Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0713%/8h= −78.1% APRpaid last 24h +0.046%

Price spread now: Bitget against Lighter RH+0.107%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs+$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$240.242% of the position

Long on Lighter RH Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.259%+$26 on $10k

Price spread, last 7 days−0.075%−$8 · spread now +0.107%, 7d avg +0.029%

Together, before fees+0.183%+ Points / potential airdropLighter RH: Points live · farm board+$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.078% dearer against Lighter RH than usual: you sell high and buy low (spread +0.107% now, against its 7-day average of +0.029%): +$8 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 9 hours. Mind the row above: over the last 7 days funding on this pair paid +0.259%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.259% in total (about 13.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH CRCL	91.822	0.0032	pay 0.0004% / 1h	7m 20s	$973K	$2.9M	10x
Short	Bitget CRCLUSDT	91.920	−0.0681	pay 0.0681% / 8h	3h 07m	$16.6M	$35.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Lighter RH. 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 Lighter RHbpFee BitgetbpOrdersPrice spread, now +0.107%Rate

Funding earned: −$149.73
Price spread: +0.107% → +0.029%: $7.77
Slippage, 4 orders: −$12.24
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$166.2
Costs to cover: 0.242%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 1 min ago; Bitget: 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 RH live order book, 1 min ago	2.83 bp	3.6 bp −$4	7.4 bp −$74	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	1.09 bp	8.8 bp −$9	12.8 bp −$128	43.9 bp −$4,390	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 CRCLUSDTshort	−0.0681%	8h	91.920	+0.107%	$16.6M	$35.8M	25x
Vest CRCL-USD-PERP	−0.0062%	1h	91.580	−0.264%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.840	+0.020%	$14.8M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.940	+0.129%	$7.4M	$27.5M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.848	+0.028%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.820	−0.002%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0012%	8h	91.825	+0.004%	$1.1M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0021%	8h	91.853	+0.034%	$104.6M	$392.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0024%	1h	91.837	+0.016%	$1.2M	$5.6M	10x	as long as short
Lighter RH CRCLlong	+0.0032%	1h	91.822	long leg	$973K	$2.9M	10x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0039%	1h	91.821	−0.002%	$2K	$26K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.800	−0.024%	$93K	$272K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0048%	1h	91.770	−0.057%	$914K	$522K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.778	−0.048%	$68.1M	$42.3M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.827	+0.005%	$388K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.816	−0.007%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.650	−0.187%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0060%	1h	91.820	−0.002%	$1.3M	$1.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0072%	8h	91.815	−0.007%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0084%	8h	91.800	−0.024%	$70K	$1.1M	10x	as long as short
BloFin CRCL-USDT	+0.0085%	8h	91.840	+0.020%	$1.1M	$1.6M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0096%	8h	91.880	+0.063%	$22.3M	$61.8M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	91.829	+0.008%	$136K	$160K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.860	+0.041%	$2.7M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.740	−0.089%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.830	+0.009%	$916	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.799	−0.025%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0107%	1h	91.872	+0.055%	$418K	$299K	10x	as long as short
Phoenix CRCL	+0.0182%	1h	91.797	−0.027%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.816	−0.007%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0347%	1h	91.724	−0.106%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.360	+0.586%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0731%	1h	91.810	−0.013%	$4K	$768K	10x	as long as short
edgeX CRCLUSDC	+0.0757%	4h	91.849	+0.030%	$51K	$276K	10x	as long as short