Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0677%/8h= −74.1% APRpaid last 24h −0.126%

Price spread now: Orderly against Backpack−0.180%7-day average — · you buy dearer than you sell

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

Long on Backpack 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 −$20 a day on $10k at the current rate, and Orderly is 0.180% cheaper against Backpack than usual: you would sell low and buy high (−$18 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	Backpack PENDLE_USDC_PERP	2.5013	0.0688	pay 0.0086% / 1h	2m 40s	$356K	$477K	15x
Short	Orderly PERP_PENDLE_USDC	2.4968	0.0011	get 0.0011% / 8h	1h 02m	$20K	$16K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Backpack. 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 BackpackbpFee OrderlybpOrdersPrice spread, now −0.180%Rate

Funding earned: −$142.13
Price spread: −0.180% → 0.000%: −$17.99
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$176.12
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 16 min ago; 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 Backpack live order book, 16 min ago	2.00 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	−0.3656%	1h	2.4550	−1.851%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0270%	1h	2.4984	−0.116%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0086%	1h	2.4893	−0.480%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0041%	8h	2.4965	−0.192%	$1.3M	$746K	75x	as long as short
Extended PENDLE-USD	−0.0016%	1h	2.4959	−0.214%	$164K	$526K	10x	as long as short
Binance PENDLEUSDT	−0.0013%	8h	2.4965	−0.192%	$27.0M	$41.3M	75x	as long as short
MEXC PENDLE_USDT	−0.0012%	8h	2.4969	−0.176%	$16.9M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4983	−0.119%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDCshort	+0.0011%	8h	2.4968	−0.180%	$20K	$16K	10x
Reya PENDLERUSDPERP	+0.0042%	1h	2.4964	−0.195%	$4K	—	15x	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	+0.0058%	8h	2.4872	−0.565%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0060%	8h	2.4917	−0.384%	$414K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4966	−0.188%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4980	−0.132%	$528K	$427K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4967	−0.184%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5003	−0.040%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4978	−0.139%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4964	−0.196%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4990	−0.092%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4980	−0.132%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4986	−0.108%	$888K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4954	−0.236%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4977	−0.144%	—	$35.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4905	−0.434%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4985	−0.112%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4982	−0.124%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4979	−0.136%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5030	+0.068%	$139K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0688%	1h	2.5013	long leg	$356K	$477K	15x
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.5015	+0.009%	$118K	$305K	20x	as long as short