Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0087%/8h= −9.6% APRpaid last 24h −0.021%

Price spread now: Orderly against Aevo+0.031%7-day average — · you sell dearer than you buy

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

Long on Aevo 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

The price spread pays, funding is against you. Orderly is 0.031% dearer against Aevo than usual: you sell high and buy low (spread +0.031% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PENDLE-PERP	2.4835	0.0048	pay 0.0006% / 1h	43m 30s	$26K	—	3x
Short	Orderly PERP_PENDLE_USDC	2.4843	−0.0039	pay 0.0039% / 8h	5h 43m	$19K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Aevo. 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 AevobpFee OrderlybpOrdersPrice spread, now +0.031%Rate

Funding earned: −$18.36
Price spread: +0.031% → 0.000%: $3.1
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$37.26
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Aevo: 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 Aevo no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Aevo 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 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	−0.4938%	1h	2.4490	−1.390%	$2K	$54K	5.5x	as long as short
Extended PENDLE-USD	−0.0128%	1h	2.4842	+0.029%	$163K	$568K	10x	as long as short
MEXC PENDLE_USDT	−0.0125%	8h	2.4856	+0.083%	$17.2M	$1.8M	125x	as long as short
Binance PENDLEUSDT	−0.0122%	8h	2.4852	+0.067%	$26.7M	$43.0M	75x	as long as short
BloFin PENDLE-USDT	−0.0104%	8h	2.4809	−0.106%	—	$645K	75x	as long as short
GRVT PENDLE_USDT_Perp	−0.0068%	8h	2.4733	−0.411%	$410K	$1.7M	10x	as long as short
Aster PENDLEUSDT	−0.0059%	8h	2.4851	+0.065%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDCshort	−0.0039%	8h	2.4843	+0.031%	$19K	$15K	10x
Variational Omni PENDLE	−0.0019%	8h	2.4691	−0.582%	$544K	$1.8M	—	as long as short
ApeX Omni PENDLEUSDT	−0.0010%	1h	2.4790	−0.182%	$75K	$235K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4815	−0.081%	$10K	—	5x	as long as short
Gate PENDLE_USDT	0.0000%	8h	2.4840	+0.019%	$724K	$1.1M	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4851	+0.063%	$26K	$14K	10x	as long as short
Aevo PENDLE-PERPlong	+0.0048%	1h	2.4835	long leg	$26K	—	3x
Reya PENDLERUSDPERP	+0.0058%	1h	2.4855	+0.080%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4855	+0.079%	$529K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4850	+0.059%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4884	+0.196%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4840	+0.019%	$14.9M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4860	+0.099%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4838	+0.011%	$849K	$579K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4842	+0.027%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4853	+0.071%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4783	−0.210%	$24K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4866	+0.124%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4865	+0.120%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0190% / S −0.0313%	1h	2.4843	+0.032%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0379%	1h	2.4888	+0.212%	$353K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4900	+0.260%	$149K	$491K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.4894	+0.236%	$116K	$283K	20x	as long as short