Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h +0.024%

Price spread now: Bybit against Lighter RH+0.016%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$250.254% of the position

Long on Lighter RH Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.169%+$17 on $10k

Price spread, last 7 days−0.007%−$1 · spread now +0.016%, 7d avg +0.029%

Together, before fees+0.162%+ Points / potential airdropLighter RH: Points live · farm board+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.029%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH CRCL	91.225	0.0032	pay 0.0004% / 1h	9m 29s	$982K	$2.6M	10x
Short	Bybit CRCLUSDT	91.240	0.0060	get 0.0060% / 8h	9m 29s	$14.8M	$26.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.016%Rate

Funding earned: $5.89
Price spread: +0.016% → +0.029%: −$1.23
Slippage, 4 orders: −$14.4
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$20.75
Costs to cover: 0.254%
Break-even: 31.7 days

Slippage from Lighter RH: live order book, 4 min ago; Bybit: live order book, 4 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, 4 min ago	2.85 bp	3.2 bp −$3	7.8 bp −$78	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.10 bp	9.1 bp −$9	16.2 bp −$162	178.6 bp −$17.9K	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	−0.0354%	8h	91.290	+0.071%	$17.4M	$36.6M	25x	as long as short
Vest CRCL-USD-PERP	−0.0081%	1h	90.930	−0.323%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.250	+0.027%	$7.8M	$28.0M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.240	+0.016%	$1.0M	$48K	10x	as long as short
Lighter RH CRCLlong	+0.0032%	1h	91.225	long leg	$982K	$2.6M	10x
Aftermath Perps CRCLUSD	+0.0037%	1h	91.179	−0.051%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.200	−0.027%	$95K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.210	−0.016%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.150	−0.082%	$1.1M	$4.8M	10x	as long as short
Bybit CRCLUSDTshort	+0.0060%	8h	91.240	+0.016%	$14.8M	$26.5M	50x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0071%	1h	91.220	−0.005%	$1.3M	$1.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.070	−0.170%	$871K	$500K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0090%	1h	91.137	−0.096%	$67.2M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.190	−0.038%	$134K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.210	−0.016%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.120	−0.115%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.230	+0.005%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.242	+0.018%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0128%	8h	91.194	−0.034%	$2.4M	$3.3M	—	as long as short
Polymarket Perps CRCL-USD	+0.0154%	1h	91.201	−0.026%	$377K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0158%	8h	91.193	−0.035%	$419	$905	5x	as long as short
Aster CRCLUSDT	+0.0193%	8h	91.232	+0.008%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0208%	1h	91.188	−0.040%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0209%	8h	91.210	−0.016%	$104.7M	$389.4M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.187	−0.042%	$27K	$74K	10x	as long as short
Lighter CRCL	+0.0248%	1h	91.221	−0.004%	$2.9M	$2.4M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0250%	8h	91.217	−0.009%	$70K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0284%	8h	91.230	+0.005%	$22.3M	$61.6M	50x	as long as short
BloFin CRCL-USDT	+0.0327%	8h	91.210	−0.016%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0435%	1h	91.122	−0.113%	$133K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.740	+0.565%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.227	+0.002%	$412K	$269K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0738%	1h	91.230	+0.005%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0810%	4h	91.207	−0.020%	$52K	$269K	10x	as long as short