Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0280%/8h= +30.7% APRpaid last 24h +0.059%

Price spread now: Lighter against Variational Omni+0.015%7-day average +0.059% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.141%+$14 on $10k

Price spread, last 7 days−0.007%−$1 · spread now +0.015%, 7d avg +0.059%

Together, before fees+0.134%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.044% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.015% now, against its 7-day average of +0.059%). If the spread goes back, that is −$4 on $10k: about 13 hours of funding at the current rate (+$8 a day). At the pace of the last 4 days (+0.141% in total) that is about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	91.979	0	get 0.0000% / 8h	3h 43m	$2.4M	$3.2M	—
Short	Lighter CRCL	91.993	0.0280	get 0.0035% / 1h	43m 20s	$3.0M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.015%Rate

Funding earned: $58.8
Price spread: +0.015% → +0.059%: −$4.4
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $54.4
Costs to cover: 0.000%
Break-even: 0.5 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Lighter: live order book, 4 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 Variational Omni RFQ quote, 1 min ago	3.46 bp	doesn't fit	16.6 bp −$166	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	1.58 bp	1.8 bp −$2	5.8 bp −$58	40.8 bp −$4,076	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	−0.0697%	8h	92.040	+0.066%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.730	−0.271%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.990	+0.012%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.040	+0.066%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCLlong	0.0000%	8h	91.979	long leg	$2.4M	$3.2M	—
Phemex CRCLUSDT	0.0000%	4h	91.980	+0.001%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0009%	8h	91.988	+0.010%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0015%	8h	91.986	+0.008%	$104.8M	$390.8M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.965	−0.015%	$1.2M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.950	−0.032%	$2K	$25K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus CRCL-USD	+0.0040%	1h	91.930	−0.053%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.097%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.922	−0.062%	$68.3M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.934	−0.049%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.938	−0.044%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.900	−0.086%	$1.0M	$5.2M	10x	as long as short
Lighter RH CRCL	+0.0056%	1h	91.989	+0.011%	$975K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.980	+0.001%	$1.3M	$1.9M	10x	as long as short
BloFin CRCL-USDT	+0.0068%	8h	92.010	+0.034%	$1.1M	$1.4M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0072%	8h	91.949	−0.032%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0074%	8h	92.010	+0.034%	$22.3M	$61.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.967	−0.013%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.960	−0.021%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.900	−0.086%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.970	−0.010%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.969	−0.011%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.976	−0.003%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0129%	8h	91.944	−0.038%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.939	−0.043%	$27K	$82K	10x	as long as short
Lighter CRCLshort	+0.0280%	1h	91.993	+0.015%	$3.0M	$2.4M	10x
Deribit CRCL_USDC-PERPETUAL	+0.0294%	1h	91.930	−0.053%	$4K	$768K	10x	as long as short
Nado CRCL-PERP	+0.0371%	1h	91.895	−0.091%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.414%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0529%	4h	92.039	+0.065%	$51K	$277K	10x	as long as short