Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0236%/8hpaid last 24h +0.036%

Price spread now: Lighter against KuCoin−0.010%7-day average +0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$540.536% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.452%+$45 on $10k

Price spread, last 7 days+0.071%+$7 · spread now −0.010%, 7d avg +0.055%

Together, before fees+0.523%+ Points / potential airdropLighter: Season 3 · farm board+$52 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.064% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.010% now, against its 7-day average of +0.055%). If the spread goes back, that is −$6 on $10k: about 22 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CRCLUSDTM	94.450	0.0100	pay 0.0100% / 8h	3h 59m	$2.9M	$1.8M	20x
Short	Lighter CRCL	94.441	0.0336	get 0.0042% / 1h	59m 07s	$2.9M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now −0.010%Rate

Funding earned: $49.56
Price spread: −0.010% → +0.055%: −$6.44
Slippage, 4 orders: −$41.57
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$10.45
Costs to cover: 0.536%
Break-even: 8.5 days

Slippage from KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	1.59 bp	23.4 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	1.43 bp	1.4 bp −$1	6.2 bp −$62	35.8 bp −$3,580	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
Gate CRCL_USDT	0.0000%	8h	94.410	−0.042%	$7.1M	$26.9M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.420	−0.032%	$1.0M	$49K	10x	as long as short
Nado CRCL-PERP	+0.0025%	1h	94.409	−0.043%	$131K	$67K	3x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.411	−0.041%	$815K	$2.8M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.280	−0.180%	—	$45K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0048%	1h	94.338	−0.119%	$70.9M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.407	−0.046%	$355K	$1.0M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.405	−0.048%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.180	−0.286%	$1.1M	$5.8M	10x	as long as short
QFEX CRCL-USD	+0.0071%	1h	94.460	+0.011%	$1.4M	$2.7M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0097%	8h	94.440	−0.011%	$15.5M	$25.7M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.466	+0.017%	$77K	$97K	10x	as long as short
KuCoin CRCLUSDTMlong	+0.0100%	8h	94.450	long leg	$2.9M	$1.8M	20x
ApeX Omni CRCLUSDT	+0.0100%	1h	94.040	−0.434%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.380	−0.074%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.425	−0.027%	$4	—	10x	as long as short
edgeX CRCLUSDC	+0.0106%	4h	94.142	−0.326%	$24K	$267K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0108%	8h	94.521	+0.075%	$718	$428	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0114%	8h	94.098	−0.373%	$50K	$1.2M	10x	as long as short
Variational Omni CRCL	+0.0125%	8h	94.114	−0.356%	$2.5M	$3.2M	—	as long as short
Coinbase International CRCL-PERP-INTX	+0.0136%	1h	94.300	−0.159%	$942K	$727K	10x	as long as short
Phoenix CRCL	+0.0162%	1h	94.029	−0.446%	$28K	$92K	10x	as long as short
Aster CRCLUSDT	+0.0170%	8h	94.441	−0.009%	$1.1M	$4.7M	20x	as long as short
Binance CRCLUSDT	+0.0183%	8h	94.390	−0.064%	$108.5M	$380.8M	50x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.411	−0.041%	$1.2M	$3.5M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0280%	1h	94.380	−0.074%	$4K	$802K	10x	as long as short
BloFin CRCL-USDT	+0.0303%	8h	94.440	−0.011%	$1.1M	$578K	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0305%	8h	94.420	−0.032%	$22.9M	$59.6M	50x	as long as short
Lighter CRCLshort	+0.0336%	1h	94.441	−0.010%	$2.9M	$2.2M	10x
RISEx CRCL/USDC	+0.0344%	1h	94.455	+0.005%	$419K	$302K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0365%	1h	94.202	−0.263%	$2K	$17K	5x	as long as short
Bitget CRCLUSDT	+0.0438%	8h	94.460	+0.011%	$16.9M	$34.7M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.470	+1.080%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0748%	1h	94.480	+0.032%	$100K	$259K	10x	as long as short