Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h +0.049%

Price spread now: OKX against Lighter RH−0.001%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as 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 OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.159%+$16 on $10k

Price spread, last 7 days−0.020%−$2 · spread now −0.001%, 7d avg +0.012%

Together, before fees+0.139%+ Points / potential airdropLighter RH: Points live · farm board+$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.159% in total (about 8.3% 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	91.361	0.0032	pay 0.0004% / 1h	32m 43s	$981K	$2.6M	10x
Short	OKX CRCL-USDT-SWAP	91.360	0.0260	get 0.0260% / 8h	32m 43s	$22.2M	$61.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.001%Rate

Funding earned: $47.9
Price spread: −0.001% → +0.012%: −$1.3
Slippage, 4 orders: −$15.4
Fee Lighter RH: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: $21.2
Costs to cover: 0.254%
Break-even: 3.9 days

Slippage from Lighter RH: live order book, 5 min ago; OKX: live order book, 1 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	4.10 bp	6.3 bp −$6	13.3 bp −$133	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.55 bp	7.0 bp −$7	13.1 bp −$131	109.3 bp −$10.9K	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	−0.0247%	8h	91.380	+0.021%	$17.5M	$36.7M	25x	as long as short
Vest CRCL-USD-PERP	−0.0078%	1h	91.070	−0.319%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.360	−0.001%	$7.8M	$27.4M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.350	−0.012%	$1.0M	$48K	10x	as long as short
Bybit CRCLUSDT	+0.0028%	8h	91.340	−0.023%	$14.8M	$26.5M	50x	as long as short
Lighter RH CRCLlong	+0.0032%	1h	91.361	long leg	$981K	$2.6M	10x
Aftermath Perps CRCLUSD	+0.0037%	1h	91.432	+0.078%	$2K	$28K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.440	+0.086%	$97K	$296K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.321	−0.044%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.310	−0.056%	$1.1M	$4.8M	10x	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	91.320	−0.045%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	+0.043%	$890K	$402K	10x	as long as short
Variational Omni CRCL	+0.0097%	8h	91.457	+0.105%	$2.4M	$3.2M	—	as long as short
Pacifica CRCL	+0.0100%	1h	91.330	−0.034%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.310	−0.056%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.200	−0.176%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.320	−0.045%	$910	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.357	−0.004%	$4	—	10x	as long as short
tradeXYZ xyz:CRCL	+0.0119%	1h	91.279	−0.090%	$67.6M	$43.9M	10x	as long as short
edgeX CRCLUSDC	+0.0124%	4h	91.531	+0.187%	$52K	$275K	10x	as long as short
Polymarket Perps CRCL-USD	+0.0158%	1h	91.323	−0.042%	$379K	$1.3M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0162%	8h	91.322	−0.042%	$420	$905	5x	as long as short
Aster CRCLUSDT	+0.0168%	8h	91.370	+0.010%	$1.0M	$5.0M	20x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	91.288	−0.080%	$1.0M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0184%	8h	91.348	−0.014%	$105.0M	$389.7M	50x	as long as short
Phoenix CRCL	+0.0227%	1h	91.689	+0.359%	$27K	$74K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0244%	8h	91.400	+0.043%	$61K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAPshort	+0.0260%	8h	91.360	−0.001%	$22.2M	$61.7M	50x
Lighter CRCL	+0.0264%	1h	91.370	+0.010%	$2.9M	$2.4M	10x	as long as short
BloFin CRCL-USDT	+0.0304%	8h	91.320	−0.045%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0426%	1h	91.265	−0.105%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.010	+0.710%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.361	0.000%	$412K	$273K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0627%	1h	91.330	−0.034%	$5K	$769K	10x	as long as short