Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0215%/8h= +23.5% APRpaid last 24h +0.053%

Price spread now: Lighter against Variational Omni+0.001%7-day average +0.059% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.148%+$15 on $10k

Price spread, last 7 days−0.037%−$4 · spread now +0.001%, 7d avg +0.059%

Together, before fees+0.111%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.058% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.001% now, against its 7-day average of +0.059%). If the spread goes back, that is −$6 on $10k: about 22 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CRCL	91.499	0.0057	pay 0.0057% / 8h	57m 46s	$2.4M	$3.2M	—
Short	Lighter CRCL	91.500	0.0272	get 0.0034% / 1h	57m 46s	$2.9M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.001%Rate

Funding earned: $45.12
Price spread: +0.001% → +0.059%: −$5.79
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $39.34
Costs to cover: 0.000%
Break-even: 0.9 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Lighter: live order book, 4 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 Variational Omni RFQ quote, 1 min ago	3.46 bp	doesn't fit	16.9 bp −$169	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	2.07 bp	2.2 bp −$2	9.7 bp −$97	41.9 bp −$4,189	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	−0.0348%	8h	91.570	+0.078%	$17.6M	$37.0M	25x	as long as short
Vest CRCL-USD-PERP	−0.0081%	1h	91.180	−0.349%	—	$31K	25x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.550	+0.056%	$7.8M	$27.2M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.510	+0.012%	$1.0M	$48K	10x	as long as short
edgeX CRCLUSDC	+0.0006%	4h	91.614	+0.125%	$52K	$278K	10x	as long as short
Bybit CRCLUSDT	+0.0009%	8h	91.500	+0.001%	$14.8M	$26.6M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0039%	1h	91.522	+0.025%	$2K	$28K	5x	as long as short
Lighter RH CRCL	+0.0040%	1h	91.517	+0.020%	$978K	$2.6M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.540	+0.045%	$95K	$289K	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.455	−0.048%	$46K	$3K	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.390	−0.119%	$1.1M	$5.0M	10x	as long as short
Variational Omni CRCLlong	+0.0057%	8h	91.499	long leg	$2.4M	$3.2M	—
QFEX CRCL-USD	+0.0071%	1h	91.460	−0.043%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0088%	1h	91.400	−0.108%	$890K	$420K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.467	−0.035%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.570	+0.078%	$2.7M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.440	−0.064%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.490	−0.010%	$912	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.496	−0.003%	$4	—	10x	as long as short
Aster CRCLUSDT	+0.0142%	8h	91.536	+0.041%	$1.0M	$5.0M	20x	as long as short
Binance CRCLUSDT	+0.0157%	8h	91.490	−0.010%	$105.1M	$395.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0160%	1h	91.484	−0.016%	$1.0M	$5.0M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0186%	8h	91.439	−0.065%	$421	$905	5x	as long as short
tradeXYZ xyz:CRCL	+0.0212%	1h	91.445	−0.059%	$67.7M	$44.2M	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0226%	8h	91.550	+0.056%	$64K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0241%	8h	91.510	+0.012%	$22.3M	$62.1M	50x	as long as short
Phoenix CRCL	+0.0245%	1h	91.548	+0.054%	$27K	$74K	10x	as long as short
Lighter CRCLshort	+0.0272%	1h	91.500	+0.001%	$2.9M	$2.3M	10x
Polymarket Perps CRCL-USD	+0.0272%	1h	91.456	−0.047%	$383K	$1.3M	10x	as long as short
BloFin CRCL-USDT	+0.0275%	8h	91.460	−0.043%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	91.980	+0.526%	$5K	$19K	30x	as long as short
Nado CRCL-PERP	+0.0449%	1h	91.366	−0.146%	$134K	$109K	3x	as long as short
RISEx CRCL/USDC	+0.0466%	1h	91.469	−0.032%	$418K	$265K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0516%	1h	91.480	−0.021%	$5K	$769K	10x	as long as short