Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0234%/8h= +25.6% APRpaid last 24h +0.017%

Price spread now: OKX against Binance−0.012%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$570.568% of the position

Long on Binance Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 7 days+0.019%+$2 · spread now −0.012%, 7d avg −0.037%

Together, before fees+0.079%+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and OKX is 0.025% dearer against Binance than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.037%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.060% in total (about 3.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.5103	−0.0134	get 0.0134% / 8h	6h 07m	$27.0M	$43.4M	75x
Short	OKX PENDLE-USDT-SWAP	2.5100	0.0100	get 0.0050% / 4h	2h 07m	$3.2M	$6.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Binance. 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 BinancebpFee OKXbpOrdersPrice spread, now −0.012%Rate

Funding earned: $49.15
Price spread: −0.012% → −0.037%: $2.49
Slippage, 4 orders: −$36.84
Fee Binance: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$5.2
Costs to cover: 0.568%
Break-even: 7.7 days

Slippage from Binance: live order book, 5 min ago; OKX: live order book, 1 min ago.

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 Binance live order book, 5 min ago	1.00 bp	10.1 bp −$10	27.6 bp −$276	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	2.00 bp	18.4 bp −$18	78.2 bp −$782	doesn't fit	doesn't fit

PENDLE on 29 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	−0.4742%	1h	2.4870	−0.928%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0666%	1h	2.5098	−0.020%	$26K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0136%	1h	2.5095	−0.031%	$163K	$570K	10x	as long as short
Binance PENDLEUSDTlong	−0.0134%	8h	2.5103	long leg	$27.0M	$43.4M	75x
MEXC PENDLE_USDT	−0.0134%	8h	2.5100	−0.012%	$17.4M	$1.8M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0129%	1h	2.5074	−0.116%	$77K	$236K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0124%	8h	2.5065	−0.152%	$421K	$1.7M	10x	as long as short
Gate PENDLE_USDT	−0.0077%	8h	2.5080	−0.092%	$758K	$1.2M	75x	as long as short
Variational Omni PENDLE	−0.0044%	8h	2.5046	−0.229%	$612K	$1.8M	—	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.5119	+0.062%	$50K	$181K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5090	−0.052%	$20K	$15K	10x	as long as short
Bybit PENDLEUSDT	−0.0006%	8h	2.5120	+0.068%	$15.2M	$12.0M	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5120	+0.068%	$11K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5082	−0.086%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0056%	1h	2.5090	−0.054%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5096	−0.028%	$534K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5070	−0.131%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5123	+0.080%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5100	−0.012%	$3.2M	$6.1M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5099	−0.016%	$863K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5082	−0.084%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5093	−0.040%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5057	−0.181%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5108	+0.020%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5111	+0.032%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5116	+0.052%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0396%	1h	2.5134	+0.123%	$352K	$481K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5140	+0.147%	$144K	$472K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0867%	1h	2.5139	+0.145%	$117K	$289K	20x	as long as short