CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0248%/8h= +27.1% APRnext payment +$0.31 per $10,000 · paid last 24h −0.006%

Price spread now: Lighter against Nado+0.064%7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$240.239% of the position

Long on Nado Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.016%−$2 on $10k

Price spread, last 4 days (all we have)−0.051%−$5 · spread now +0.064%, 7d avg +0.094%

Together, before fees−0.067%+ Points / potential airdropNado: Active · Lighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.030% cheaper against Nado than usual: you would sell low and buy high (spread +0.064% now, against its 7-day average of +0.094%). If the spread goes back, that is −$3 on $10k: about 10 hours of funding at the current rate (+$7 a day).

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.016% in total (about -1.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.31 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	95.639	0.0304	pay 0.0038% / 1h	54m 52s	$153K	$91K	3x
Short	Lighter CRCL	95.700	0.0552	get 0.0069% / 1h	54m 52s	$3.3M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpFee LighterbpOrdersPrice spread, now +0.064%Rate

Funding earned: $52.05
Price spread: +0.064% → +0.094%: −$3.03
Slippage, 4 orders: −$16.9
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $25.13
Costs to cover: 0.239%
Break-even: 3.6 days

Slippage from Nado: live order book, 51 min ago; Lighter: 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 Nado live order book, 51 min ago	2.15 bp	6.0 bp −$6	23.7 bp −$237	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	3.98 bp	4.7 bp −$5	11.9 bp −$119	45.6 bp −$4,556	doesn't fit

CRCL on 34 exchanges

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	−0.0024%	1h	95.490	−0.156%	$871K	$805K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	95.640	+0.001%	$15.6M	$28.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	95.656	+0.018%	$425K	$228K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	95.630	−0.009%	$19.0M	$38.3M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	95.620	−0.020%	$1.1M	$47K	10x	as long as short
QFEX CRCL-USD	+0.0014%	1h	95.600	−0.041%	$1.4M	$1.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	95.665	+0.027%	$1.0M	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0033%	1h	94.681	−1.002%	$2K	$29K	5x	as long as short
Injective CRCL/USDC PERP	+0.0033%	1h	95.630	−0.009%	$39K	$172K	30x	as long as short
Vest CRCL-USD-PERP	+0.0037%	1h	95.820	+0.189%	—	$30K	25x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CRCL_USDT	+0.0048%	8h	95.650	+0.011%	$7.8M	$25.9M	50x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	95.580	−0.062%	$1.0M	$4.3M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0055%	1h	95.420	−0.229%	$69.4M	$44.0M	10x	as long as short
Arcus CRCL-USD	+0.0057%	1h	95.610	−0.030%	$96K	$231K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	95.598	−0.043%	$142K	$149K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	95.650	+0.011%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	95.830	+0.200%	$99K	$26K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	95.650	+0.011%	$754	$2K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0100%	8h	95.645	+0.006%	$440	$477	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	95.699	+0.063%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0169%	8h	95.760	+0.126%	$2.7M	$3.3M	—	as long as short
Phoenix CRCL	+0.0197%	1h	94.470	−1.222%	$28K	$94K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0223%	8h	95.650	+0.011%	$23.5M	$66.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0264%	1h	95.679	+0.042%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0267%	8h	95.660	+0.022%	$110.8M	$388.2M	50x	as long as short
Aster CRCLUSDT	+0.0285%	8h	95.680	+0.043%	$1.2M	$4.7M	20x	as long as short
Nado CRCL-PERPlong	+0.0304%	1h	95.639	long leg	$153K	$91K	3x
GRVT CRCL_USDT_Perp	+0.0328%	8h	96.099	+0.481%	$62K	$1.0M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0377%	1h	95.680	+0.043%	$5K	$415K	10x	as long as short
BloFin CRCL-USDT	+0.0386%	8h	95.660	+0.022%	$1.1M	$1.8M	20x	as long as short
Polymarket Perps CRCL-USD	+0.0461%	1h	95.654	+0.016%	$306K	$1.0M	10x	as long as short
edgeX CRCLUSDC	+0.0551%	4h	95.621	−0.019%	$55K	$277K	10x	as long as short
Lighter CRCLshort	+0.0552%	1h	95.700	+0.064%	$3.3M	$2.4M	10x
SoDEX CRCL-USD	+0.5716%	1h	95.641	+0.002%	$48K	$3K	10x	as long as short