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: Gate against Lighter+0.064%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

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

Long on Lighter Short on Gate

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−0.115%−$12 · spread now +0.064%, 7d avg −0.027%

Together, before fees−0.635%+ Points / potential airdropLighter: Season 3 · farm board−$63 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.091% dearer against Lighter than usual: you sell high and buy low (spread +0.064% now, against its 7-day average of −0.027%): +$9 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 36 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.831	0.0200	pay 0.0025% / 1h	39m 15s	$3.0M	$2.4M	10x
Short	Gate CRCL_USDT	91.890	0	get 0.0000% / 8h	6h 39m	$7.2M	$26.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.064%Rate

Funding earned: −$42
Price spread: +0.064% → −0.027%: $9.08
Slippage, 4 orders: −$22.64
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$70.56
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Gate: live order book, 5 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, 3 min ago	2.23 bp	3.6 bp −$4	9.0 bp −$90	38.6 bp −$3,865	doesn't fit
Sell Gate live order book, 5 min ago	1.62 bp	18.0 bp −$18	34.4 bp −$344	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	−0.0216%	8h	91.890	+0.064%	$16.0M	$35.4M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.650	−0.197%	$912K	$584K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.820	−0.012%	$15.1M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.725	−0.116%	$419K	$301K	10x	as long as short
Gate CRCL_USDTshort	0.0000%	8h	91.890	+0.064%	$7.2M	$26.3M	50x
GRVT CRCL_USDT_Perp	0.0000%	8h	91.910	+0.086%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.820	−0.012%	$1.0M	$49K	10x	as long as short
Variational Omni CRCL	+0.0004%	8h	91.891	+0.065%	$2.5M	$3.2M	—	as long as short
Vest CRCL-USD-PERP	+0.0009%	1h	91.530	−0.328%	—	$37K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0027%	1h	92.068	+0.258%	$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	91.814	−0.019%	$974K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.940	+0.119%	$93K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.789	−0.046%	$69.2M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.647	−0.200%	$354K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.734	−0.106%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.760	−0.077%	$1.0M	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.670	−0.175%	$1.3M	$2.4M	10x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	91.770	−0.066%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0084%	8h	91.818	−0.014%	$105.1M	$393.0M	50x	as long as short
Aster CRCLUSDT	+0.0084%	8h	91.766	−0.071%	$1.1M	$4.9M	20x	as long as short
Paradex CRCL-USD-PERP	+0.0085%	8h	91.708	−0.134%	$752	$740	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0086%	8h	91.870	+0.042%	$21.7M	$60.1M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.767	−0.070%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.830	−0.001%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.210	+0.413%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.780	−0.056%	$915	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.793	−0.041%	$4	—	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0186%	1h	91.810	−0.023%	$4K	$769K	10x	as long as short
Nado CRCL-PERP	+0.0192%	1h	91.732	−0.108%	$130K	$103K	3x	as long as short
Lighter CRCLlong	+0.0200%	1h	91.831	long leg	$3.0M	$2.4M	10x
BloFin CRCL-USDT	+0.0222%	8h	92.330	+0.543%	$1.1M	$1.1M	20x	as long as short
Phoenix CRCL	+0.0231%	1h	91.923	+0.100%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.270	+0.478%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0628%	4h	92.314	+0.526%	$23K	$267K	10x	as long as short