Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0217%/8h= +23.8% APRpaid last 24h +0.032%

Price spread now: Variational Omni against Lighter RH+0.612%7-day average −0.004% · you sell dearer than you buy

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

Long on Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.021%−$2 on $10k

Price spread, last 7 days−0.629%−$63 · spread now +0.612%, 7d avg −0.004%

Together, before fees−0.650%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · farm board−$65 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Variational Omni is 0.617% dearer against Lighter RH than usual: you sell high and buy low: +$62 more if the spread goes back to its 7-day average of −0.004%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.021% in total (about -2.1% 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	91.924	0.0032	pay 0.0004% / 1h	53m 00s	$989K	$2.3M	10x
Short	Variational Omni CRCL	92.487	0.0249	get 0.0249% / 8h	6h 53m	$2.4M	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.612%Rate

Funding earned: $45.63
Price spread: +0.612% → −0.004%: $61.66
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $107.29
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter RH: live order book, 5 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 RH live order book, 5 min ago	2.00 bp	2.5 bp −$2	7.0 bp −$70	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.45 bp	doesn't fit	9.2 bp −$92	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
Ondo Perps CRCL-USD.P	−0.0127%	1h	91.770	−0.168%	$1.1M	$4.2M	10x	as long as short
Vest CRCL-USD-PERP	−0.0062%	1h	91.640	−0.309%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.930	+0.007%	$7.2M	$25.4M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	91.930	+0.007%	$17.9M	$35.2M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.860	−0.070%	$1.0M	$46K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	91.690	−0.255%	$867K	$685K	10x	as long as short
Lighter RH CRCLlong	+0.0032%	1h	91.924	long leg	$989K	$2.3M	10x
Aftermath Perps CRCLUSD	+0.0038%	1h	92.226	+0.328%	$2K	$30K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.871	−0.058%	$67.3M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.812	−0.122%	$377K	$953K	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	91.814	−0.120%	$46K	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0059%	8h	91.910	−0.015%	$14.9M	$25.8M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0077%	1h	91.830	−0.102%	$5K	$617K	10x	as long as short
QFEX CRCL-USD	+0.0080%	1h	91.900	−0.026%	$1.4M	$1.6M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.860	−0.070%	$135K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.890	−0.037%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.040	+0.126%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.900	−0.026%	$916	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.869	−0.060%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0154%	8h	91.847	−0.084%	$422	$766	5x	as long as short
Lighter CRCL	+0.0192%	1h	91.928	+0.004%	$2.9M	$2.0M	10x	as long as short
Phoenix CRCL	+0.0199%	1h	92.089	+0.179%	$27K	$66K	10x	as long as short
Variational Omni CRCLshort	+0.0249%	8h	92.487	+0.612%	$2.4M	$3.2M	—
Aster CRCLUSDT	+0.0289%	8h	91.960	+0.040%	$1.1M	$4.9M	20x	as long as short
Binance CRCLUSDT	+0.0293%	8h	91.920	−0.004%	$105.7M	$377.7M	50x	as long as short
Extended CRCL_24_5-USD	+0.0296%	1h	91.864	−0.065%	$1.1M	$5.0M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0307%	8h	91.920	−0.004%	$22.5M	$59.2M	50x	as long as short
edgeX CRCLUSDC	+0.0313%	4h	92.197	+0.297%	$53K	$268K	10x	as long as short
Nado CRCL-PERP	+0.0321%	1h	91.852	−0.078%	$148K	$111K	3x	as long as short
Arcus CRCL-USD	+0.0368%	1h	91.840	−0.091%	$95K	$268K	10x	as long as short
BloFin CRCL-USDT	+0.0413%	8h	91.840	−0.091%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	93.200	+1.388%	$39K	$172K	30x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	91.930	+0.007%	$411K	$255K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0581%	8h	92.547	+0.677%	$62K	$1.1M	10x	as long as short