Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0054%/8h= −6.0% APRpaid last 24h 0.000%

Price spread now: Binance against Polymarket Perps−0.130%7-day average — · you buy dearer than you sell

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

Long on Polymarket Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$8 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Binance is 0.130% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.085%, 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 PENDLE-USD	2.5210	0.0100	pay 0.0013% / 1h	16m 10s	$16K	$19K	5x
Short	Binance PENDLEUSDT	2.5177	0.0046	get 0.0046% / 8h	2h 16m	$27.4M	$39.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.130%Rate

Funding earned: −$11.43
Price spread: −0.130% → 0.000%: −$12.99
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$42.42
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: no order-book sample; Binance: live order book, 11 min ago. 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell Binance live order book, 11 min ago	0.79 bp	13.0 bp −$13	31.1 bp −$311	158.0 bp −$15.8K	doesn't fit

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	−0.4806%	1h	2.5200	−0.040%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5256	+0.183%	$150K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0186%	1h	2.5191	−0.075%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5194	−0.063%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0020%	8h	2.5190	−0.079%	$1.3M	$741K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5189	−0.083%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5195	−0.060%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5183	−0.107%	$17.0M	$2.3M	125x	as long as short
Binance PENDLEUSDTshort	+0.0046%	8h	2.5177	−0.130%	$27.4M	$39.1M	75x
Extended PENDLE-USD	+0.0048%	1h	2.5173	−0.147%	$166K	$524K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0053%	8h	2.5229	+0.074%	$621K	$2.3M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.5189	−0.083%	$547K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5187	−0.093%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5203	−0.028%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5214	+0.016%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5183	−0.108%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5170	−0.159%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	−0.040%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5200	−0.040%	$842K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5205	−0.020%	$916K	$610K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5196	−0.056%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5174	−0.143%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5210	+0.002%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5216	+0.024%	$425K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5236	+0.103%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USDlong	+0.0100%	1h	2.5210	long leg	$16K	$19K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.5194	−0.063%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5203	−0.028%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.595%	$117K	$422K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0850%	1h	2.5249	+0.155%	$365K	$460K	15x	as long as short