Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0136%/8h= −14.9% APRpaid last 24h −0.019%

Price spread now: Orderly against Polymarket Perps−0.159%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 Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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 −$4 a day on $10k at the current rate, and Orderly is 0.159% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$16 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	2.5178	0.0100	pay 0.0013% / 1h	32m 10s	$16K	$20K	5x
Short	Orderly PERP_PENDLE_USDC	2.5138	−0.0036	pay 0.0036% / 8h	6h 32m	$20K	$16K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.159%Rate

Funding earned: −$28.57
Price spread: −0.159% → 0.000%: −$15.89
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$58.46
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: no order-book sample; Orderly: 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Polymarket Perps and Orderly: 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	2.4830	−1.382%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0704%	1h	2.5141	−0.147%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0249%	1h	2.5126	−0.207%	$77K	$236K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0127%	8h	2.5147	−0.123%	$422K	$1.7M	10x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.5122	−0.222%	$167K	$566K	10x	as long as short
Binance PENDLEUSDT	−0.0118%	8h	2.5131	−0.187%	$27.1M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0118%	8h	2.5145	−0.131%	$17.4M	$1.8M	125x	as long as short
Bybit PENDLEUSDT	−0.0090%	8h	2.5120	−0.230%	$15.3M	$12.1M	50x	as long as short
Variational Omni PENDLE	−0.0036%	8h	2.5186	+0.032%	$600K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDCshort	−0.0036%	8h	2.5138	−0.159%	$20K	$16K	10x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	−0.0007%	8h	2.5183	+0.019%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5178	0.000%	$11K	—	5x	as long as short
Gate PENDLE_USDT	0.0000%	8h	2.5120	−0.230%	$763K	$1.2M	75x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5130	−0.191%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0054%	1h	2.5146	−0.129%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5131	−0.187%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5167	−0.043%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5130	−0.191%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5141	−0.147%	$868K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5128	−0.199%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5131	−0.187%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5129	−0.196%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USDlong	+0.0100%	1h	2.5178	long leg	$16K	$20K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.5150	−0.111%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0122%	1h	2.5193	+0.060%	$12.9M	$6.4M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5175	−0.010%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0369%	1h	2.5196	+0.071%	$353K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5220	+0.167%	$146K	$472K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0865%	1h	2.5200	+0.087%	$117K	$290K	20x	as long as short