CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0063%/8h= +6.9% APRnext payment +$0.08 per $10,000 · paid last 24h +0.005%

Price spread now: Nado against Lighter−0.120%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$350.347% of the position

Long on Lighter Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.015%+$2 on $10k

Price spread, last 4 days (all we have)+0.142%+$14 · spread now −0.120%, 7d avg −0.094%

Together, before fees+0.158%+ Points / potential airdropLighter: Season 3 · Nado: Active · farm board+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.026% cheaper against Lighter than usual: you would sell low and buy high (spread −0.120% now, against its 7-day average of −0.094%). If the spread goes back, that is −$3 on $10k: about 34 hours of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.015% in total) that is about 6.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	92.641	0.0256	pay 0.0032% / 1h	8m 22s	$3.0M	$2.1M	10x
Short	Nado CRCL-PERP	92.530	0.0319	get 0.0040% / 1h	8m 22s	$152K	$107K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.120%Rate

Funding earned: $13.17
Price spread: −0.120% → −0.094%: −$2.63
Slippage, 4 orders: −$27.69
Fee Lighter: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$24.14
Costs to cover: 0.347%
Break-even: 19.8 days

Slippage from Lighter: live order book, 7 min ago; Nado: live order book, 42 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, 7 min ago	1.46 bp	6.1 bp −$6	12.8 bp −$128	38.9 bp −$3,886	doesn't fit
Sell Nado live order book, 42 min ago	3.80 bp	10.0 bp −$10	27.1 bp −$271	doesn't fit	doesn't fit

CRCL on 34 exchanges

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
Vest CRCL-USD-PERP	−0.0022%	1h	92.410	−0.249%	—	$30K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.670	+0.031%	$15.0M	$25.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.660	+0.021%	$18.1M	$33.7M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	92.630	−0.012%	$1.0M	$45K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	92.490	−0.163%	$856K	$699K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.611	−0.032%	$1.0M	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	92.581	−0.065%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.565	−0.082%	$67.7M	$40.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	92.617	−0.026%	$380K	$847K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	92.635	−0.006%	$46K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.400	−0.260%	$1.1M	$3.8M	10x	as long as short
QFEX CRCL-USD	+0.0080%	1h	92.630	−0.012%	$1.3M	$1.6M	10x	as long as short
Gate CRCL_USDT	+0.0085%	8h	92.690	+0.053%	$7.4M	$26.0M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	92.600	−0.044%	$139K	$141K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.600	−0.044%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.480	−0.174%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.600	−0.044%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.647	+0.007%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0120%	8h	92.631	−0.011%	$426	$477	5x	as long as short
Phoenix CRCL	+0.0199%	1h	92.644	+0.003%	$27K	$66K	10x	as long as short
Lighter CRCLlong	+0.0256%	1h	92.641	long leg	$3.0M	$2.1M	10x
Variational Omni CRCL	+0.0287%	8h	92.574	−0.072%	$2.5M	$3.3M	—	as long as short
Nado CRCL-PERPshort	+0.0319%	1h	92.530	−0.120%	$152K	$107K	3x
OKX CRCL-USDT-SWAP	+0.0332%	8h	92.670	+0.031%	$22.8M	$57.0M	50x	as long as short
Aster CRCLUSDT	+0.0362%	8h	92.625	−0.017%	$1.1M	$4.5M	20x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.590	−0.055%	$93K	$226K	10x	as long as short
Binance CRCLUSDT	+0.0372%	8h	92.651	+0.011%	$107.2M	$357.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0376%	1h	92.621	−0.021%	$1.1M	$4.0M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.090	−0.595%	$38K	$172K	30x	as long as short
edgeX CRCLUSDC	+0.0457%	4h	92.616	−0.027%	$53K	$269K	10x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.670	+0.031%	$415K	$243K	10x	as long as short
BloFin CRCL-USDT	+0.0487%	8h	92.670	+0.031%	$1.1M	$1.7M	20x	as long as short
GRVT CRCL_USDT_Perp	+0.0750%	8h	92.650	+0.010%	$62K	$1.0M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1047%	1h	92.640	−0.001%	$5K	$470K	10x	as long as short