Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0469%/8h= −51.3% APRpaid last 24h −0.159%

Price spread now: Lighter RH against edgeX−0.152%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$280.283% of the position

Long on edgeX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.833%−$83 on $10k

Price spread, last 4 days (all we have)−0.032%−$3 · spread now −0.152%, 7d avg +0.013%

Together, before fees−0.865%+ Points / potential airdropedgeX: Active · Lighter RH: Points live · farm board−$86 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Lighter RH is 0.164% cheaper against edgeX than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.013%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX CRCLUSDC	91.963	0.0501	pay 0.0250% / 4h	3h 40m	$51K	$275K	10x
Short	Lighter RH CRCL	91.824	0.0032	get 0.0004% / 1h	40m 54s	$973K	$2.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against edgeX. 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 edgeXbpFee Lighter RHbpOrdersPrice spread, now −0.152%Rate

Funding earned: −$98.4
Price spread: −0.152% → +0.013%: −$16.45
Slippage, 4 orders: −$19.31
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$143.15
Costs to cover: 0.283%
Break-even: never at this rate

Slippage from edgeX: live order book, 12 min ago; Lighter RH: live order book, 2 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 edgeX live order book, 12 min ago	5.97 bp	11.5 bp −$11	23.7 bp −$237	doesn't fit	doesn't fit
Sell Lighter RH live order book, 2 min ago	2.50 bp	2.7 bp −$3	5.5 bp −$55	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	−0.0703%	8h	91.920	−0.047%	$16.8M	$35.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0067%	1h	91.580	−0.417%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.850	−0.123%	$14.9M	$26.5M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.930	−0.036%	$7.3M	$27.3M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.849	−0.125%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.820	−0.156%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0007%	8h	91.805	−0.172%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0012%	8h	91.854	−0.119%	$104.6M	$391.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0016%	1h	91.822	−0.154%	$1.2M	$5.7M	10x	as long as short
Lighter RH CRCLshort	+0.0032%	1h	91.824	−0.152%	$973K	$2.9M	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.867	−0.105%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.860	−0.112%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.890	−0.080%	$907K	$510K	10x	as long as short
BloFin CRCL-USDT	+0.0049%	8h	91.810	−0.167%	$1.1M	$1.6M	20x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.769	−0.211%	$68.1M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.791	−0.188%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.820	−0.156%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.680	−0.308%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.810	−0.167%	$1.3M	$1.9M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0072%	8h	91.949	−0.016%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0075%	8h	91.880	−0.091%	$22.3M	$61.6M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.817	−0.159%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.780	−0.199%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.920	−0.047%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.760	−0.221%	$915	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.798	−0.180%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.821	−0.155%	$417K	$299K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0127%	8h	91.784	−0.195%	$422	$905	5x	as long as short
Phoenix CRCL	+0.0182%	1h	91.905	−0.064%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0296%	1h	91.818	−0.158%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0362%	1h	91.776	−0.204%	$134K	$106K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.431%	$5K	$19K	30x	as long as short
edgeX CRCLUSDClong	+0.0501%	4h	91.963	long leg	$51K	$275K	10x
Deribit CRCL_USDC-PERPETUAL	+0.0513%	1h	91.780	−0.199%	$4K	$768K	10x	as long as short