Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h +0.005%

Price spread now: Polymarket Perps against Gate−0.106%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Polymarket Perps

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

Funding pays, the price is against you. Polymarket Perps is 0.106% cheaper against Gate than usual: you would sell low and buy high (spread −0.106% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 13 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.110%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.5410	0.0072	pay 0.0072% / 8h	7h 10m	$791K	$1.2M	75x
Short	Polymarket Perps PENDLE-USD	2.5383	0.0100	get 0.0013% / 1h	10m 48s	$16K	$20K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Gate. 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 GatebpFee Polymarket PerpsbpOrdersPrice spread, now −0.106%Rate

Funding earned: $5.88
Price spread: −0.106% → 0.000%: −$10.63
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$27.75
Costs to cover: 0.230%
Break-even: 40.0 days

Slippage unknown: Gate: live order book, 1 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 Gate live order book, 1 min ago	5.92 bp	27.2 bp −$27	191.3 bp −$1,913	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	−0.4643%	1h	2.5030	−1.495%	$2K	$54K	5.5x	as long as short
Bybit PENDLEUSDT	−0.0213%	8h	2.5420	+0.039%	$15.6M	$12.0M	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0183%	1h	2.5376	−0.134%	$26K	$14K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0133%	8h	2.5346	−0.252%	$419K	$1.7M	10x	as long as short
Binance PENDLEUSDT	−0.0098%	8h	2.5427	+0.065%	$27.5M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0098%	8h	2.5422	+0.047%	$17.2M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.5414	+0.017%	$165K	$565K	10x	as long as short
BloFin PENDLE-USDT	−0.0087%	8h	2.5350	−0.236%	$1.3M	$675K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0076%	1h	2.5345	−0.256%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0025%	8h	2.5375	−0.138%	$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	−0.213%	$611K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5355	−0.216%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0043%	8h	2.5365	−0.176%	$48K	$173K	10x	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5368	−0.166%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5376	−0.134%	$27K	—	3x	as long as short
Gate PENDLE_USDTlong	+0.0072%	8h	2.5410	long leg	$791K	$1.2M	75x
Lighter PENDLE	+0.0096%	1h	2.5367	−0.169%	$539K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5354	−0.221%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5420	+0.039%	$3.3M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5437	+0.106%	$886K	$588K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5421	+0.043%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5420	+0.039%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5317	−0.364%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USDshort	+0.0100%	1h	2.5383	−0.106%	$16K	$20K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.5373	−0.146%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5389	−0.081%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0359%	1h	2.5497	+0.342%	$13.1M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0612%	1h	2.5430	+0.080%	$118K	$292K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5400	−0.039%	$143K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0885%	1h	2.5425	+0.059%	$356K	$489K	15x	as long as short