Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against Polymarket Perps+0.033%46s7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as 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−$960.963% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.091%−$9 on $10k

Price spread, last 3 days (all we have)−0.021%−$2 · spread now +0.033%, 7d avg +0.020%

Together, before fees−0.113%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 46 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	91.980	0.0050	pay 0.0006% / 1h	41m 28s	$356K	$1.1M	10x
Short	Phemex CRCLUSDT	92.010	0	get 0.0000% / 4h	2h 41m	$1.0M	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$10.5
Price spread: +0.033% → +0.020%: $1.27
Slippage, 4 orders: −$76.31
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$105.54
Costs to cover: 0.963%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Phemex: live order book, 1 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	2.44 bp	6.4 bp −$6	6.6 bp −$66	9.1 bp −$907	doesn't fit
Sell Phemex live order book, 1 min ago	1.63 bp	44.2 bp −$44	doesn't fit	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	−0.0107%	8h	92.040	+0.065%	$16.4M	$35.0M	25x	as long as short
Coinbase International CRCL-PERP-INTX	−0.0008%	1h	91.840	−0.152%	$919K	$581K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.010	+0.033%	$15.1M	$25.7M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	92.024	+0.048%	$420K	$300K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	92.070	+0.098%	$7.2M	$26.1M	50x	as long as short
GRVT CRCL_USDT_Perp	0.0000%	8h	92.081	+0.110%	$63K	$1.1M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	0.0000%	1h	91.960	−0.022%	$4K	$769K	10x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	92.010	+0.033%	$1.0M	$49K	10x
Variational Omni CRCL	+0.0014%	8h	91.991	+0.012%	$2.5M	$3.2M	—	as long as short
Vest CRCL-USD-PERP	+0.0014%	1h	91.790	−0.207%	—	$37K	25x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps CRCLUSD	+0.0027%	1h	92.296	+0.344%	$2K	$22K	5x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.010	+0.033%	$973K	$2.9M	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	92.110	+0.141%	$94K	$272K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.815	−0.179%	$69.3M	$41.8M	10x	as long as short
Polymarket Perps CRCL-USDlong	+0.0050%	1h	91.980	long leg	$356K	$1.1M	10x
SoDEX CRCL-USD	+0.0050%	1h	92.000	+0.022%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.950	−0.033%	$1.0M	$5.5M	10x	as long as short
QFEX CRCL-USD	+0.0057%	1h	91.980	0.000%	$1.3M	$2.4M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0083%	8h	92.000	+0.022%	$21.8M	$59.9M	50x	as long as short
Paradex CRCL-USD-PERP	+0.0086%	8h	92.051	+0.077%	$755	$740	5x	as long as short
Extended CRCL_24_5-USD	+0.0088%	1h	92.012	+0.035%	$1.1M	$5.7M	10x	as long as short
Binance CRCLUSDT	+0.0088%	8h	92.006	+0.028%	$105.3M	$391.5M	50x	as long as short
Aster CRCLUSDT	+0.0089%	8h	92.090	+0.120%	$1.1M	$4.9M	20x	as long as short
Pacifica CRCL	+0.0100%	1h	92.020	+0.043%	$129K	$154K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.150	+0.185%	$2.9M	$1.9M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.210	+0.250%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.970	−0.011%	$917	$3K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.974	−0.006%	$4	—	10x	as long as short
Nado CRCL-PERP	+0.0207%	1h	92.063	+0.090%	$142K	$94K	3x	as long as short
BloFin CRCL-USDT	+0.0222%	8h	92.330	+0.381%	$1.1M	$1.1M	20x	as long as short
Lighter CRCL	+0.0224%	1h	92.020	+0.043%	$3.0M	$2.3M	10x	as long as short
Phoenix CRCL	+0.0231%	1h	91.994	+0.015%	$27K	$92K	10x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	93.910	+2.098%	$5K	$19K	30x	as long as short
edgeX CRCLUSDC	+0.0628%	4h	92.314	+0.363%	$23K	$267K	10x	as long as short