Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.012%

Price spread now: Polymarket Perps against Orderly−0.101%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Polymarket Perps is 0.101% cheaper against Orderly than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	91.160	0.0100	pay 0.0100% / 8h	7h 35m	$909	$1K	10x
Short	Polymarket Perps CRCL-USD	91.068	0.0050	get 0.0006% / 1h	35m 45s	$376K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Orderly. 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 OrderlybpFee Polymarket PerpsbpOrdersPrice spread, now −0.101%Rate

Funding earned: −$10.5
Price spread: −0.101% → 0.000%: −$10.09
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$34.59
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 27 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 Orderly no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 27 min ago	1.15 bp	7.4 bp −$7	7.8 bp −$78	10.6 bp −$1,059	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Vest CRCL-USD-PERP	−0.0095%	1h	90.900	−0.285%	—	$31K	25x	as long as short
Bitget CRCLUSDT	−0.0095%	8h	91.230	+0.077%	$17.3M	$36.2M	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.180	+0.022%	$14.9M	$26.5M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.220	+0.066%	$1.0M	$47K	10x	as long as short
Gate CRCL_USDT	+0.0002%	8h	91.220	+0.066%	$7.8M	$26.4M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.182	+0.024%	$981K	$2.4M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	91.190	+0.033%	$872K	$505K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	91.139	−0.023%	$2K	$29K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.100	−0.066%	$95K	$285K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.093	−0.073%	$67.1M	$44.3M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps CRCL-USDshort	+0.0050%	1h	91.068	−0.101%	$376K	$1.2M	10x
SoDEX CRCL-USD	+0.0050%	1h	91.170	+0.011%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.030	−0.143%	$1.1M	$4.7M	10x	as long as short
QFEX CRCL-USD	+0.0065%	1h	91.160	0.000%	$1.3M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.139	−0.023%	$133K	$158K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.200	+0.044%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.160	0.000%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.160	long leg	$909	$1K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.200	+0.044%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0135%	8h	91.133	−0.030%	$419	$766	5x	as long as short
Variational Omni CRCL	+0.0152%	8h	91.180	+0.022%	$2.4M	$3.3M	—	as long as short
GRVT CRCL_USDT_Perp	+0.0152%	8h	91.220	+0.066%	$62K	$1.1M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0189%	1h	91.160	0.000%	$5K	$769K	10x	as long as short
Aster CRCLUSDT	+0.0215%	8h	91.166	+0.007%	$1.0M	$5.0M	20x	as long as short
Lighter CRCL	+0.0224%	1h	91.180	+0.022%	$2.9M	$2.1M	10x	as long as short
Binance CRCLUSDT	+0.0231%	8h	91.158	−0.002%	$104.8M	$387.3M	50x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	91.131	−0.032%	$1.1M	$5.1M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	91.200	+0.044%	$27K	$66K	10x	as long as short
edgeX CRCLUSDC	+0.0262%	4h	91.189	+0.032%	$52K	$269K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0294%	8h	91.210	+0.055%	$22.3M	$61.4M	50x	as long as short
BloFin CRCL-USDT	+0.0351%	8h	91.200	+0.044%	$1.1M	$1.7M	20x	as long as short
Nado CRCL-PERP	+0.0374%	1h	91.094	−0.072%	$134K	$109K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.170	+1.108%	$5K	$19K	30x	as long as short
RISEx CRCL/USDC	+0.0501%	1h	91.160	0.000%	$412K	$258K	10x	as long as short