Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0170%/8h= +18.6% APRpaid last 24h +0.050%

Price spread now: Bitget against Deribit+0.104%58s7-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 Bitget

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 +$5 a day on $10k at the current rate, and Bitget is 0.104% dearer against Deribit than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 58 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	Deribit PENDLE_USDC-PERPETUAL	2.4984	−0.0070	get 0.0009% / 1h	1m 19s	$29K	$10K	10x
Short	Bitget PENDLEUSDT	2.5010	0.0100	get 0.0100% / 8h	1h 01m	$3.7M	$2.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.104%Rate

Funding earned: $35.72
Price spread: +0.104% → 0.000%: $10.41
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $27.13
Costs to cover: 0.190%
Break-even: 1.7 days

Slippage unknown: Deribit: no order-book sample; Bitget: live order book, 2 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 Bitget live order book, 2 min ago	5.41 bp	26.6 bp −$27	45.5 bp −$455	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	−0.3656%	1h	2.4550	−1.737%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0070%	1h	2.4984	long leg	$29K	$10K	10x
ApeX Omni PENDLEUSDT	−0.0067%	1h	2.4986	+0.008%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0041%	8h	2.4965	−0.076%	$1.3M	$746K	75x	as long as short
Extended PENDLE-USD	−0.0016%	1h	2.4983	−0.003%	$164K	$526K	10x	as long as short
MEXC PENDLE_USDT	−0.0012%	8h	2.5008	+0.096%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	−0.0012%	8h	2.5018	+0.136%	$27.0M	$41.3M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4983	−0.003%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0010%	8h	2.5021	+0.148%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0042%	1h	2.5011	+0.110%	$4K	—	15x	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	+0.0058%	8h	2.4872	−0.450%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0060%	8h	2.4917	−0.268%	$414K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5017	+0.134%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4990	+0.024%	$528K	$427K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4988	+0.015%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5044	+0.240%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5003	+0.077%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5020	+0.144%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5020	+0.144%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4990	+0.024%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5005	+0.084%	$889K	$597K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.5010	+0.104%	$3.7M	$2.7M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5025	+0.164%	—	$35.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4965	−0.075%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5029	+0.180%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4994	+0.040%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5038	+0.216%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5030	+0.184%	$139K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0689%	1h	2.5027	+0.172%	$356K	$477K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.5010	+0.106%	$118K	$305K	20x	as long as short