Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0005%/8h= −0.6% APRpaid last 24h +0.007%

Price spread now: Binance against Polymarket Perps+0.110%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$310.305% of the position

Long on Polymarket Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.142%+$14 on $10k

Price spread, last 2 days (all we have)−0.068%−$7 · spread now +0.110%, 7d avg +0.037%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.073% dearer against Polymarket Perps than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps CRCL-USD	94.316	0.0050	pay 0.0006% / 1h	9m 48s	$357K	$1.1M	10x
Short	Binance CRCLUSDT	94.420	0.0045	get 0.0045% / 8h	2h 09m	$108.4M	$389.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Polymarket Perps. 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 Polymarket PerpsbpFee BinancebpOrdersPrice spread, now +0.110%Rate

Funding earned: −$1.08
Price spread: +0.110% → +0.037%: $7.35
Slippage, 4 orders: −$12.53
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$24.25
Costs to cover: 0.305%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Binance: live order book, 4 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 Polymarket Perps live order book, 3 min ago	3.28 bp	7.3 bp −$7	7.6 bp −$76	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	0.53 bp	7.8 bp −$8	14.2 bp −$142	43.0 bp −$4,297	182.9 bp −$91.5K

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
RISEx CRCL/USDC	0.0000%	1h	94.425	+0.116%	$431K	$310K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.420	+0.110%	$7.2M	$27.8M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	94.483	+0.177%	$2.5M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.480	+0.174%	$50K	$1.2M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.500	+0.195%	$1.0M	$50K	10x	as long as short
QFEX CRCL-USD	+0.0020%	1h	94.420	+0.110%	$1.4M	$2.7M	10x	as long as short
Bybit CRCLUSDT	+0.0029%	8h	94.400	+0.089%	$15.5M	$25.9M	50x	as long as short
edgeX CRCLUSDC	+0.0031%	4h	94.519	+0.215%	$24K	$268K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.331	+0.016%	$880K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	94.433	+0.124%	$2K	$19K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CRCLUSDTshort	+0.0045%	8h	94.420	+0.110%	$108.4M	$389.3M	50x
Vest CRCL-USD-PERP	+0.0046%	1h	94.370	+0.057%	—	$45K	25x	as long as short
Extended CRCL_24_5-USD	+0.0048%	1h	94.420	+0.110%	$1.1M	$3.8M	10x	as long as short
Polymarket Perps CRCL-USDlong	+0.0050%	1h	94.316	long leg	$357K	$1.1M	10x
SoDEX CRCL-USD	+0.0050%	1h	94.409	+0.099%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.360	+0.047%	$1.1M	$5.9M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0052%	1h	94.300	−0.017%	$70.8M	$42.9M	10x	as long as short
Aster CRCLUSDT	+0.0081%	8h	94.369	+0.057%	$1.1M	$4.8M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	94.419	+0.109%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.370	+0.057%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.350	+0.036%	$69K	$5K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.360	+0.047%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.329	+0.014%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0138%	8h	94.416	+0.106%	$774	$740	5x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0144%	1h	94.390	+0.078%	$939K	$743K	10x	as long as short
BloFin CRCL-USDT	+0.0161%	8h	94.450	+0.142%	$1.1M	$588K	20x	as long as short
Nado CRCL-PERP	+0.0201%	1h	94.302	−0.015%	$127K	$73K	3x	as long as short
OKX CRCL-USDT-SWAP	+0.0219%	8h	94.430	+0.121%	$22.8M	$60.6M	50x	as long as short
Phoenix CRCL	+0.0228%	1h	94.507	+0.203%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.352	+0.038%	$3.1M	$2.4M	10x	as long as short
Bitget CRCLUSDT	+0.0325%	8h	94.440	+0.131%	$16.7M	$35.2M	25x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.830	+0.545%	$5K	$20K	30x	as long as short
Arcus CRCL-USD	+0.0560%	1h	94.410	+0.100%	$97K	$274K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.1341%	1h	94.420	+0.110%	$4K	$771K	10x	as long as short