Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.018%

Price spread now: Polymarket Perps against Phemex−0.042%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$880.883% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.051%+$5 · spread now −0.042%, 7d avg −0.016%

Together, before fees+0.142%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.026% cheaper against Phemex than usual: you would sell low and buy high (spread −0.042% now, against its 7-day average of −0.016%). If the spread goes back, that is −$3 on $10k: about 41 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	92.890	0	get 0.0000% / 4h	1h 43m	$1.0M	$45K	10x
Short	Polymarket Perps CRCL-USD	92.851	0.0050	get 0.0006% / 1h	43m 58s	$381K	$847K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Phemex. 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 PhemexbpFee Polymarket PerpsbpOrdersPrice spread, now −0.042%Rate

Funding earned: $10.5
Price spread: −0.042% → −0.016%: −$2.57
Slippage, 4 orders: −$68.29
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$80.35
Costs to cover: 0.883%
Break-even: 60.6 days

Slippage from Phemex: live order book, 2 min ago; Polymarket Perps: 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 Phemex live order book, 2 min ago	1.08 bp	37.4 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	2.53 bp	6.5 bp −$7	6.8 bp −$68	doesn't fit	doesn't fit

CRCL on 34 exchanges

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	−0.0048%	1h	92.950	+0.065%	$869K	$748K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	92.910	+0.022%	$15.0M	$25.1M	50x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.950	+0.065%	$18.6M	$33.4M	25x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	92.890	long leg	$1.0M	$45K	10x
Vest CRCL-USD-PERP	0.0000%	1h	92.850	−0.043%	—	$30K	25x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.963	+0.079%	$998K	$2.5M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0041%	1h	92.974	+0.090%	$2K	$29K	5x	as long as short
tradeXYZ xyz:CRCL	+0.0050%	1h	92.980	+0.097%	$67.9M	$40.2M	10x	as long as short
Polymarket Perps CRCL-USDshort	+0.0050%	1h	92.851	−0.042%	$381K	$847K	10x
SoDEX CRCL-USD	+0.0050%	1h	92.907	+0.018%	$47K	$3K	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.810	−0.086%	$1.0M	$3.8M	10x	as long as short
QFEX CRCL-USD	+0.0055%	1h	92.910	+0.022%	$1.3M	$1.6M	10x	as long as short
Injective CRCL/USDC PERP	+0.0072%	1h	92.090	−0.861%	$38K	$172K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0073%	1h	92.930	+0.043%	$5K	$415K	10x	as long as short
Gate CRCL_USDT	+0.0079%	8h	92.990	+0.108%	$7.5M	$25.3M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	92.910	+0.022%	$139K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.950	+0.065%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	93.030	+0.151%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.980	+0.097%	$927	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.962	+0.078%	$4	—	10x	as long as short
Paradex CRCL-USD-PERP	+0.0109%	8h	92.886	−0.004%	$427	$477	5x	as long as short
Phoenix CRCL	+0.0197%	1h	93.210	+0.344%	$28K	$66K	10x	as long as short
Arcus CRCL-USD	+0.0214%	1h	92.860	−0.032%	$93K	$210K	10x	as long as short
edgeX CRCLUSDC	+0.0218%	4h	93.043	+0.164%	$53K	$270K	10x	as long as short
Nado CRCL-PERP	+0.0290%	1h	92.855	−0.037%	$155K	$94K	3x	as long as short
Variational Omni CRCL	+0.0306%	8h	93.001	+0.120%	$2.5M	$3.3M	—	as long as short
OKX CRCL-USDT-SWAP	+0.0314%	8h	92.920	+0.032%	$22.9M	$56.7M	50x	as long as short
Lighter CRCL	+0.0320%	1h	93.003	+0.122%	$3.0M	$2.1M	10x	as long as short
Aster CRCLUSDT	+0.0379%	8h	92.988	+0.106%	$1.1M	$4.4M	20x	as long as short
Extended CRCL_24_5-USD	+0.0384%	1h	92.879	−0.012%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0385%	8h	92.930	+0.043%	$107.5M	$352.1M	50x	as long as short
BloFin CRCL-USDT	+0.0512%	8h	92.930	+0.043%	$1.1M	$1.7M	20x	as long as short
RISEx CRCL/USDC	+0.0528%	1h	92.925	+0.038%	$417K	$233K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0773%	8h	93.081	+0.206%	$61K	$1.0M	10x	as long as short