Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0207%/8h= +22.6% APRpaid last 24h +0.042%

Price spread now: Lighter against Aster−0.003%7-day average +0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs+$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.520%+$52 on $10k

Price spread, last 7 days+0.062%+$6 · spread now −0.003%, 7d avg +0.057%

Together, before fees+0.582%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$58 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.060% cheaper against Aster than usual: you would sell low and buy high (spread −0.003% now, against its 7-day average of +0.057%). If the spread goes back, that is −$6 on $10k: about 23 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster CRCLUSDT	91.621	0.0001	pay 0.0001% / 8h	5h 26m	$1.1M	$4.9M	20x
Short	Lighter CRCL	91.618	0.0208	get 0.0026% / 1h	26m 29s	$3.0M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now −0.003%Rate

Funding earned: $43.38
Price spread: −0.003% → +0.057%: −$5.99
Slippage, 4 orders: −$15.23
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: $14.16
Costs to cover: 0.232%
Break-even: 4.7 days

Slippage from Aster: live order book, 2 min ago; Lighter: live order book, 6 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 Aster live order book, 2 min ago	1.64 bp	7.5 bp −$7	23.3 bp −$233	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	2.51 bp	2.6 bp −$3	12.9 bp −$129	42.3 bp −$4,228	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	−0.1307%	8h	91.630	+0.010%	$15.8M	$34.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0077%	1h	91.360	−0.285%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.690	+0.075%	$905K	$519K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.562	−0.064%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.595	−0.029%	$104.5M	$384.9M	50x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.630	+0.010%	$15.0M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.589	−0.035%	$418K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.610	−0.012%	$7.1M	$26.7M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.746	+0.137%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.701	+0.088%	$65K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRCLUSDT	0.0000%	4h	91.600	−0.023%	$1.0M	$49K	10x	as long as short
Aster CRCLUSDTlong	+0.0001%	8h	91.621	long leg	$1.1M	$4.9M	20x
OKX CRCL-USDT-SWAP	+0.0008%	8h	91.640	+0.021%	$21.5M	$59.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0019%	1h	91.609	−0.013%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.550	−0.078%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.604	−0.019%	$972K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.590	−0.034%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.553	−0.074%	$68.4M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.572	−0.054%	$357K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.561	−0.066%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.570	−0.056%	$974K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0069%	8h	91.588	−0.036%	$751	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.552	−0.075%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.590	−0.034%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.820	+0.217%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.570	−0.056%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.584	−0.040%	$4	—	10x	as long as short
BloFin CRCL-USDT	+0.0120%	8h	91.610	−0.012%	$1.1M	$1.3M	20x	as long as short
edgeX CRCLUSDC	+0.0180%	4h	91.668	+0.052%	$23K	$248K	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.684	+0.069%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0190%	1h	91.534	−0.095%	$130K	$104K	3x	as long as short
Lighter CRCLshort	+0.0208%	1h	91.618	−0.003%	$3.0M	$2.4M	10x
Injective CRCL/USDC PERP	+0.0440%	1h	92.130	+0.556%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0515%	1h	91.620	−0.001%	$4K	$767K	10x	as long as short