%	$973K	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0055%	4h	91.376	+0.226%	$23K	$267K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0070%	8h	91.133	−0.041%	$747	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.118	−0.057%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.190	+0.022%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.500	+0.362%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.070	−0.110%	$908	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.133	−0.040%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.079	−0.100%	$27K	$84K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0189%	1h	91.180	+0.011%	$4K	$767K	10x	as long as short
Nado CRCL-PERP	+0.0202%	1h	91.154	−0.017%	$130K	$103K	3x	as long as short
Lighter CRCLshort	+0.0280%	1h	91.170	0.000%	$2.9M	$2.4M	10x
Injective CRCL/USDC PERP	+0.0440%	1h	91.900	+0.801%	$5K	$19K	30x	as long as short