Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0451%/8h= +49.4% APRpaid last 24h +0.032%

Price spread now: Binance against Deribit+0.044%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Binance

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 for this trade now. Funding pays +$14 a day on $10k at the current rate, and Binance is 0.044% dearer against Deribit than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.5262	−0.0541	get 0.0068% / 1h	19m 54s	$26K	$14K	10x
Short	Binance PENDLEUSDT	2.5273	−0.0090	pay 0.0090% / 8h	7h 19m	$27.3M	$42.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now +0.044%Rate

Funding earned: $94.69
Price spread: +0.044% → 0.000%: $4.37
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $82.06
Costs to cover: 0.170%
Break-even: 0.9 days

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 7 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 7 min ago	0.40 bp	9.6 bp −$10	27.5 bp −$275	doesn't fit	doesn't fit

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	−0.4643%	1h	2.4970	−1.156%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0541%	1h	2.5262	long leg	$26K	$14K	10x
GRVT PENDLE_USDT_Perp	−0.0098%	8h	2.5295	+0.130%	$419K	$1.6M	10x	as long as short
Binance PENDLEUSDTshort	−0.0090%	8h	2.5273	+0.044%	$27.3M	$42.6M	75x
MEXC PENDLE_USDT	−0.0090%	8h	2.5286	+0.095%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.5272	+0.040%	$165K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0079%	8h	2.5271	+0.036%	$1.3M	$685K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0022%	8h	2.5264	+0.008%	$20K	$16K	10x	as long as short
Bybit PENDLEUSDT	−0.0017%	8h	2.5260	−0.008%	$15.6M	$12.0M	50x	as long as short
ApeX Omni PENDLEUSDT	−0.0006%	1h	2.5283	+0.083%	$77K	$238K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.5271	+0.035%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0002%	8h	2.5241	−0.084%	$608K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5265	+0.010%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5260	−0.007%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0056%	8h	2.5264	+0.007%	$47K	$173K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5265	+0.012%	$537K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5255	−0.029%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5270	+0.032%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5300	+0.150%	$785K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5309	+0.186%	$889K	$586K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5278	+0.063%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5289	+0.107%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5283	+0.083%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5273	+0.044%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5261	−0.004%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5279	+0.067%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0375%	1h	2.5356	+0.372%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0615%	1h	2.5315	+0.208%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5410	+0.586%	$141K	$444K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0868%	1h	2.5335	+0.289%	$355K	$490K	15x	as long as short