Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.024%

Price spread now: Orderly against Polymarket Perps−0.083%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 −$3 a day on $10k at the current rate, and Orderly is 0.083% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$8 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	2.4012	0.0100	pay 0.0013% / 1h	29m 18s	$16K	$4K	5x
Short	Orderly PERP_PENDLE_USDC	2.3992	0.0012	get 0.0012% / 8h	5h 29m	$18K	$15K	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 −0.083%Rate

Funding earned: −$18.38
Price spread: −0.083% → 0.000%: −$8.33
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$40.71
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 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
Deribit PENDLE_USDC-PERPETUAL	−0.0416%	1h	2.3995	−0.071%	$24K	$10K	10x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0402%	1h	2.4003	−0.036%	$123K	$255K	20x	as long as short
BloFin PENDLE-USDT	−0.0123%	8h	2.3991	−0.087%	$1.1M	$521K	75x	as long as short
Binance PENDLEUSDT	−0.0098%	8h	2.3994	−0.075%	$24.8M	$46.8M	75x	as long as short
MEXC PENDLE_USDT	−0.0097%	8h	2.3998	−0.058%	$18.2M	$2.1M	125x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.3983	−0.122%	$156K	$944K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0036%	8h	2.3984	−0.117%	$397K	$3.1M	10x	as long as short
Aster PENDLEUSDT	−0.0023%	8h	2.3990	−0.092%	$50K	$163K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.3994	−0.076%	$10K	—	5x	as long as short
Orderly PERP_PENDLE_USDCshort	+0.0012%	8h	2.3992	−0.083%	$18K	$15K	10x

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0045%	1h	2.3995	−0.071%	$73K	$231K	50x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.3988	−0.101%	$25K	—	3x	as long as short
Variational Omni PENDLE	+0.0065%	8h	2.3989	−0.094%	$540K	$919K	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4003	−0.037%	$654K	$530K	5x	as long as short
Reya PENDLERUSDPERP	+0.0098%	1h	2.3991	−0.088%	$3K	—	15x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.3983	−0.119%	$34K	—	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4005	−0.029%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4020	+0.033%	$3.0M	$6.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4000	−0.050%	$766K	$984K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.3986	−0.108%	$634K	$507K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.3998	−0.058%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.3994	−0.075%	—	$8.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.3979	−0.138%	$22K	$367K	10x	as long as short
Polymarket Perps PENDLE-USDlong	+0.0100%	1h	2.4012	long leg	$16K	$4K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.4030	+0.075%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0104%	1h	2.4034	+0.093%	$12.8M	$5.9M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0175% / S −0.0165%	1h	2.4004	−0.032%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0680%	1h	2.4020	+0.033%	$160K	$535K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0681%	1h	2.4049	+0.154%	$357K	$384K	15x	as long as short
Injective PENDLE/USDC PERP	+0.3871%	1h	2.4660	+2.699%	$2K	$55K	5.5x	as long as short