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 −0.054%

Price spread now: Bybit against Lighter−0.002%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$240.238% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.518%−$52 on $10k

Price spread, last 7 days+0.023%+$2 · spread now −0.002%, 7d avg −0.028%

Together, before fees−0.495%+ Points / potential airdropLighter: Season 3 · farm board−$50 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.025% dearer against Lighter than usual: you sell high and buy low (spread −0.002% now, against its 7-day average of −0.028%): +$3 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.962	0.0264	pay 0.0033% / 1h	17m 32s	$3.0M	$2.4M	10x
Short	Bybit CRCLUSDT	91.960	0	get 0.0000% / 8h	3h 17m	$14.9M	$26.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$55.44
Price spread: −0.002% → −0.028%: $2.53
Slippage, 4 orders: −$12.85
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$76.76
Costs to cover: 0.238%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Bybit: live order book, 1 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, 5 min ago	1.58 bp	1.9 bp −$2	8.3 bp −$83	39.0 bp −$3,899	doesn't fit
Sell Bybit live order book, 1 min ago	1.09 bp	10.4 bp −$10	18.6 bp −$186	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	−0.0688%	8h	91.990	+0.030%	$16.7M	$35.8M	25x	as long as short
Vest CRCL-USD-PERP	−0.0061%	1h	91.620	−0.372%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.960	−0.002%	$14.9M	$26.6M	50x
Gate CRCL_USDT	0.0000%	8h	92.030	+0.074%	$7.3M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.999	+0.040%	$2.5M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.900	−0.067%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0016%	8h	91.983	+0.023%	$1.1M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.954	−0.008%	$1.2M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0025%	8h	91.980	+0.020%	$104.8M	$392.3M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.982	+0.022%	$975K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.814	−0.161%	$2K	$25K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.870	−0.100%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.209%	$911K	$519K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.886	−0.083%	$68.3M	$42.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.836	−0.137%	$358K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.878	−0.091%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.840	−0.133%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.940	−0.024%	$1.3M	$1.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0069%	8h	91.939	−0.025%	$423	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0087%	8h	92.030	+0.074%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0097%	8h	91.990	+0.030%	$22.3M	$61.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.948	−0.016%	$135K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.910	−0.057%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.830	−0.144%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.870	−0.100%	$916	$2K	10x	as long as short
BloFin CRCL-USDT	+0.0101%	8h	91.880	−0.089%	$1.1M	$1.6M	20x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.875	−0.094%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.975	+0.014%	$419K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.770	−0.209%	$27K	$82K	10x	as long as short
edgeX CRCLUSDC	+0.0226%	4h	91.934	−0.030%	$51K	$276K	10x	as long as short
Lighter CRCLlong	+0.0264%	1h	91.962	long leg	$3.0M	$2.4M	10x
Nado CRCL-PERP	+0.0358%	1h	91.785	−0.192%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.440	+0.520%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0512%	1h	91.880	−0.089%	$4K	$768K	10x	as long as short