Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0107%/8h= +11.8% APRpaid last 24h +0.024%

Price spread now: Polymarket Perps against Orderly+0.070%7-day average — · you sell dearer than you buy

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

Long on Orderly 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

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Polymarket Perps is 0.070% dearer against Orderly than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.4129	−0.0007	get 0.0007% / 8h	4h 09m	$18K	$15K	10x
Short	Polymarket Perps PENDLE-USD	2.4146	0.0100	get 0.0013% / 1h	9m 59s	$16K	$4K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Orderly. 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 OrderlybpFee Polymarket PerpsbpOrdersPrice spread, now +0.070%Rate

Funding earned: $22.57
Price spread: +0.070% → 0.000%: $7.05
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $15.62
Costs to cover: 0.140%
Break-even: 2.2 days

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

Orderly 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 exchanges

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	−0.3596%	1h	2.3930	−0.825%	$2K	$52K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0138%	1h	2.4162	+0.135%	$125K	$255K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0081%	1h	2.4134	+0.021%	$24K	$10K	10x	as long as short
Binance PENDLEUSDT	−0.0067%	8h	2.4161	+0.132%	$24.9M	$47.3M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4157	+0.116%	$155K	$938K	10x	as long as short
MEXC PENDLE_USDT	−0.0061%	8h	2.4160	+0.128%	$18.6M	$2.1M	125x	as long as short
BloFin PENDLE-USDT	−0.0041%	8h	2.4146	+0.070%	$1.1M	$523K	75x	as long as short
Aster PENDLEUSDT	−0.0030%	8h	2.4166	+0.152%	$50K	$165K	10x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0007%	8h	2.4129	long leg	$18K	$15K	10x
dYdX PENDLE-USD	0.0000%	1h	2.4182	+0.219%	$10K	—	5x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0057%	8h	2.4240	+0.461%	$408K	$3.3M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4127	−0.008%	$25K	—	3x	as long as short
Variational Omni PENDLE	+0.0087%	8h	2.4123	−0.023%	$553K	$862K	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4149	+0.083%	$641K	$538K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4134	+0.021%	$34K	—	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4152	+0.095%	$14.5M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4170	+0.170%	$3.1M	$6.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4140	+0.046%	$810K	$933K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4157	+0.116%	$635K	$503K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4162	+0.137%	$3.9M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4154	+0.104%	—	$8.1M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4251	+0.506%	$22K	$361K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4211	+0.340%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USDshort	+0.0100%	1h	2.4146	+0.070%	$16K	$4K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.4138	+0.037%	$2K	$1.8M	20x	as long as short
Reya PENDLERUSDPERP	+0.0104%	1h	2.4133	+0.018%	$3K	—	15x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0174% / S −0.0164%	1h	2.4137	+0.035%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0204%	1h	2.4174	+0.186%	$12.9M	$5.8M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.4250	+0.501%	$163K	$533K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1060%	1h	2.4183	+0.224%	$360K	$382K	15x	as long as short