Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0872%/8h= −95.5% APRpaid last 24h +0.041%

Price spread now: Bitget against Polymarket Perps+0.095%7-day average +0.134% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$330.333% of the position

Long on Polymarket Perps Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.281%+$28 on $10k

Price spread, last 7 days+0.055%+$5 · spread now +0.095%, 7d avg +0.134%

Together, before fees+0.335%+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Bitget is 0.039% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.134%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.281%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.281% in total (about 14.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps CRCL-USD	91.693	0.0066	pay 0.0008% / 1h	1m 22s	$384K	$1.3M	10x
Short	Bitget CRCLUSDT	91.780	−0.0806	pay 0.0806% / 8h	2h 01m	$17.5M	$37.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$183.14
Price spread: +0.095% → +0.134%: −$3.9
Slippage, 4 orders: −$13.28
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$220.32
Costs to cover: 0.333%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Bitget: live order book, 3 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	0.05 bp	9.9 bp −$10	9.9 bp −$99	12.4 bp −$1,236	doesn't fit
Sell Bitget live order book, 3 min ago	1.64 bp	10.0 bp −$10	14.2 bp −$142	54.6 bp −$5,463	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 CRCLUSDTshort	−0.0806%	8h	91.780	+0.095%	$17.5M	$37.1M	25x
Vest CRCL-USD-PERP	−0.0083%	1h	91.420	−0.298%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.720	+0.029%	$14.7M	$26.8M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.760	+0.073%	$7.8M	$27.9M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.719	+0.028%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.660	−0.036%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.722	+0.032%	$979K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.572	−0.132%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.600	−0.101%	$93K	$289K	10x	as long as short
Aster CRCLUSDT	+0.0049%	8h	91.626	−0.073%	$1.0M	$5.1M	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX CRCL-USD	+0.0050%	1h	91.660	−0.036%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.490	−0.221%	$1.1M	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.700	+0.008%	$1.3M	$1.8M	10x	as long as short
Binance CRCLUSDT	+0.0064%	8h	91.725	+0.035%	$104.9M	$397.8M	50x	as long as short
Extended CRCL_24_5-USD	+0.0064%	1h	91.662	−0.034%	$1.0M	$5.7M	10x	as long as short
Polymarket Perps CRCL-USDlong	+0.0066%	1h	91.693	long leg	$384K	$1.3M	10x
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.470	−0.243%	$891K	$605K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0086%	1h	91.668	−0.027%	$67.9M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.680	−0.014%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.630	−0.069%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.550	−0.156%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.700	+0.008%	$914	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.717	+0.026%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.705	+0.013%	$418K	$277K	10x	as long as short
Paradex CRCL-USD-PERP	+0.0155%	8h	91.687	−0.006%	$422	$905	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0155%	8h	91.635	−0.063%	$65K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0163%	8h	91.740	+0.051%	$22.3M	$62.8M	50x	as long as short
BloFin CRCL-USDT	+0.0183%	8h	91.630	−0.069%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.654	−0.043%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0280%	1h	91.715	+0.024%	$3.0M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0345%	1h	91.628	−0.071%	$134K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.150	+0.498%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0624%	1h	91.630	−0.069%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0761%	4h	91.595	−0.107%	$52K	$278K	10x	as long as short