Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0254%/8h= −27.8% APRpaid last 24h −0.062%

Price spread now: Deribit against Bitget−0.274%48s7-day average — · you buy dearer than you sell

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

Long on Bitget 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

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Deribit is 0.274% cheaper against Bitget than usual: you would sell low and buy high (−$27 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENDLEUSDT	2.4793	0.0100	pay 0.0100% / 8h	5h 45m	$3.7M	$2.4M	75x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4725	−0.0154	pay 0.0019% / 1h	45m 30s	$25K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now −0.274%Rate

Funding earned: −$53.4
Price spread: −0.274% → 0.000%: −$27.43
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$99.83
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 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 Bitget live order book, 2 min ago	5.25 bp	19.4 bp −$19	47.0 bp −$470	doesn't fit	doesn't fit
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	−0.4938%	1h	2.4490	−1.222%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0154%	1h	2.4725	−0.274%	$25K	$14K	10x
BloFin PENDLE-USDT	−0.0154%	8h	2.4740	−0.214%	—	$643K	75x	as long as short
Extended PENDLE-USD	−0.0128%	1h	2.4769	−0.097%	$163K	$568K	10x	as long as short
Binance PENDLEUSDT	−0.0128%	8h	2.4806	+0.054%	$26.6M	$43.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0127%	8h	2.4788	−0.020%	$17.1M	$1.8M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0126%	1h	2.4850	+0.230%	$76K	$235K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0068%	8h	2.4733	−0.241%	$410K	$1.7M	10x	as long as short
Aster PENDLEUSDT	−0.0066%	8h	2.4718	−0.304%	$49K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0040%	8h	2.4731	−0.250%	$19K	$15K	10x	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	−0.0019%	8h	2.4691	−0.413%	$544K	$1.8M	—	as long as short
Gate PENDLE_USDT	−0.0015%	8h	2.4740	−0.214%	$718K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4762	−0.126%	$10K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4723	−0.282%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0058%	1h	2.4803	+0.039%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4752	−0.165%	$527K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4768	−0.101%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4843	+0.202%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4810	+0.069%	$14.9M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4820	+0.109%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4771	−0.089%	$842K	$576K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.4793	long leg	$3.7M	$2.4M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4775	−0.073%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4747	−0.185%	$24K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4838	+0.182%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4755	−0.153%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0189% / S −0.0312%	1h	2.4726	−0.271%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0283%	1h	2.4764	−0.117%	$353K	$481K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4720	−0.294%	$150K	$486K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0757%	1h	2.4768	−0.099%	$115K	$283K	20x	as long as short