Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.010%

Price spread now: GRVT against Polymarket Perps+0.050%63s7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as 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−$310.313% of the position

Long on Polymarket Perps Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 3 days (all we have)+0.086%+$9 · spread now +0.050%, 7d avg +0.053%

Together, before fees+0.196%+ Points / potential airdropGRVT: Active · farm board+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.053%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.110%, so the current rate has only just turned against you. The two prices were read 63 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	94.294	0.0050	pay 0.0006% / 1h	36m 07s	$365K	$1.1M	10x
Short	GRVT CRCL_USDT_Perp	94.341	0	get 0.0000% / 8h	7h 36m	$68K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.050%Rate

Funding earned: −$10.5
Price spread: +0.050% → +0.053%: −$0.35
Slippage, 4 orders: −$14.28
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$42.13
Costs to cover: 0.313%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; GRVT: 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 Polymarket Perps live order book, 2 min ago	1.96 bp	7.3 bp −$7	7.6 bp −$76	9.6 bp −$958	doesn't fit
Sell GRVT live order book, 2 min ago	0.53 bp	9.5 bp −$10	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
Coinbase International CRCL-PERP-INTX	−0.0064%	1h	94.100	−0.206%	$941K	$619K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.350	+0.059%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perpshort	0.0000%	8h	94.341	+0.050%	$68K	$1.1M	10x
Phemex CRCLUSDT	0.0000%	4h	94.300	+0.006%	$1.0M	$51K	10x	as long as short
Bybit CRCLUSDT	+0.0030%	8h	94.360	+0.070%	$15.5M	$25.8M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.350	+0.059%	$891K	$2.8M	10x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.350	+0.059%	$1.4M	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0043%	1h	94.233	−0.064%	$2K	$22K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.200	−0.100%	—	$37K	25x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.289	−0.005%	$71.7M	$42.1M	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-USDlong	+0.0050%	1h	94.294	long leg	$365K	$1.1M	10x
SoDEX CRCL-USD	+0.0050%	1h	94.323	+0.031%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.170	−0.132%	$1.1M	$5.7M	10x	as long as short
Bitget CRCLUSDT	+0.0064%	8h	94.370	+0.081%	$17.0M	$34.9M	25x	as long as short
Pacifica CRCL	+0.0100%	1h	94.284	−0.011%	$75K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.360	+0.070%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.220	−0.078%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.340	+0.049%	$941	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.341	+0.049%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0110%	8h	94.371	+0.082%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0137%	8h	94.330	+0.039%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0157%	8h	94.350	+0.059%	$22.8M	$60.1M	50x	as long as short
Extended CRCL_24_5-USD	+0.0200%	1h	94.320	+0.028%	$1.1M	$5.3M	10x	as long as short
Binance CRCLUSDT	+0.0204%	8h	94.350	+0.059%	$109.3M	$387.3M	50x	as long as short
Aster CRCLUSDT	+0.0209%	8h	94.360	+0.070%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0231%	1h	94.280	−0.015%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.226	−0.072%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0304%	1h	94.369	+0.080%	$3.0M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0324%	8h	94.310	+0.017%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.730	+0.462%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0464%	4h	94.309	+0.016%	$24K	$268K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0493%	1h	94.340	+0.049%	$4K	$771K	10x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.260	−0.036%	$96K	$276K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.350	+0.059%	$430K	$299K	10x	as long as short