Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.005%

Price spread now: Gate against Polymarket Perps−0.054%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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 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 −$1 a day on $10k at the current rate, and Gate is 0.054% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$5 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 +0.110%, 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	2.4213	0.0100	pay 0.0013% / 1h	24m 14s	$16K	$4K	5x
Short	Gate PENDLE_USDT	2.4200	0.0064	get 0.0064% / 8h	24m 14s	$760K	$1.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.054%Rate

Funding earned: −$7.56
Price spread: −0.054% → 0.000%: −$5.37
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$35.93
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: no order-book sample; Gate: live order book, 3 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 Gate live order book, 3 min ago	4.13 bp	21.1 bp −$21	136.6 bp −$1,366	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	−0.4810%	1h	2.3920	−1.210%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0205%	1h	2.4187	−0.107%	$24K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4179	−0.140%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4225	+0.051%	$10K	—	5x	as long as short
Binance PENDLEUSDT	+0.0008%	8h	2.4181	−0.132%	$25.4M	$46.0M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4173	−0.165%	$157K	$927K	10x	as long as short
MEXC PENDLE_USDT	+0.0009%	8h	2.4170	−0.178%	$17.9M	$2.1M	125x	as long as short
ApeX Omni PENDLEUSDT	+0.0023%	1h	2.4203	−0.041%	$74K	$232K	50x	as long as short
BloFin PENDLE-USDT	+0.0032%	8h	2.4188	−0.103%	$1.1M	$501K	75x	as long as short
Gate PENDLE_USDTshort	+0.0064%	8h	2.4200	−0.054%	$760K	$1.1M	75x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4226	+0.054%	$409K	$2.5M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4171	−0.171%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0084%	1h	2.4183	−0.123%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4194	−0.078%	$521K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4170	−0.176%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4208	−0.020%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4201	−0.050%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4170	−0.178%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4190	−0.095%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4211	−0.008%	$719K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4178	−0.145%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4185	−0.116%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4186	−0.113%	$563K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4218	+0.022%	$24K	$368K	10x	as long as short
Polymarket Perps PENDLE-USDlong	+0.0100%	1h	2.4213	long leg	$16K	$4K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.4203	−0.041%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4218	+0.021%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0642%	1h	2.4247	+0.140%	$350K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4260	+0.194%	$156K	$506K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1529%	1h	2.4246	+0.137%	$115K	$262K	20x	as long as short