Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0188%/8h= −20.5% APRpaid last 24h −0.062%

Price spread now: Variational Omni against Lighter+0.063%7-day average −0.060% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.133%−$13 on $10k

Price spread, last 7 days−0.118%−$12 · spread now +0.063%, 7d avg −0.060%

Together, before fees−0.250%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.123% dearer against Lighter than usual: you sell high and buy low (spread +0.063% now, against its 7-day average of −0.060%): +$12 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CRCL	91.833	0.0192	pay 0.0024% / 1h	38m 15s	$3.0M	$2.4M	10x
Short	Variational Omni CRCL	91.891	0.0004	get 0.0004% / 8h	6h 38m	$2.5M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.063%Rate

Funding earned: −$39.38
Price spread: +0.063% → −0.060%: $12.33
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$27.05
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 4 min ago; Variational Omni: RFQ quote, 1 min ago. Net counts fees only.

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, 4 min ago	2.23 bp	3.6 bp −$4	9.0 bp −$90	38.6 bp −$3,865	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.46 bp	doesn't fit	11.5 bp −$115	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	−0.0270%	8h	91.890	+0.062%	$16.0M	$35.4M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.650	−0.199%	$912K	$584K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.820	−0.014%	$15.0M	$25.8M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.876	+0.046%	$420K	$301K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.940	+0.117%	$7.2M	$26.3M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.910	+0.084%	$68K	$1.1M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	91.780	−0.058%	$4K	$769K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.810	−0.025%	$1.0M	$49K	10x	as long as short
Variational Omni CRCLshort	+0.0004%	8h	91.891	+0.063%	$2.5M	$3.2M	—
Vest CRCL-USD-PERP	+0.0007%	1h	91.630	−0.221%	—	$37K	25x	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	+0.0027%	1h	92.020	+0.203%	$2K	$22K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.837	+0.004%	$975K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.880	+0.051%	$93K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.832	−0.001%	$69.2M	$41.7M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.845	+0.013%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.760	−0.079%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.760	−0.079%	$1.0M	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.840	+0.008%	$1.3M	$2.4M	10x	as long as short
Extended CRCL_24_5-USD	+0.0080%	1h	91.813	−0.022%	$1.1M	$5.7M	10x	as long as short
Aster CRCLUSDT	+0.0082%	8h	91.897	+0.069%	$1.1M	$4.9M	20x	as long as short
Binance CRCLUSDT	+0.0082%	8h	91.820	−0.015%	$104.8M	$393.4M	50x	as long as short
OKX CRCL-USDT-SWAP	+0.0083%	8h	91.820	−0.014%	$21.7M	$60.1M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0085%	8h	91.854	+0.022%	$753	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.860	+0.029%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.930	+0.106%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.210	+0.411%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.820	−0.014%	$915	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.792	−0.044%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0186%	1h	91.851	+0.020%	$131K	$103K	3x	as long as short
Lighter CRCLlong	+0.0192%	1h	91.833	long leg	$3.0M	$2.4M	10x
BloFin CRCL-USDT	+0.0222%	8h	92.330	+0.541%	$1.1M	$1.1M	20x	as long as short
Phoenix CRCL	+0.0231%	1h	91.923	+0.098%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.270	+0.476%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0628%	4h	92.314	+0.524%	$23K	$267K	10x	as long as short