Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Polymarket Perps against Phemex+0.011%7-day average −0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$960.963% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.091%+$9 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now +0.011%, 7d avg −0.020%

Together, before fees+0.069%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Polymarket Perps is 0.031% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	91.970	0	get 0.0000% / 4h	2h 41m	$1.0M	$49K	10x
Short	Polymarket Perps CRCL-USD	91.980	0.0050	get 0.0006% / 1h	41m 12s	$356K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.011%Rate

Funding earned: $10.5
Price spread: +0.011% → −0.020%: $3.08
Slippage, 4 orders: −$76.31
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$82.72
Costs to cover: 0.963%
Break-even: 62.1 days

Slippage from Phemex: live order book, 1 min ago; Polymarket Perps: 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, 1 min ago	1.63 bp	38.7 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	2.44 bp	6.9 bp −$7	8.4 bp −$84	10.6 bp −$1,064	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	−0.0107%	8h	91.960	−0.011%	$16.2M	$35.2M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.890	−0.087%	$915K	$585K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.920	−0.054%	$15.1M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.024	+0.059%	$420K	$300K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.940	−0.033%	$7.2M	$26.1M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.081	+0.120%	$63K	$1.1M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	91.900	−0.076%	$4K	$769K	10x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	91.970	long leg	$1.0M	$49K	10x
Variational Omni CRCL	+0.0004%	8h	91.891	−0.086%	$2.5M	$3.2M	—	as long as short
Vest CRCL-USD-PERP	+0.0014%	1h	91.790	−0.196%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0027%	1h	92.234	+0.287%	$2K	$22K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.934	−0.039%	$972K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.110	+0.152%	$94K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.880	−0.098%	$69.4M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USDshort	+0.0050%	1h	91.980	+0.011%	$356K	$1.1M	10x
SoDEX CRCL-USD	+0.0050%	1h	91.910	−0.065%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.950	−0.022%	$1.0M	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.980	+0.011%	$1.3M	$2.4M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0083%	8h	91.890	−0.087%	$21.7M	$59.9M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0086%	8h	92.051	+0.088%	$755	$740	5x	as long as short
Extended CRCL_24_5-USD	+0.0088%	1h	91.883	−0.094%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0088%	8h	91.900	−0.076%	$105.2M	$391.8M	50x	as long as short
Aster CRCLUSDT	+0.0089%	8h	91.905	−0.070%	$1.1M	$4.9M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	92.020	+0.054%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.990	+0.022%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.210	+0.261%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.910	−0.065%	$916	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.880	−0.098%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0207%	1h	92.063	+0.101%	$142K	$94K	3x	as long as short
BloFin CRCL-USDT	+0.0222%	8h	92.330	+0.391%	$1.1M	$1.1M	20x	as long as short
Lighter CRCL	+0.0224%	1h	91.943	−0.029%	$3.0M	$2.3M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.994	+0.026%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	93.910	+2.109%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0628%	4h	92.314	+0.374%	$23K	$267K	10x	as long as short