Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against Phemex−0.141%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$810.815% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.113%+$11 on $10k

Price spread, last 3 days (all we have)+0.204%+$20 · spread now −0.141%, 7d avg +0.019%

Together, before fees+0.317%+ Points / potential airdropLighter RH: Points live · farm board+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.160% cheaper against Phemex than usual: you would sell low and buy high (spread −0.141% now, against its 7-day average of +0.019%). If the spread goes back, that is −$16 on $10k: about 17 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.440	0	get 0.0000% / 4h	1h 50m	$1.0M	$49K	10x
Short	Lighter RH CRCL	91.311	0.0032	get 0.0004% / 1h	50m 43s	$970K	$2.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Phemex. 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 PhemexbpFee Lighter RHbpOrdersPrice spread, now −0.141%Rate

Funding earned: $6.72
Price spread: −0.141% → +0.019%: −$16.02
Slippage, 4 orders: −$69.49
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$90.78
Costs to cover: 0.815%
Break-even: 101.6 days

Slippage from Phemex: live order book, 2 min ago; Lighter RH: live order book, 2 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 Phemex live order book, 2 min ago	1.64 bp	37.6 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 2 min ago	3.28 bp	3.3 bp −$3	6.6 bp −$66	doesn't fit	doesn't fit

CRCL on 33 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	−0.1163%	8h	91.390	−0.055%	$15.7M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0074%	1h	91.250	−0.208%	—	$38K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.330	−0.120%	$901K	$540K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.310	−0.142%	$14.9M	$25.6M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	91.198	−0.264%	$416K	$297K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.250	−0.208%	$7.0M	$26.4M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.307	−0.145%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.480	+0.044%	$67K	$1.1M	10x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.440	long leg	$1.0M	$49K	10x
Binance CRCLUSDT	+0.0016%	8h	91.289	−0.166%	$103.7M	$383.4M	50x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended CRCL_24_5-USD	+0.0016%	1h	91.189	−0.275%	$1.1M	$5.7M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0023%	1h	91.516	+0.084%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.230	−0.230%	$1.3M	$2.2M	10x	as long as short
Aster CRCLUSDT	+0.0025%	8h	91.295	−0.158%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0031%	8h	91.240	−0.219%	$21.7M	$58.6M	50x	as long as short
Lighter RH CRCLshort	+0.0032%	1h	91.311	−0.141%	$970K	$2.9M	10x
Arcus CRCL-USD	+0.0040%	1h	91.440	0.000%	$93K	$270K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.320	−0.131%	$68.4M	$41.0M	10x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.474	+0.037%	$355K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.410	−0.033%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.160	−0.306%	$973K	$5.1M	10x	as long as short
edgeX CRCLUSDC	+0.0055%	4h	91.376	−0.070%	$23K	$267K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0070%	8h	91.371	−0.076%	$749	$740	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.338	−0.112%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.400	−0.044%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.500	+0.066%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.410	−0.033%	$911	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.372	−0.074%	$4	—	10x	as long as short
Phoenix CRCL	+0.0183%	1h	91.382	−0.063%	$27K	$84K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0188%	1h	91.420	−0.022%	$4K	$767K	10x	as long as short
Nado CRCL-PERP	+0.0191%	1h	91.465	+0.027%	$130K	$103K	3x	as long as short
Lighter CRCL	+0.0280%	1h	91.369	−0.078%	$2.9M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.900	+0.503%	$5K	$19K	30x	as long as short