Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h +0.042%

Price spread now: Lighter against Gate0.000%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs+$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.519%+$52 on $10k

Price spread, last 7 days+0.051%+$5 · spread now 0.000%, 7d avg +0.027%

Together, before fees+0.570%+ Points / potential airdropLighter: Season 3 · farm board+$57 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.027% cheaper against Gate than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.027%). If the spread goes back, that is −$3 on $10k: about 11 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	Gate CRCL_USDT	91.890	0	get 0.0000% / 8h	6h 38m	$7.2M	$26.3M	50x
Short	Lighter CRCL	91.890	0.0200	get 0.0025% / 1h	38m 39s	$3.0M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now 0.000%Rate

Funding earned: $42
Price spread: 0.000% → +0.027%: −$2.66
Slippage, 4 orders: −$22.64
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: $1.7
Costs to cover: 0.376%
Break-even: 6.7 days

Slippage from Gate: live order book, 5 min ago; Lighter: live order book, 4 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 Gate live order book, 5 min ago	1.62 bp	13.2 bp −$13	23.9 bp −$239	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	2.23 bp	2.9 bp −$3	7.4 bp −$74	44.1 bp −$4,408	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	−0.0270%	8h	91.910	+0.022%	$16.0M	$35.3M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.650	−0.261%	$912K	$584K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.870	−0.022%	$15.1M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.876	−0.016%	$420K	$301K	10x	as long as short
Gate CRCL_USDTlong	0.0000%	8h	91.890	long leg	$7.2M	$26.3M	50x
GRVT CRCL_USDT_Perp	0.0000%	8h	91.910	+0.022%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.820	−0.076%	$1.0M	$49K	10x	as long as short
Variational Omni CRCL	+0.0004%	8h	91.891	+0.001%	$2.5M	$3.2M	—	as long as short
Vest CRCL-USD-PERP	+0.0009%	1h	91.530	−0.392%	—	$37K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0027%	1h	92.068	+0.194%	$2K	$22K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH CRCL	+0.0032%	1h	91.853	−0.040%	$975K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.880	−0.011%	$93K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.809	−0.088%	$69.2M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.647	−0.264%	$354K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.734	−0.170%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.760	−0.141%	$1.0M	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.840	−0.054%	$1.3M	$2.4M	10x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	91.846	−0.048%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0082%	8h	91.846	−0.048%	$1.1M	$4.9M	20x	as long as short
Binance CRCLUSDT	+0.0082%	8h	91.867	−0.025%	$104.8M	$393.2M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0085%	8h	91.854	−0.040%	$753	$740	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0086%	8h	91.860	−0.033%	$21.7M	$60.1M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.860	−0.033%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.920	+0.033%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.210	+0.348%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.780	−0.120%	$915	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.793	−0.105%	$4	—	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0186%	1h	91.810	−0.087%	$4K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0192%	1h	91.732	−0.172%	$130K	$103K	3x	as long as short
Lighter CRCLshort	+0.0200%	1h	91.890	0.000%	$3.0M	$2.4M	10x
BloFin CRCL-USDT	+0.0222%	8h	92.330	+0.479%	$1.1M	$1.1M	20x	as long as short
Phoenix CRCL	+0.0231%	1h	91.923	+0.036%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.270	+0.414%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0628%	4h	92.314	+0.462%	$23K	$267K	10x	as long as short