Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0208%/8h= −22.8% APRpaid last 24h −0.013%

Price spread now: Deribit against Bybit+0.012%7-day average — · you sell dearer than you buy

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

Long on Bybit 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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.5130	0.0100	pay 0.0100% / 8h	2h 57m	$15.6M	$12.3M	50x
Short	Deribit PENDLE_USDC-PERPETUAL	2.5133	−0.0108	pay 0.0013% / 1h	57m 07s	$30K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$43.67
Price spread: +0.012% → 0.000%: $1.19
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$60.48
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	1.99 bp	19.6 bp −$20	92.7 bp −$927	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	−0.4806%	1h	2.4970	−0.637%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0431%	1h	2.5144	+0.055%	$157K	$257K	20x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0108%	1h	2.5133	+0.012%	$30K	$11K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5210	+0.318%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0009%	8h	2.5225	+0.380%	$612K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0019%	8h	2.5148	+0.072%	$1.3M	$797K	75x	as long as short
Reya PENDLERUSDPERP	+0.0033%	1h	2.5109	−0.084%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5130	0.000%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0037%	8h	2.5156	+0.103%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0038%	8h	2.5145	+0.060%	$27.5M	$38.7M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0040%	1h	2.5118	−0.046%	$165K	$524K	10x	as long as short
Aster PENDLEUSDT	+0.0067%	8h	2.5144	+0.055%	$41K	$176K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0073%	1h	2.5241	+0.442%	$77K	$239K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5124	−0.023%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5156	+0.103%	$550K	$375K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5156	+0.104%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5160	+0.119%	$12.4M	$5.5M	5x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.5130	long leg	$15.6M	$12.3M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5150	+0.080%	$3.3M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5100	−0.119%	$849K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5158	+0.111%	$911K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5142	+0.048%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5125	−0.020%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5237	+0.426%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5226	+0.381%	$429K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5193	+0.251%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5135	+0.020%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0275%	1h	2.5121	−0.036%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0536%	1h	2.5212	+0.326%	$365K	$468K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5180	+0.199%	$118K	$437K	25x	as long as short