Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0199%/8h= +21.8% APRpaid last 24h +0.030%

Price spread now: Polymarket Perps against Phemex+0.026%46s7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as 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−$940.941% 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+0.100%+$10 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now +0.026%, 7d avg −0.009%

Together, before fees+0.107%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Polymarket Perps is 0.036% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.009%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.100% in total (about 5.2% 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	Phemex CRCLUSDT	94.590	0	get 0.0000% / 4h	3h 07m	$1.0M	$47K	10x
Short	Polymarket Perps CRCL-USD	94.615	0.0199	get 0.0025% / 1h	7m 34s	$297K	$1.4M	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 +0.026%Rate

Funding earned: $41.78
Price spread: +0.026% → −0.009%: $3.58
Slippage, 4 orders: −$74.05
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$48.69
Costs to cover: 0.941%
Break-even: 15.2 days

Slippage from Phemex: live order book, 3 min ago; Polymarket Perps: live order book, 4 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, 3 min ago	0.53 bp	44.3 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	2.43 bp	7.2 bp −$7	8.7 bp −$87	10.3 bp −$1,032	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	−0.0040%	1h	94.470	−0.127%	$739K	$1.0M	10x	as long as short
RISEx CRCL/USDC	0.0000%	1h	94.622	+0.034%	$434K	$168K	10x	as long as short
Gate CRCL_USDT	0.0000%	8h	94.610	+0.021%	$7.7M	$26.1M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	94.583	−0.007%	$2.5M	$2.2M	—	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.590	long leg	$1.0M	$47K	10x
Bybit CRCLUSDT	+0.0023%	8h	94.610	+0.021%	$14.2M	$39.0M	50x	as long as short
Aftermath Perps CRCLUSD	+0.0037%	1h	94.569	−0.023%	$3K	$25K	5x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.620	+0.032%	—	$19K	25x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	94.606	+0.017%	$49K	$4K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.490	−0.106%	$1.1M	$2.8M	10x	as long as short

Show all 34 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0059%	1h	94.620	+0.032%	$1.4M	$1.8M	10x	as long as short
Extended CRCL_24_5-USD	+0.0088%	1h	94.626	+0.038%	$1.1M	$9.2M	10x	as long as short
Lighter RH CRCL	+0.0088%	1h	94.645	+0.058%	$1.3M	$2.9M	10x	as long as short
Binance CRCLUSDT	+0.0089%	8h	94.620	+0.032%	$116.0M	$438.7M	50x	as long as short
Pacifica CRCL	+0.0100%	1h	94.594	+0.005%	$146K	$138K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.610	+0.021%	$2.4M	$1.1M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.500	−0.095%	$87K	$48K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.610	+0.021%	$938	$3K	10x	as long as short
Aster CRCLUSDT	+0.0103%	8h	94.628	+0.040%	$1.2M	$3.2M	20x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.626	+0.038%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0108%	8h	94.620	+0.032%	$58K	$990K	10x	as long as short
edgeX CRCLUSDC	+0.0126%	4h	94.624	+0.036%	$54K	$302K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0137%	1h	94.545	−0.048%	$72.3M	$46.2M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0180%	8h	94.604	+0.015%	$435	$477	5x	as long as short
BloFin CRCL-USDT	+0.0199%	8h	94.620	+0.032%	$1.3M	$1.6M	20x	as long as short
Polymarket Perps CRCL-USDshort	+0.0199%	1h	94.615	+0.026%	$297K	$1.4M	10x
Lighter CRCL	+0.0208%	1h	94.604	+0.015%	$1.8M	$6.0M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0262%	8h	94.620	+0.032%	$25.5M	$78.9M	50x	as long as short
Phoenix CRCL	+0.0262%	1h	94.626	+0.038%	$29K	$100K	10x	as long as short
Nado CRCL-PERP	+0.0420%	1h	94.505	−0.090%	$508K	$400K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	95.070	+0.507%	$39K	$241K	30x	as long as short
Bitget CRCLUSDT	+0.0515%	8h	94.630	+0.042%	$19.6M	$44.2M	25x	as long as short
Arcus CRCL-USD	+0.0529%	1h	94.620	+0.032%	$113K	$362K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0808%	1h	94.610	+0.021%	$5K	$10K	10x	as long as short