Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0328%/8h= −35.9% APRpaid last 24h −0.049%

Price spread now: Deribit against BingX+0.092%7-day average — · you sell dearer than you buy

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

Long on BingX Short on Deribit

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. Deribit is 0.092% dearer against BingX than usual: you sell high and buy low (spread +0.092% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENDLE-USDT	2.5068	0.0100	pay 0.0100% / 8h	2h 12m	—	$36.3M	—
Short	Deribit PENDLE_USDC-PERPETUAL	2.5091	−0.0228	pay 0.0029% / 1h	12m 59s	$30K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. 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 BingXbpFee DeribitbpOrdersPrice spread, now +0.092%Rate

Funding earned: −$68.89
Price spread: +0.092% → 0.000%: $9.18
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$76.71
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 11 min ago; Deribit: 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 BingX live order book, 11 min ago	3.56 bp	16.1 bp −$16	29.3 bp −$293	262.3 bp −$26.2K	407.1 bp −$203.5K
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.4806%	1h	2.4840	−0.910%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0431%	1h	2.5097	+0.116%	$149K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0228%	1h	2.5091	+0.092%	$30K	$10K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5150	+0.327%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5086	+0.072%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5077	+0.037%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5075	+0.027%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5070	+0.008%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.5073	+0.020%	$27.2M	$39.5M	75x	as long as short
BloFin PENDLE-USDT	+0.0046%	8h	2.5067	−0.004%	$1.3M	$738K	75x	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	+0.0055%	8h	2.5174	+0.422%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0077%	1h	2.5130	+0.247%	$77K	$239K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5084	+0.062%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5088	+0.080%	$544K	$397K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5089	+0.082%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5075	+0.028%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5052	−0.064%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5064	−0.016%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5100	+0.128%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5040	−0.112%	$848K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5071	+0.012%	$892K	$606K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5062	−0.024%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.5068	long leg	—	$36.3M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5135	+0.267%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	+0.421%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5111	+0.172%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5097	+0.116%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5089	+0.084%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5210	+0.566%	$116K	$419K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0841%	1h	2.5083	+0.060%	$362K	$460K	15x	as long as short