Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0245%/8h= +26.8% APRpaid last 24h +0.046%

Price spread now: BloFin against Deribit−0.048%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on BloFin

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

Funding pays, the price is against you. BloFin is 0.048% cheaper against Deribit than usual: you would sell low and buy high (spread −0.048% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 16 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.4872	−0.0272	get 0.0034% / 1h	12m 56s	$29K	$10K	10x
Short	BloFin PENDLE-USDT	2.4860	−0.0028	pay 0.0028% / 8h	1h 12m	$1.3M	$732K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.048%Rate

Funding earned: $51.41
Price spread: −0.048% → 0.000%: −$4.82
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $27.58
Costs to cover: 0.190%
Break-even: 3.2 days

Slippage unknown: Deribit: no order-book sample; BloFin: live order book, 5 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 BloFin live order book, 5 min ago	2.61 bp	10.6 bp −$11	15.2 bp −$152	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	2.4770	−0.410%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0272%	1h	2.4872	long leg	$29K	$10K	10x
ApeX Omni PENDLEUSDT	−0.0070%	1h	2.4903	+0.125%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDTshort	−0.0028%	8h	2.4860	−0.048%	$1.3M	$732K	75x
Binance PENDLEUSDT	−0.0004%	8h	2.4865	−0.026%	$26.8M	$40.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0002%	8h	2.4869	−0.012%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4892	+0.080%	$10K	—	5x	as long as short
Extended PENDLE-USD	0.0000%	1h	2.4850	−0.089%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0016%	8h	2.4867	−0.020%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4873	+0.004%	$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	+0.0062%	8h	2.4872	0.000%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4885	+0.051%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4859	−0.051%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4875	+0.012%	$524K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4864	−0.030%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4904	+0.129%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4885	+0.052%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4858	−0.056%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4870	−0.008%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4880	+0.032%	$780K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4888	+0.064%	$888K	$613K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4862	−0.040%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4868	−0.016%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4872	0.000%	$25K	$398K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4902	+0.121%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4887	+0.060%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4884	+0.049%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5020	+0.595%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0657%	1h	2.4915	+0.173%	$351K	$475K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0756%	1h	2.4924	+0.210%	$119K	$305K	20x	as long as short