Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0287%/8h= +31.4% APRpaid last 24h +0.013%

Price spread now: Bybit against Deribit−0.158%45s7-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 Bybit

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. Bybit is 0.158% cheaper against Deribit than usual: you would sell low and buy high (spread −0.158% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 44 hours of funding at the current rate (+$9 a day). The two prices were read 45 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	2.5281	−0.0303	get 0.0038% / 1h	20m 28s	$26K	$14K	10x
Short	Bybit PENDLEUSDT	2.5241	−0.0017	pay 0.0017% / 8h	7h 20m	$15.5M	$11.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.158%Rate

Funding earned: $60.17
Price spread: −0.158% → 0.000%: −$15.82
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $26.35
Costs to cover: 0.180%
Break-even: 3.9 days

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	3.96 bp	14.9 bp −$15	44.7 bp −$447	298.6 bp −$29.9K	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	−1.230%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0303%	1h	2.5281	long leg	$26K	$14K	10x
GRVT PENDLE_USDT_Perp	−0.0098%	8h	2.5295	+0.055%	$419K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0090%	8h	2.5256	−0.099%	$27.3M	$42.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0090%	8h	2.5260	−0.083%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.5255	−0.104%	$165K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0079%	8h	2.5271	−0.040%	$1.3M	$685K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0022%	8h	2.5272	−0.036%	$20K	$16K	10x	as long as short
Bybit PENDLEUSDTshort	−0.0017%	8h	2.5241	−0.158%	$15.5M	$11.9M	50x
ApeX Omni PENDLEUSDT	−0.0006%	1h	2.5283	+0.008%	$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	−0.040%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0002%	8h	2.5241	−0.159%	$608K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5265	−0.065%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5269	−0.047%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0056%	8h	2.5299	+0.073%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5271	−0.040%	$537K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5255	−0.104%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5240	−0.162%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5270	−0.044%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5282	+0.004%	$888K	$586K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5280	−0.004%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5256	−0.099%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5283	+0.008%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5273	−0.032%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5270	−0.044%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5285	+0.014%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0370%	1h	2.5320	+0.154%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0615%	1h	2.5328	+0.186%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5410	+0.510%	$141K	$444K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0882%	1h	2.5315	+0.134%	$354K	$490K	15x	as long as short