Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Orderly against Polymarket Perps+0.051%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Polymarket Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.051% dearer against Polymarket Perps than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps CRCL-USD	94.292	0.0050	pay 0.0006% / 1h	31m 37s	$365K	$1.1M	10x
Short	Orderly PERP_CRCL_USDC_mythos	94.340	0.0100	get 0.0100% / 8h	7h 31m	$941	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.051%Rate

Funding earned: $10.5
Price spread: +0.051% → 0.000%: $5.09
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: $1.59
Costs to cover: 0.140%
Break-even: 5.9 days

Slippage unknown: Polymarket Perps: live order book, 1 min ago; Orderly: no order-book sample. Net counts fees only.

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, 1 min ago	1.86 bp	7.3 bp −$7	7.5 bp −$75	9.7 bp −$968	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	94.210	−0.087%	$942K	$622K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	94.440	+0.157%	$15.5M	$25.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.440	+0.157%	$7.2M	$27.0M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	94.300	+0.008%	$68K	$1.1M	10x	as long as short
Phemex CRCLUSDT	0.0000%	4h	94.320	+0.030%	$1.0M	$51K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	94.428	+0.144%	$889K	$2.8M	10x	as long as short
Bitget CRCLUSDT	+0.0036%	8h	94.460	+0.178%	$17.0M	$34.7M	25x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	94.246	−0.049%	$2K	$22K	5x	as long as short
QFEX CRCL-USD	+0.0042%	1h	94.450	+0.168%	$1.4M	$2.6M	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.200	−0.098%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CRCLUSDC	+0.0047%	4h	94.288	−0.004%	$24K	$268K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	94.378	+0.091%	$71.8M	$42.2M	10x	as long as short
Polymarket Perps CRCL-USDlong	+0.0050%	1h	94.292	long leg	$365K	$1.1M	10x
SoDEX CRCL-USD	+0.0050%	1h	94.334	+0.045%	$47K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.330	+0.040%	$1.0M	$5.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	94.410	+0.125%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.390	+0.104%	$3.0M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.300	+0.008%	$69K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythosshort	+0.0100%	8h	94.340	+0.051%	$941	$3K	10x
Aevo CRCL-PERP	+0.0104%	1h	94.348	+0.059%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0105%	8h	94.445	+0.162%	$774	$740	5x	as long as short
Variational Omni CRCL	+0.0137%	8h	94.330	+0.041%	$2.5M	$3.1M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0154%	8h	94.480	+0.199%	$22.8M	$59.5M	50x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0174%	1h	94.310	+0.019%	$4K	$771K	10x	as long as short
Extended CRCL_24_5-USD	+0.0192%	1h	94.414	+0.129%	$1.1M	$5.9M	10x	as long as short
Binance CRCLUSDT	+0.0194%	8h	94.451	+0.169%	$109.4M	$386.3M	50x	as long as short
Aster CRCLUSDT	+0.0201%	8h	94.414	+0.130%	$1.1M	$4.9M	20x	as long as short
Nado CRCL-PERP	+0.0221%	1h	94.259	−0.035%	$132K	$76K	3x	as long as short
Phoenix CRCL	+0.0296%	1h	94.307	+0.016%	$28K	$92K	10x	as long as short
Lighter CRCL	+0.0296%	1h	94.443	+0.160%	$3.1M	$2.2M	10x	as long as short
BloFin CRCL-USDT	+0.0319%	8h	94.350	+0.062%	$1.1M	$560K	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	94.730	+0.465%	$5K	$19K	30x	as long as short
Arcus CRCL-USD	+0.0521%	1h	94.310	+0.019%	$96K	$273K	10x	as long as short
RISEx CRCL/USDC	+0.0677%	1h	94.435	+0.152%	$431K	$299K	10x	as long as short