Funding you earn now, next payment 00:00 UTC−0.0264%/8h= −28.9% APRnext payment −$0.33 per $10,000 · paid last 24h −0.047%
Price spread now: Lighter RH against Phoenix+0.068%75s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.170%−$17 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropLighter RH: Points live · farm boardneeds both histories
The price spread pays, funding is against you. Lighter RH is 0.068% dearer against Phoenix than usual: you sell high and buy low (spread +0.068% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 21 hours. At the pace of the last 7 days (−0.170% in total) that is about 2.8 days. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.170% in total (about -8.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.33 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix CRCL | 94.131 | 0.0296 | pay 0.0037% / 1h | 46m 07s | $28K | $92K | 10x |
| Short | Lighter RH CRCL | 94.195 | 0.0032 | get 0.0004% / 1h | 46m 07s | $889K | $2.8M | 10x |
Phoenix CRCL
Lighter RH CRCLFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter RH against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$55.39
- Price spread: +0.068% → 0.000%
- $6.8
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter RH: 0 bp × 2 orders
- $0
- Net
- −$55.59
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Lighter RH: live order book, 2 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Lighter RH live order book, 2 min ago | 3.08 bp | 3.5 bp −$3 | 6.3 bp −$63 | doesn't fit | doesn't fit |
Phoenix: 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 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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International CRCL-PERP-INTX | −0.0064% | 1h | 94.100 | −0.033% | $941K | $724K | 10x | as long as short |
| Bybit CRCLUSDT | 0.0000% | 8h | 94.210 | +0.084% | $15.5M | $25.9M | 50x | as long as short |
| Gate CRCL_USDT | 0.0000% | 8h | 94.250 | +0.126% | $7.2M | $26.9M | 50x | as long as short |
| GRVT CRCL_USDT_Perp | 0.0000% | 8h | 94.241 | +0.117% | $64K | $1.1M | 10x | as long as short |
| Phemex CRCLUSDT | 0.0000% | 4h | 94.250 | +0.126% | $1.0M | $52K | 10x | as long as short |
| Lighter RH CRCLshort | +0.0032% | 1h | 94.195 | +0.068% | $889K | $2.8M | 10x | |
| tradeXYZ xyz:CRCL | +0.0035% | 1h | 94.142 | +0.012% | $71.6M | $42.3M | 10x | as long as short |
| QFEX CRCL-USD | +0.0042% | 1h | 94.250 | +0.126% | $1.4M | $2.7M | 10x | as long as short |
| Vest CRCL-USD-PERP | +0.0046% | 1h | 94.090 | −0.044% | — | $45K | 25x | as long as short |
| Aftermath Perps CRCLUSD | +0.0046% | 1h | 94.218 | +0.093% | $2K | $21K | 5x | as long as short |
Coinbase International CRCL-PERP-INTX
Bybit CRCLUSDT
Gate CRCL_USDT
GRVT CRCL_USDT_Perp
Phemex CRCLUSDT
tradeXYZ xyz:CRCL
QFEX CRCL-USD
Vest CRCL-USD-PERP
Aftermath Perps CRCLUSDShow all 34 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Polymarket Perps CRCL-USD | +0.0050% | 1h | 94.178 | +0.050% | $365K | $1.1M | 10x | as long as short |
| SoDEX CRCL-USD | +0.0050% | 1h | 94.196 | +0.069% | $47K | $3K | 10x | as long as short |
| Ondo Perps CRCL-USD.P | +0.0050% | 1h | 94.130 | −0.001% | $1.1M | $5.8M | 10x | as long as short |
| Pacifica CRCL | +0.0100% | 1h | 94.255 | +0.131% | $75K | $99K | 10x | as long as short |
| KuCoin CRCLUSDTM | +0.0100% | 8h | 94.270 | +0.148% | $3.0M | $1.9M | 20x | as long as short |
| ApeX Omni CRCLUSDT | +0.0100% | 1h | 94.160 | +0.031% | $69K | $4K | 50x | as long as short |
| Orderly PERP_CRCL_USDC_mythos | +0.0100% | 8h | 94.240 | +0.116% | $940 | $3K | 10x | as long as short |
| Aevo CRCL-PERP | +0.0104% | 1h | 94.207 | +0.080% | $4 | — | 10x | as long as short |
| Paradex CRCL-USD-PERP | +0.0110% | 8h | 94.277 | +0.155% | $773 | $740 | 5x | as long as short |
| OKX CRCL-USDT-SWAP | +0.0157% | 8h | 94.230 | +0.105% | $22.8M | $60.3M | 50x | as long as short |
| Bitget CRCLUSDT | +0.0158% | 8h | 94.270 | +0.148% | $16.9M | $35.1M | 25x | as long as short |
| Variational Omni CRCL | +0.0162% | 8h | 94.220 | +0.095% | $2.5M | $3.1M | — | as long as short |
| edgeX CRCLUSDC | +0.0200% | 4h | 94.169 | +0.041% | $24K | $268K | 10x | as long as short |
| Nado CRCL-PERP | +0.0216% | 1h | 94.199 | +0.073% | $132K | $76K | 3x | as long as short |
| Binance CRCLUSDT | +0.0224% | 8h | 94.210 | +0.084% | $109.1M | $389.2M | 50x | as long as short |
| Extended CRCL_24_5-USD | +0.0224% | 1h | 94.213 | +0.087% | $1.1M | $4.3M | 10x | as long as short |
| Aster CRCLUSDT | +0.0226% | 8h | 94.263 | +0.140% | $1.1M | $4.9M | 20x | as long as short |
| Lighter CRCL | +0.0280% | 1h | 94.209 | +0.083% | $3.0M | $2.2M | 10x | as long as short |
| Phoenix CRCLlong | +0.0296% | 1h | 94.131 | long leg | $28K | $92K | 10x | |
| BloFin CRCL-USDT | +0.0346% | 8h | 94.250 | +0.126% | $1.1M | $561K | 20x | as long as short |
| Injective CRCL/USDC PERP | +0.0440% | 1h | 94.650 | +0.551% | $5K | $19K | 30x | as long as short |
| Arcus CRCL-USD | +0.0521% | 1h | 94.210 | +0.084% | $96K | $276K | 10x | as long as short |
| Deribit CRCL_USDC-PERPETUAL | +0.0600% | 1h | 94.180 | +0.052% | $4K | $772K | 10x | as long as short |
| RISEx CRCL/USDC | +0.0677% | 1h | 94.279 | +0.157% | $430K | $303K | 10x | as long as short |
Polymarket Perps CRCL-USD
SoDEX CRCL-USD
Ondo Perps CRCL-USD.P
Pacifica CRCL
KuCoin CRCLUSDTM
ApeX Omni CRCLUSDT
Orderly PERP_CRCL_USDC_mythos
Aevo CRCL-PERP
Paradex CRCL-USD-PERP
OKX CRCL-USDT-SWAP
Bitget CRCLUSDT
Variational Omni CRCL
edgeX CRCLUSDC
Nado CRCL-PERP
Binance CRCLUSDT
Extended CRCL_24_5-USD
Aster CRCLUSDT
Lighter CRCL
BloFin CRCL-USDT
Injective CRCL/USDC PERP
Arcus CRCL-USD
Deribit CRCL_USDC-PERPETUAL
RISEx CRCL/USDC