PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0362%/8h= +39.6% APRnext payment +$0.45 per $10,000 · paid last 24h +0.046%

Price spread now: Polymarket Perps against Deribit−0.370%48s7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Polymarket Perps

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

Funding pays, the price is against you. Polymarket Perps is 0.370% cheaper against Deribit than usual: you would sell low and buy high (spread −0.370% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$37 on $10k: about 3.4 days of funding at the current rate (+$11 a day). The two prices were read 48 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	Deribit PENDLE_USDC-PERPETUAL	2.5386	−0.0262	get 0.0033% / 1h	6m 18s	$26K	$14K	10x
Short	Polymarket Perps PENDLE-USD	2.5292	0.0100	get 0.0013% / 1h	6m 18s	$16K	$20K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Deribit. 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 DeribitbpFee Polymarket PerpsbpOrdersPrice spread, now −0.370%Rate

Funding earned: $75.98
Price spread: −0.370% → 0.000%: −$37.03
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $23.96
Costs to cover: 0.150%
Break-even: 4.8 days

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

Deribit and 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	−0.4643%	1h	2.5030	−1.402%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0262%	1h	2.5386	long leg	$26K	$14K	10x
Bybit PENDLEUSDT	−0.0208%	8h	2.5260	−0.496%	$15.5M	$12.0M	50x	as long as short
Binance PENDLEUSDT	−0.0100%	8h	2.5257	−0.508%	$27.3M	$42.8M	75x	as long as short
MEXC PENDLE_USDT	−0.0099%	8h	2.5279	−0.421%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.5260	−0.496%	$165K	$565K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0095%	8h	2.5402	+0.065%	$420K	$1.7M	10x	as long as short
BloFin PENDLE-USDT	−0.0080%	8h	2.5375	−0.043%	$1.3M	$663K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0057%	1h	2.5447	+0.240%	$78K	$237K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0026%	8h	2.5260	−0.496%	$20K	$16K	10x	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	−0.0024%	8h	2.5356	−0.119%	$611K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5350	−0.142%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0039%	8h	2.5311	−0.296%	$47K	$181K	10x	as long as short
Reya PENDLERUSDPERP	+0.0052%	1h	2.5277	−0.429%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5250	−0.534%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5326	−0.236%	$538K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5268	−0.465%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5250	−0.536%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5310	−0.299%	$791K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5339	−0.185%	$880K	$589K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5269	−0.461%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5256	−0.512%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5435	+0.192%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USDshort	+0.0100%	1h	2.5292	−0.370%	$16K	$20K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.5381	−0.020%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5279	−0.420%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0358%	1h	2.5349	−0.146%	$13.1M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0612%	1h	2.5435	+0.194%	$118K	$291K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5400	+0.055%	$144K	$464K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0901%	1h	2.5413	+0.106%	$356K	$487K	15x	as long as short