CRCL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0018%/8h= −2.0% APRnext payment −$0.02 per $10,000 · paid last 24h +0.020%

Price spread now: Coinbase International against Polymarket Perps−0.181%47s7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.336% of the position

Long on Polymarket Perps Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.224%+$22 on $10k

Price spread, last 3 days (all we have)+0.205%+$20 · spread now −0.181%, 7d avg −0.013%

Together, before fees+0.428%+$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Coinbase International is 0.167% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.013%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.224%, so the current rate has only just turned against you. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps CRCL-USD	94.681	0.0050	pay 0.0006% / 1h	25m 26s	$367K	$1.1M	10x
Short	Coinbase International CRCL-PERP-INTX	94.510	0.0032	get 0.0004% / 1h	25m 26s	$940K	$723K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.181%Rate

Funding earned: −$3.78
Price spread: −0.181% → −0.013%: −$16.74
Slippage, 4 orders: −$15.63
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$54.15
Costs to cover: 0.336%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Coinbase International: live order book, 53 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	2.64 bp	6.6 bp −$7	6.8 bp −$68	10.2 bp −$1,018	doesn't fit
Sell Coinbase International live order book, 53 min ago	4.24 bp	9.2 bp −$9	14.3 bp −$143	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
Gate CRCL_USDT	0.0000%	8h	94.700	+0.020%	$7.2M	$27.7M	50x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.750	+0.073%	$1.0M	$51K	10x	as long as short
QFEX CRCL-USD	+0.0022%	1h	94.680	−0.001%	$1.4M	$2.8M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.741	+0.063%	$895K	$2.9M	10x	as long as short
Coinbase International CRCL-PERP-INTXshort	+0.0032%	1h	94.510	−0.181%	$940K	$723K	10x
Vest CRCL-USD-PERP	+0.0046%	1h	94.680	−0.001%	—	$45K	25x	as long as short
Polymarket Perps CRCL-USDlong	+0.0050%	1h	94.681	long leg	$367K	$1.1M	10x
SoDEX CRCL-USD	+0.0050%	1h	94.727	+0.049%	$48K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.650	−0.033%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0054%	1h	94.750	+0.073%	$2K	$21K	5x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CRCLUSDT	+0.0098%	8h	94.720	+0.041%	$15.6M	$25.9M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.666	−0.016%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.720	+0.041%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.670	−0.012%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.730	+0.052%	$944	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.746	+0.069%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0116%	8h	94.743	+0.065%	$777	$740	5x	as long as short
tradeXYZ xyz:CRCL	+0.0173%	1h	94.684	+0.003%	$71.1M	$42.9M	10x	as long as short
Variational Omni CRCL	+0.0174%	8h	94.744	+0.067%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0195%	8h	94.740	+0.062%	$22.9M	$60.8M	50x	as long as short
GRVT CRCL_USDT_Perp	+0.0223%	8h	94.781	+0.105%	$61K	$1.1M	10x	as long as short
Binance CRCLUSDT	+0.0231%	8h	94.710	+0.031%	$109.8M	$390.0M	50x	as long as short
Extended CRCL_24_5-USD	+0.0232%	1h	94.683	+0.003%	$1.1M	$3.8M	10x	as long as short
Aster CRCLUSDT	+0.0236%	8h	94.744	+0.066%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0273%	1h	94.681	0.000%	$127K	$73K	3x	as long as short
Phoenix CRCL	+0.0288%	1h	94.774	+0.098%	$28K	$92K	10x	as long as short
Bitget CRCLUSDT	+0.0304%	8h	94.700	+0.020%	$16.9M	$35.4M	25x	as long as short
Lighter CRCL	+0.0344%	1h	94.723	+0.044%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0346%	8h	94.750	+0.073%	$1.1M	$599K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.928%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.690	+0.010%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.710	+0.031%	$432K	$303K	10x	as long as short
edgeX CRCLUSDC	+0.0542%	4h	94.739	+0.061%	$24K	$269K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0701%	1h	94.770	+0.094%	$4K	$772K	10x	as long as short