Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h +0.019%

Price spread now: Bybit against Polymarket Perps−0.011%7-day average +0.134% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.191%+$19 on $10k

Price spread, last 7 days+0.153%+$15 · spread now −0.011%, 7d avg +0.134%

Together, before fees+0.344%+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.145% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$14 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 +0.191%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps CRCL-USD	91.610	0.0060	pay 0.0008% / 1h	4m 15s	$384K	$1.3M	10x
Short	Bybit CRCLUSDT	91.600	0	get 0.0000% / 8h	2h 04m	$14.7M	$26.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$12.63
Price spread: −0.011% → +0.134%: −$14.48
Slippage, 4 orders: −$8.96
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$55.07
Costs to cover: 0.280%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Bybit: 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 Polymarket Perps live order book, 4 min ago	2.40 bp	6.4 bp −$6	7.1 bp −$71	8.8 bp −$878	doesn't fit
Sell Bybit live order book, 4 min ago	0.55 bp	6.1 bp −$6	17.1 bp −$171	doesn't fit	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 CRCLUSDT	−0.0844%	8h	91.680	+0.076%	$17.5M	$37.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0082%	1h	91.390	−0.240%	—	$31K	25x	as long as short
Bybit CRCLUSDTshort	0.0000%	8h	91.600	−0.011%	$14.7M	$26.8M	50x
Gate CRCL_USDT	0.0000%	8h	91.660	+0.055%	$7.7M	$27.7M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.719	+0.119%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.650	+0.044%	$1.0M	$48K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.609	−0.001%	$977K	$2.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	91.546	−0.070%	$2K	$27K	5x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.610	0.000%	$93K	$289K	10x	as long as short
Aster CRCLUSDT	+0.0048%	8h	91.540	−0.076%	$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	91.568	−0.046%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.630	+0.022%	$1.1M	$5.2M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.640	+0.033%	$1.3M	$1.8M	10x	as long as short
Polymarket Perps CRCL-USDlong	+0.0060%	1h	91.610	long leg	$384K	$1.3M	10x
Binance CRCLUSDT	+0.0063%	8h	91.600	−0.011%	$104.6M	$397.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0064%	1h	91.584	−0.029%	$1.0M	$5.7M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.590	−0.022%	$892K	$606K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0078%	1h	91.577	−0.036%	$67.8M	$44.3M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	91.620	+0.011%	$134K	$159K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.610	0.000%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.570	−0.044%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.620	+0.011%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.613	+0.003%	$4	—	10x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.670	+0.065%	$417K	$277K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0147%	8h	91.730	+0.131%	$65K	$1.1M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0151%	8h	91.661	+0.055%	$422	$905	5x	as long as short
OKX CRCL-USDT-SWAP	+0.0157%	8h	91.620	+0.011%	$22.3M	$62.7M	50x	as long as short
BloFin CRCL-USDT	+0.0179%	8h	91.700	+0.098%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.654	+0.048%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0272%	1h	91.615	+0.005%	$2.9M	$2.4M	10x	as long as short
Nado CRCL-PERP	+0.0341%	1h	91.526	−0.092%	$133K	$108K	3x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	92.150	+0.589%	$5K	$19K	30x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0515%	1h	91.590	−0.022%	$5K	$769K	10x	as long as short
edgeX CRCLUSDC	+0.0609%	4h	91.726	+0.126%	$52K	$277K	10x	as long as short