Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0270%/8h= +29.6% APRpaid last 24h +0.034%

Price spread now: Polymarket Perps against Bybit+0.152%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Polymarket Perps is 0.152% dearer against Bybit than usual: you sell high and buy low: +$15 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.034% in total (about 1.8% 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	Bybit PENDLEUSDT	2.4986	−0.0170	get 0.0170% / 8h	6h 54m	$15.3M	$12.0M	50x
Short	Polymarket Perps PENDLE-USD	2.5024	0.0100	get 0.0013% / 1h	54m 34s	$16K	$20K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Bybit. 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 BybitbpFee Polymarket PerpsbpOrdersPrice spread, now +0.152%Rate

Funding earned: $56.71
Price spread: +0.152% → 0.000%: $15.21
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $52.92
Costs to cover: 0.190%
Break-even: 0.5 days

Slippage unknown: Bybit: live order book, 4 min ago; Polymarket Perps: no order-book sample. Net counts fees only.

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 Bybit live order book, 4 min ago	3.98 bp	14.6 bp −$15	42.5 bp −$425	doesn't fit	doesn't fit
Sell Polymarket Perps no order-book sample	—	—	—	—	—

Polymarket Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PENDLE on 30 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
Injective PENDLE/USDC PERP	−0.4742%	1h	2.4850	−0.544%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0934%	1h	2.5163	+0.708%	$77K	$237K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0906%	1h	2.5049	+0.252%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDTlong	−0.0170%	8h	2.4986	long leg	$15.3M	$12.0M	50x
GRVT PENDLE_USDT_Perp	−0.0147%	8h	2.5089	+0.412%	$420K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0114%	8h	2.4999	+0.052%	$27.0M	$43.1M	75x	as long as short
MEXC PENDLE_USDT	−0.0113%	8h	2.5019	+0.132%	$17.2M	$1.8M	125x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.4993	+0.028%	$163K	$565K	10x	as long as short
BloFin PENDLE-USDT	−0.0093%	8h	2.5041	+0.220%	$1.3M	$652K	75x	as long as short
Variational Omni PENDLE	−0.0035%	8h	2.5006	+0.081%	$596K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0029%	8h	2.5033	+0.188%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5060	+0.296%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0007%	8h	2.5054	+0.274%	$50K	$181K	10x	as long as short
Gate PENDLE_USDT	+0.0014%	8h	2.5020	+0.136%	$782K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5004	+0.072%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5030	+0.175%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5044	+0.232%	$533K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4997	+0.046%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5010	+0.096%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5021	+0.140%	$850K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4978	−0.032%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5016	+0.120%	—	$33.8M	—	as long as short
Backpack PENDLE_USDC_PERP	+0.0100%	1h	2.5087	+0.404%	$352K	$485K	15x	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5136	+0.602%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USDshort	+0.0100%	1h	2.5024	+0.152%	$16K	$20K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.5041	+0.220%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5013	+0.110%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0195%	1h	2.5055	+0.276%	$12.9M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5080	+0.376%	$144K	$464K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0868%	1h	2.5100	+0.458%	$117K	$290K	20x	as long as short