Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0264%/8h= +28.9% APRpaid last 24h +0.036%

Price spread now: Lighter against Binance+0.016%7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs+$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.542%+$54 on $10k

Price spread, last 7 days−0.018%−$2 · spread now +0.016%, 7d avg +0.061%

Together, before fees+0.524%+ Points / potential airdropLighter: Season 3 · farm board+$52 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.046% cheaper against Binance than usual: you would sell low and buy high (spread +0.016% now, against its 7-day average of +0.061%). If the spread goes back, that is −$5 on $10k: about 14 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	Binance CRCLUSDT	91.961	0.0016	pay 0.0016% / 8h	3h 43m	$104.8M	$390.8M	50x
Short	Lighter CRCL	91.975	0.0280	get 0.0035% / 1h	43m 58s	$3.0M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.016%Rate

Funding earned: $55.39
Price spread: +0.016% → +0.061%: −$4.57
Slippage, 4 orders: −$9.43
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $31.4
Costs to cover: 0.194%
Break-even: 3.0 days

Slippage from Binance: live order book, 15 min ago; Lighter: live order book, 3 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 Binance live order book, 15 min ago	0.54 bp	6.1 bp −$6	9.0 bp −$90	32.1 bp −$3,207	doesn't fit
Sell Lighter live order book, 3 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	92.020	+0.065%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.690	−0.294%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.970	+0.010%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.020	+0.065%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.979	+0.020%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.980	+0.021%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0010%	8h	91.996	+0.039%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.925	−0.039%	$1.2M	$5.7M	10x	as long as short
Binance CRCLUSDTlong	+0.0016%	8h	91.961	long leg	$104.8M	$390.8M	50x
Aftermath Perps CRCLUSD	+0.0039%	1h	91.929	−0.035%	$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	91.940	−0.022%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.077%	$907K	$510K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.882	−0.085%	$68.2M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.928	−0.035%	$359K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.938	−0.025%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.900	−0.066%	$1.0M	$5.2M	10x	as long as short
Lighter RH CRCL	+0.0056%	1h	91.967	+0.007%	$975K	$2.9M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.920	−0.044%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0068%	8h	92.019	+0.064%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0068%	8h	92.010	+0.054%	$1.1M	$1.4M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0072%	8h	91.990	+0.032%	$22.3M	$61.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.914	−0.050%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.940	−0.022%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.920	−0.044%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.940	−0.022%	$917	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.927	−0.036%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.970	+0.010%	$418K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0130%	8h	91.937	−0.025%	$423	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.939	−0.023%	$27K	$82K	10x	as long as short
Lighter CRCLshort	+0.0280%	1h	91.975	+0.016%	$3.0M	$2.4M	10x
Deribit CRCL_USDC-PERPETUAL	+0.0294%	1h	91.930	−0.033%	$4K	$768K	10x	as long as short
Nado CRCL-PERP	+0.0377%	1h	91.896	−0.071%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.550	+0.641%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0529%	4h	92.039	+0.085%	$51K	$277K	10x	as long as short