Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against Phemex+0.038%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$1051.045% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.113%+$11 on $10k

Price spread, last 4 days (all we have)+0.024%+$2 · spread now +0.038%, 7d avg +0.020%

Together, before fees+0.138%+ Points / potential airdropLighter RH: Points live · farm board+$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.300	0	get 0.0000% / 4h	3m 15s	$1.0M	$48K	10x
Short	Lighter RH CRCL	91.335	0.0032	get 0.0004% / 1h	3m 15s	$984K	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.038%Rate

Funding earned: $6.72
Price spread: +0.038% → +0.020%: $1.79
Slippage, 4 orders: −$92.54
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$96.03
Costs to cover: 1.045%
Break-even: 107.0 days

Slippage from Phemex: live order book, 4 min ago; Lighter RH: live order book, 5 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, 4 min ago	1.10 bp	51.6 bp −$52	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	2.25 bp	2.8 bp −$3	6.0 bp −$60	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	−0.0340%	8h	91.370	+0.077%	$17.3M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0085%	1h	90.990	−0.340%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.330	+0.033%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.300	long leg	$1.0M	$48K	10x
Lighter RH CRCLshort	+0.0032%	1h	91.335	+0.038%	$984K	$2.6M	10x
Aftermath Perps CRCLUSD	+0.0039%	1h	91.240	−0.065%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.230	−0.077%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.280	−0.022%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.210	−0.099%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0065%	8h	91.310	+0.011%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.290	−0.011%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.252%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0092%	1h	91.238	−0.068%	$67.3M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.280	−0.022%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.280	−0.022%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.170	−0.142%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.290	−0.011%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.308	+0.009%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0132%	8h	91.253	−0.052%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0154%	1h	91.280	−0.022%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0162%	8h	91.299	−0.002%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0202%	8h	91.333	+0.036%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0216%	1h	91.288	−0.013%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0217%	8h	91.300	0.000%	$104.9M	$389.3M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.260	−0.044%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0251%	8h	91.227	−0.080%	$70K	$1.1M	10x	as long as short
Lighter CRCL	+0.0264%	1h	91.314	+0.015%	$2.9M	$2.4M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0292%	8h	91.300	0.000%	$22.3M	$61.7M	50x	as long as short
BloFin CRCL-USDT	+0.0337%	8h	91.330	+0.033%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.750	+0.493%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0441%	1h	91.222	−0.085%	$134K	$109K	3x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.328	+0.031%	$412K	$260K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0627%	1h	91.300	0.000%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0907%	4h	91.195	−0.115%	$52K	$270K	10x	as long as short