Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0461%/8h= −50.5% APRpaid last 24h −0.018%

Price spread now: Phemex against Polymarket Perps−0.036%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$134as in the Funding arb table

Net, price: spread back to 7d avg − costs−$130as in the Price arb table

costs, in and out, $10k−$1251.245% 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 4 days (all we have)+0.027%+$3 · spread now −0.036%, 7d avg +0.016%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Phemex is 0.052% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.016%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.091% in total (about -4.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps CRCL-USD	95.654	0.0461	pay 0.0058% / 1h	54m 54s	$306K	$1.0M	10x
Short	Phemex CRCLUSDT	95.620	0	get 0.0000% / 4h	54m 54s	$1.1M	$47K	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 −0.036%Rate

Funding earned: −$96.9
Price spread: −0.036% → +0.016%: −$5.18
Slippage, 4 orders: −$104.52
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$226.6
Costs to cover: 1.245%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 1 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, 1 min ago	2.35 bp	6.7 bp −$7	7.5 bp −$75	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	10.45 bp	58.3 bp −$58	doesn't fit	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	−0.0024%	1h	95.490	−0.171%	$871K	$805K	10x	as long as short
Bybit CRCLUSDT	0.0000%	8h	95.640	−0.015%	$15.6M	$28.4M	50x	as long as short
RISEx CRCL/USDC	0.0000%	1h	95.656	+0.002%	$425K	$228K	10x	as long as short
Bitget CRCLUSDT	0.0000%	8h	95.630	−0.025%	$19.0M	$38.3M	25x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	95.620	−0.036%	$1.1M	$47K	10x
QFEX CRCL-USD	+0.0014%	1h	95.600	−0.056%	$1.4M	$1.7M	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	95.665	+0.011%	$1.0M	$2.6M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0033%	1h	94.681	−1.017%	$2K	$29K	5x	as long as short
Injective CRCL/USDC PERP	+0.0033%	1h	95.630	−0.025%	$39K	$172K	30x	as long as short
Vest CRCL-USD-PERP	+0.0037%	1h	95.820	+0.174%	—	$30K	25x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CRCL_USDT	+0.0048%	8h	95.650	−0.004%	$7.8M	$25.9M	50x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	95.580	−0.077%	$1.0M	$4.3M	10x	as long as short
tradeXYZ xyz:CRCL	+0.0055%	1h	95.420	−0.245%	$69.4M	$44.0M	10x	as long as short
Arcus CRCL-USD	+0.0057%	1h	95.610	−0.046%	$96K	$231K	10x	as long as short
Pacifica CRCL	+0.0100%	1h	95.598	−0.059%	$142K	$149K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	95.650	−0.004%	$2.6M	$1.7M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	95.830	+0.184%	$99K	$26K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	95.650	−0.004%	$754	$2K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0100%	8h	95.645	−0.010%	$440	$477	5x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	95.699	+0.047%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0169%	8h	95.760	+0.110%	$2.7M	$3.3M	—	as long as short
Phoenix CRCL	+0.0197%	1h	94.470	−1.238%	$28K	$94K	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0223%	8h	95.650	−0.004%	$23.5M	$66.2M	50x	as long as short
Extended CRCL_24_5-USD	+0.0264%	1h	95.679	+0.026%	$1.1M	$4.0M	10x	as long as short
Binance CRCLUSDT	+0.0267%	8h	95.660	+0.006%	$110.8M	$388.2M	50x	as long as short
Aster CRCLUSDT	+0.0285%	8h	95.680	+0.027%	$1.2M	$4.7M	20x	as long as short
Nado CRCL-PERP	+0.0304%	1h	95.639	−0.016%	$153K	$91K	3x	as long as short
GRVT CRCL_USDT_Perp	+0.0328%	8h	96.099	+0.465%	$62K	$1.0M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0377%	1h	95.680	+0.027%	$5K	$415K	10x	as long as short
BloFin CRCL-USDT	+0.0386%	8h	95.660	+0.006%	$1.1M	$1.8M	20x	as long as short
Polymarket Perps CRCL-USDlong	+0.0461%	1h	95.654	long leg	$306K	$1.0M	10x
edgeX CRCLUSDC	+0.0551%	4h	95.621	−0.035%	$55K	$277K	10x	as long as short
Lighter CRCL	+0.0552%	1h	95.700	+0.048%	$3.3M	$2.4M	10x	as long as short
SoDEX CRCL-USD	+0.5716%	1h	95.641	−0.014%	$48K	$3K	10x	as long as short