Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h −0.022%

Price spread now: OKX against Lighter−0.003%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$190.187% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.535%−$54 on $10k

Price spread, last 7 days+0.008%+$1 · spread now −0.003%, 7d avg −0.045%

Together, before fees−0.527%+ Points / potential airdropLighter: Season 3 · farm board−$53 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and OKX is 0.042% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.045%. Mind the row above: over the last 7 days funding on this pair cost −0.535%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.273	0.0256	pay 0.0032% / 1h	6m 19s	$2.9M	$2.4M	10x
Short	OKX CRCL-USDT-SWAP	91.270	0.0285	get 0.0285% / 8h	6m 19s	$22.3M	$61.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.003%Rate

Funding earned: $6.17
Price spread: −0.003% → −0.045%: $4.18
Slippage, 4 orders: −$8.74
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$8.38
Costs to cover: 0.187%
Break-even: 16.5 days

Slippage from Lighter: live order book, 6 min ago; OKX: live order book, 2 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, 6 min ago	1.86 bp	2.1 bp −$2	7.8 bp −$78	37.0 bp −$3,704	doesn't fit
Sell OKX live order book, 2 min ago	0.55 bp	7.7 bp −$8	13.7 bp −$137	117.3 bp −$11.7K	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	−0.0353%	8h	91.330	+0.062%	$17.3M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0083%	1h	90.940	−0.365%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.290	+0.019%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.250	−0.025%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.235	−0.042%	$983K	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.193	−0.087%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.180	−0.102%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.240	−0.036%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.150	−0.135%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDT	+0.0062%	8h	91.280	+0.008%	$14.8M	$26.5M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.260	−0.014%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.222%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0089%	1h	91.182	−0.100%	$67.3M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.239	−0.037%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.260	−0.014%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.120	−0.168%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.240	−0.036%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.266	−0.007%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	91.194	−0.087%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0152%	1h	91.238	−0.038%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0157%	8h	91.210	−0.069%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0195%	8h	91.276	+0.003%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0208%	1h	91.238	−0.038%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0211%	8h	91.259	−0.015%	$104.8M	$389.2M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.187	−0.094%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0250%	8h	91.217	−0.062%	$70K	$1.1M	10x	as long as short
Lighter CRCLlong	+0.0256%	1h	91.273	long leg	$2.9M	$2.4M	10x
OKX CRCL-USDT-SWAPshort	+0.0285%	8h	91.270	−0.003%	$22.3M	$61.7M	50x
BloFin CRCL-USDT	+0.0331%	8h	91.250	−0.025%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0434%	1h	91.132	−0.155%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.512%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.275	+0.003%	$412K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0628%	1h	91.240	−0.036%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0810%	4h	91.207	−0.072%	$52K	$269K	10x	as long as short