Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.012%

Price spread now: Polymarket Perps against Orderly−0.136%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Polymarket Perps

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Polymarket Perps is 0.136% cheaper against Orderly than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_CRCL_USDC_mythos	91.930	0.0100	pay 0.0100% / 8h	6h 54m	$917	$1K	10x
Short	Polymarket Perps CRCL-USD	91.805	0.0050	get 0.0006% / 1h	54m 10s	$377K	$954K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Orderly. 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 OrderlybpFee Polymarket PerpsbpOrdersPrice spread, now −0.136%Rate

Funding earned: −$10.5
Price spread: −0.136% → 0.000%: −$13.6
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$38.1
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 24 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 24 min ago	540.18 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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
Ondo Perps CRCL-USD.P	−0.0106%	1h	91.660	−0.294%	$1.1M	$4.2M	10x	as long as short
Vest CRCL-USD-PERP	−0.0063%	1h	91.670	−0.283%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	91.940	+0.011%	$17.9M	$35.2M	25x	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.880	−0.054%	$1.0M	$46K	10x	as long as short
SoDEX CRCL-USD	+0.0001%	1h	91.875	−0.060%	$46K	$3K	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	91.690	−0.261%	$867K	$686K	10x	as long as short
Gate CRCL_USDT	+0.0009%	8h	91.890	−0.044%	$7.2M	$25.4M	50x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.953	+0.025%	$989K	$2.3M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	92.323	+0.427%	$2K	$30K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	91.819	−0.121%	$67.2M	$41.2M	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-USDshort	+0.0050%	1h	91.805	−0.136%	$377K	$954K	10x
Bybit CRCLUSDT	+0.0076%	8h	91.890	−0.044%	$14.9M	$25.9M	50x	as long as short
QFEX CRCL-USD	+0.0080%	1h	91.720	−0.228%	$1.3M	$1.6M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.717	−0.232%	$134K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.850	−0.087%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.560	+0.685%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythoslong	+0.0100%	8h	91.930	long leg	$917	$1K	10x
Aevo CRCL-PERP	+0.0104%	1h	91.898	−0.035%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0157%	8h	91.738	−0.209%	$422	$766	5x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0186%	1h	91.870	−0.065%	$5K	$617K	10x	as long as short
Lighter CRCL	+0.0192%	1h	91.948	+0.020%	$3.0M	$2.0M	10x	as long as short
Variational Omni CRCL	+0.0249%	8h	92.487	+0.606%	$2.4M	$3.2M	—	as long as short
Phoenix CRCL	+0.0254%	1h	92.574	+0.701%	$27K	$66K	10x	as long as short
Aster CRCLUSDT	+0.0299%	8h	91.985	+0.060%	$1.0M	$4.9M	20x	as long as short
Extended CRCL_24_5-USD	+0.0304%	1h	91.862	−0.073%	$1.1M	$5.0M	10x	as long as short
Binance CRCLUSDT	+0.0307%	8h	91.940	+0.011%	$105.9M	$377.6M	50x	as long as short
OKX CRCL-USDT-SWAP	+0.0308%	8h	91.960	+0.033%	$22.5M	$59.2M	50x	as long as short
Nado CRCL-PERP	+0.0337%	1h	91.743	−0.204%	$148K	$111K	3x	as long as short
Arcus CRCL-USD	+0.0368%	1h	91.730	−0.218%	$95K	$268K	10x	as long as short
BloFin CRCL-USDT	+0.0436%	8h	92.070	+0.152%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	93.200	+1.381%	$39K	$172K	30x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	91.845	−0.092%	$410K	$255K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0581%	8h	92.547	+0.671%	$62K	$1.1M	10x	as long as short
edgeX CRCLUSDC	+0.0591%	4h	92.448	+0.564%	$53K	$268K	10x	as long as short