Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.039%

Price spread now: Gate against Lighter RH+0.020%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$330.331% of the position

Long on Lighter RH Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 7 days−0.033%−$3 · spread now +0.020%, 7d avg +0.032%

Together, before fees+0.127%+ Points / potential airdropLighter RH: Points live · farm board+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.032%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.161%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH CRCL	94.231	0.0032	pay 0.0004% / 1h	48m 15s	$890K	$2.8M	10x
Short	Gate CRCL_USDT	94.250	0	get 0.0000% / 8h	7h 48m	$7.2M	$26.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.020%Rate

Funding earned: −$6.72
Price spread: +0.020% → +0.032%: −$1.17
Slippage, 4 orders: −$18.1
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$40.99
Costs to cover: 0.331%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 5 min ago; Gate: live order book, 6 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, 5 min ago	2.65 bp	3.5 bp −$3	9.2 bp −$92	doesn't fit	doesn't fit
Sell Gate live order book, 6 min ago	1.06 bp	14.1 bp −$14	27.4 bp −$274	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.200	−0.033%	$942K	$725K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.240	+0.010%	$15.5M	$25.9M	50x	as long as short
Gate CRCL_USDTshort	0.0000%	8h	94.250	+0.020%	$7.2M	$26.9M	50x
Phemex CRCLUSDT	0.0000%	4h	94.240	+0.010%	$1.0M	$52K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0006%	1h	94.143	−0.093%	$71.6M	$42.3M	10x	as long as short
Lighter RH CRCLlong	+0.0032%	1h	94.231	long leg	$890K	$2.8M	10x
QFEX CRCL-USD	+0.0042%	1h	94.210	−0.022%	$1.4M	$2.7M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.070	−0.171%	—	$45K	25x	as long as short
Aftermath Perps CRCLUSD	+0.0047%	1h	94.244	+0.014%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	94.166	−0.069%	$365K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	94.183	−0.051%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.120	−0.118%	$1.1M	$5.8M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.195	−0.038%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.270	+0.041%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.210	−0.022%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.220	−0.012%	$939	$3K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0104%	8h	94.348	+0.124%	$70K	$1.1M	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.216	−0.016%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0111%	8h	94.241	+0.010%	$773	$740	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0158%	8h	94.230	−0.001%	$22.8M	$60.3M	50x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.210	−0.022%	$2.5M	$3.1M	—	as long as short
Bitget CRCLUSDT	+0.0185%	8h	94.240	+0.010%	$16.9M	$35.1M	25x	as long as short
Nado CRCL-PERP	+0.0222%	1h	94.169	−0.065%	$131K	$76K	3x	as long as short
Binance CRCLUSDT	+0.0228%	8h	94.220	−0.012%	$109.1M	$389.4M	50x	as long as short
Aster CRCLUSDT	+0.0232%	8h	94.240	+0.009%	$1.1M	$4.9M	20x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	94.206	−0.027%	$1.1M	$4.2M	10x	as long as short
Phoenix CRCL	+0.0296%	1h	94.366	+0.143%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.241	+0.011%	$3.0M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0352%	8h	94.220	−0.012%	$1.1M	$559K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.570	+0.360%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0493%	1h	94.230	−0.001%	$4K	$772K	10x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.220	−0.012%	$96K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.251	+0.021%	$430K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0861%	4h	94.390	+0.169%	$24K	$268K	10x	as long as short