Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0115%/8h= −12.6% APRpaid last 24h −0.034%

Price spread now: Bybit against Polymarket Perps−0.096%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 Bybit

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 against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.096% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps PENDLE-USD	2.5074	0.0100	pay 0.0013% / 1h	9m 52s	$16K	$20K	5x
Short	Bybit PENDLEUSDT	2.5050	−0.0015	pay 0.0015% / 8h	6h 09m	$15.2M	$12.0M	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 −0.096%Rate

Funding earned: −$24.2
Price spread: −0.096% → 0.000%: −$9.57
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$52.77
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	2.00 bp	15.4 bp −$15	45.8 bp −$458	274.1 bp −$27.4K	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 29 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	2.4870	−0.814%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0587%	1h	2.5077	+0.012%	$26K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0136%	1h	2.5044	−0.119%	$163K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0133%	8h	2.5045	−0.117%	$26.9M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0131%	8h	2.5043	−0.124%	$17.3M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0121%	8h	2.5086	+0.049%	$422K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0097%	1h	2.5098	+0.096%	$77K	$236K	50x	as long as short
Gate PENDLE_USDT	−0.0047%	8h	2.5050	−0.096%	$761K	$1.2M	75x	as long as short
Variational Omni PENDLE	−0.0044%	8h	2.5046	−0.113%	$612K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5045	−0.116%	$20K	$16K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	−0.0038%	8h	2.5081	+0.026%	$50K	$181K	10x	as long as short
Bybit PENDLEUSDTshort	−0.0015%	8h	2.5050	−0.096%	$15.2M	$12.0M	50x
dYdX PENDLE-USD	0.0000%	1h	2.5092	+0.074%	$11K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5048	−0.106%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0056%	1h	2.5058	−0.066%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5044	−0.120%	$533K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5060	−0.058%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5058	−0.064%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	−0.096%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5090	+0.064%	$866K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5029	−0.179%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5033	−0.164%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5110	+0.143%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USDlong	+0.0100%	1h	2.5074	long leg	$16K	$20K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.5059	−0.060%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5064	−0.040%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0393%	1h	2.5103	+0.116%	$352K	$481K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5260	+0.742%	$145K	$473K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0868%	1h	2.5112	+0.153%	$117K	$289K	20x	as long as short