Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.019%

Price spread now: Bybit against Polymarket Perps+0.063%7-day average +0.133% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$330.326% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.191%+$19 on $10k

Price spread, last 7 days+0.026%+$3 · spread now +0.063%, 7d avg +0.133%

Together, before fees+0.217%+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.069% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.133%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.191%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps CRCL-USD	91.602	0.0050	pay 0.0006% / 1h	33m 14s	$357K	$1.1M	10x
Short	Bybit CRCLUSDT	91.660	0	get 0.0000% / 8h	5h 33m	$15.0M	$25.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.063%Rate

Funding earned: −$10.5
Price spread: +0.063% → +0.133%: −$6.94
Slippage, 4 orders: −$13.58
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$50.02
Costs to cover: 0.326%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; Bybit: live order book, just now.

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, 5 min ago	2.13 bp	6.1 bp −$6	6.2 bp −$62	8.7 bp −$867	doesn't fit
Sell Bybit live order book, just now	0.55 bp	10.6 bp −$11	18.9 bp −$189	doesn't fit	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	−0.1324%	8h	91.650	+0.052%	$15.8M	$34.5M	25x	as long as short
Vest CRCL-USD-PERP	−0.0076%	1h	91.400	−0.221%	—	$35K	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0016%	1h	91.450	−0.166%	$902K	$527K	10x	as long as short
Extended CRCL_24_5-USD	0.0000%	1h	91.611	+0.010%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	0.0000%	8h	91.624	+0.024%	$104.3M	$384.6M	50x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.660	+0.063%	$15.0M	$25.7M	50x
RISEx CRCL/USDC	0.0000%	1h	91.630	+0.031%	$418K	$298K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.650	+0.052%	$7.1M	$26.6M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.607	+0.006%	$2.4M	$3.2M	—	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	91.646	+0.048%	$65K	$1.1M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	91.620	+0.020%	$4K	$767K	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.620	+0.020%	$1.0M	$49K	10x	as long as short
Aster CRCLUSDT	+0.0008%	8h	91.662	+0.065%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0012%	8h	91.650	+0.052%	$21.5M	$59.4M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0020%	1h	91.531	−0.078%	$2K	$23K	5x	as long as short
QFEX CRCL-USD	+0.0023%	1h	91.580	−0.024%	$1.3M	$2.1M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.653	+0.056%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.550	−0.057%	$93K	$273K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.603	+0.001%	$68.5M	$41.2M	10x	as long as short
Polymarket Perps CRCL-USDlong	+0.0050%	1h	91.602	long leg	$357K	$1.1M	10x
SoDEX CRCL-USD	+0.0050%	1h	91.599	−0.003%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.570	−0.035%	$996K	$5.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0067%	8h	91.633	+0.034%	$751	$740	5x	as long as short
BloFin CRCL-USDT	+0.0067%	8h	91.600	−0.002%	$1.1M	$1.3M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	91.580	−0.024%	$132K	$157K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.620	+0.020%	$2.8M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.610	+0.009%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.630	+0.031%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.617	+0.016%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0176%	1h	91.601	−0.001%	$131K	$104K	3x	as long as short
Phoenix CRCL	+0.0183%	1h	91.608	+0.007%	$27K	$84K	10x	as long as short
Lighter CRCL	+0.0192%	1h	91.659	+0.062%	$3.0M	$2.4M	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.200	+0.653%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0952%	4h	91.606	+0.004%	$23K	$267K	10x	as long as short