Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.002%

Price spread now: BloFin against Lighter−0.059%60s7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$290.285% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.277%−$28 on $10k

Price spread, last 4 days (all we have)−0.113%−$11 · spread now −0.059%, 7d avg −0.077%

Together, before fees−0.390%+ Points / potential airdropLighter: Season 3 · farm board−$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.077%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.244	0.0248	pay 0.0031% / 1h	46m 05s	$2.9M	$2.4M	10x
Short	BloFin CRCL-USDT	91.190	0.0048	get 0.0048% / 8h	5h 46m	—	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Lighter. 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 LighterbpFee BloFinbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$42.02
Price spread: −0.059% → −0.077%: $1.74
Slippage, 4 orders: −$16.53
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$68.81
Costs to cover: 0.285%
Break-even: never at this rate

Slippage from Lighter: live order book, 11 min ago; BloFin: live order book, 66 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 Lighter live order book, 11 min ago	1.86 bp	3.4 bp −$3	15.8 bp −$158	42.5 bp −$4,247	doesn't fit
Sell BloFin live order book, 66 min ago	2.69 bp	9.3 bp −$9	11.8 bp −$118	57.3 bp −$5,727	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	−0.1270%	8h	91.320	+0.083%	$15.6M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	90.920	−0.355%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.160	−0.092%	$900K	$535K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.280	+0.039%	$14.9M	$25.6M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.198	−0.050%	$416K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.260	+0.018%	$7.0M	$26.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.179	−0.071%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.340	+0.105%	$66K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.190	−0.059%	$1.0M	$49K	10x	as long as short
Extended CRCL_24_5-USD	+0.0008%	1h	91.194	−0.055%	$1.1M	$5.7M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRCLUSDT	+0.0012%	8h	91.243	−0.002%	$103.7M	$383.8M	50x	as long as short
Aster CRCLUSDT	+0.0018%	8h	91.235	−0.010%	$1.1M	$4.9M	20x	as long as short
Aftermath Perps CRCLUSD	+0.0022%	1h	91.260	+0.018%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.170	−0.081%	$1.3M	$2.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0024%	8h	91.270	+0.028%	$21.4M	$59.0M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.234	−0.011%	$970K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.190	−0.059%	$92K	$272K	10x	as long as short
BloFin CRCL-USDTshort	+0.0048%	8h	91.190	−0.059%	—	$1.3M	20x
tradeXYZ xyz:CRCL	+0.0050%	1h	91.190	−0.059%	$68.2M	$41.1M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.176	−0.075%	$354K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.184	−0.066%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.100	−0.158%	$970K	$5.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0070%	8h	91.211	−0.036%	$748	$740	5x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0079%	1h	91.220	−0.026%	$4K	$767K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.232	−0.013%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.290	+0.050%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.050	−0.213%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.200	−0.048%	$909	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.175	−0.076%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.079	−0.181%	$27K	$84K	10x	as long as short
Nado CRCL-PERP	+0.0200%	1h	91.201	−0.047%	$130K	$104K	3x	as long as short
Lighter CRCLlong	+0.0248%	1h	91.244	long leg	$2.9M	$2.4M	10x
Injective CRCL/USDC PERP	+0.0440%	1h	91.600	+0.390%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0479%	4h	91.113	−0.144%	$23K	$268K	10x	as long as short