Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0196%/8h= −21.4% APRpaid last 24h −0.015%

Price spread now: BloFin against Polymarket Perps+0.228%105s7-day average — · you sell dearer than you buy

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

Long on Polymarket Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. BloFin is 0.228% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.228% now, against zero (this spread has no 7-day history yet)): +$23 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 3.9 days. Mind the row above: over the last 7 days funding on this pair paid +0.068%, so the current rate has only just turned against you. The two prices were read 105 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 0.068% in total (about 3.6% 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 PENDLE-USD	2.5036	0.0100	pay 0.0013% / 1h	15m 26s	$16K	$8K	5x
Short	BloFin PENDLE-USDT	2.5093	−0.0096	pay 0.0096% / 8h	5h 15m	$1.3M	$655K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Polymarket Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpOrdersPrice spread, now +0.228%Rate

Funding earned: −$41.06
Price spread: +0.228% → 0.000%: $22.77
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$38.29
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Polymarket Perps: no order-book sample; BloFin: live order book, 2 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 BloFin live order book, 2 min ago	0.60 bp	11.8 bp −$12	26.8 bp −$268	doesn't fit	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	−0.4938%	1h	2.4720	−1.262%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDTshort	−0.0096%	8h	2.5093	+0.228%	$1.3M	$655K	75x
Binance PENDLEUSDT	−0.0074%	8h	2.5015	−0.084%	$26.7M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.5008	−0.112%	$17.5M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5001	−0.141%	$163K	$570K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0069%	1h	2.5032	−0.016%	$26K	$14K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5036	0.000%	$20K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0023%	8h	2.5020	−0.062%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5028	−0.032%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0017%	8h	2.5015	−0.083%	$563K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0042%	8h	2.5020	−0.064%	$725K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.5014	−0.089%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5019	−0.068%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0084%	8h	2.5085	+0.196%	$415K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5014	−0.088%	$534K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5003	−0.132%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5065	+0.116%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5002	−0.136%	$15.0M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5010	−0.104%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5033	−0.012%	$855K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5007	−0.116%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5022	−0.056%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5077	+0.162%	$25K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5085	+0.196%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USDlong	+0.0100%	1h	2.5036	long leg	$16K	$8K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.5024	−0.048%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.5037	+0.004%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5100	+0.256%	$148K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0747%	1h	2.5079	+0.174%	$117K	$277K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0783%	1h	2.5067	+0.124%	$362K	$488K	15x	as long as short