Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0168%/8h= +18.4% APRpaid last 24h +0.015%

Price spread now: Polymarket Perps against BloFin+0.028%105s7-day average — · you sell dearer than you buy

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

Long on BloFin Short on Polymarket Perps

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

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Polymarket Perps is 0.028% dearer against BloFin than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.068%, so the current rate has only just turned in your favour. The two prices were read 105 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENDLE-USDT	2.4653	−0.0068	get 0.0068% / 8h	4h 23m	$1.1M	$605K	75x
Short	Polymarket Perps PENDLE-USD	2.4660	0.0100	get 0.0013% / 1h	23m 20s	$16K	$8K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against BloFin. 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 BloFinbpFee Polymarket PerpsbpOrdersPrice spread, now +0.028%Rate

Funding earned: $35.3
Price spread: +0.028% → 0.000%: $2.84
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $18.13
Costs to cover: 0.200%
Break-even: 3.4 days

Slippage unknown: BloFin: live order book, 9 min ago; Polymarket Perps: 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 BloFin live order book, 9 min ago	2.23 bp	11.9 bp −$12	22.7 bp −$227	doesn't fit	doesn't fit
Sell Polymarket Perps no order-book sample	—	—	—	—	—

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	−0.4334%	1h	2.4340	−1.270%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDTlong	−0.0068%	8h	2.4653	long leg	$1.1M	$605K	75x
Gate PENDLE_USDT	−0.0067%	8h	2.4670	+0.069%	$720K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4630	−0.094%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0054%	8h	2.4632	−0.085%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0054%	8h	2.4633	−0.081%	$17.3M	$2.0M	125x	as long as short
Aster PENDLEUSDT	−0.0040%	8h	2.4659	+0.025%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4637	−0.065%	$19K	$15K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0034%	1h	2.4648	−0.020%	$25K	$14K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	−0.033%	$10K	—	5x	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	+0.0048%	8h	2.4650	−0.010%	$553K	$1.5M	—	as long as short
Reya PENDLERUSDPERP	+0.0065%	1h	2.4639	−0.055%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4630	−0.091%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4649	−0.016%	$517K	$424K	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0096%	8h	2.4681	+0.113%	$408K	$1.9M	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4628	−0.100%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4640	−0.053%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4640	−0.053%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4647	−0.024%	$866K	$576K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4624	−0.118%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4633	−0.081%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4644	−0.038%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4642	−0.045%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USDshort	+0.0100%	1h	2.4660	+0.028%	$16K	$8K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.4661	+0.032%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4647	−0.025%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0385%	1h	2.4677	+0.097%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+0.677%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0736%	1h	2.4703	+0.203%	$357K	$467K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4682	+0.116%	$115K	$269K	20x	as long as short