Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.041%

Price spread now: Gate against Deribit−0.084%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 Gate

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. Gate is 0.084% cheaper against Deribit than usual: you would sell low and buy high (spread −0.084% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 2.8 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.5041	0	get 0.0000% / 1h	0m 28s	$29K	$10K	10x
Short	Gate PENDLE_USDT	2.5020	0.0100	get 0.0100% / 8h	1h 00m	$785K	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.084%Rate

Funding earned: $21
Price spread: −0.084% → 0.000%: −$8.39
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$9.39
Costs to cover: 0.220%
Break-even: 10.1 days

Slippage unknown: Deribit: no order-book sample; Gate: 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 Gate live order book, 2 min ago	6.01 bp	25.7 bp −$26	158.3 bp −$1,583	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	−1.961%	$2K	$53K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0067%	1h	2.4986	−0.220%	$76K	$239K	50x	as long as short
MEXC PENDLE_USDT	−0.0011%	8h	2.5009	−0.128%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	−0.0010%	8h	2.5012	−0.116%	$27.0M	$41.3M	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5007	−0.138%	$164K	$526K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5043	+0.008%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	0.0000%	1h	2.5041	long leg	$29K	$10K	10x
BloFin PENDLE-USDT	+0.0009%	8h	2.5015	−0.104%	$1.3M	$749K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0010%	8h	2.5021	−0.080%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5017	−0.096%	$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	−0.676%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0060%	8h	2.4917	−0.495%	$414K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5017	−0.094%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5032	−0.036%	$528K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5021	−0.082%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5059	+0.072%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5036	−0.018%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5004	−0.148%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5020	−0.084%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.5020	−0.084%	$785K	$1.2M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5028	−0.052%	$890K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5000	−0.164%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5028	−0.052%	—	$35.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4965	−0.302%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5046	+0.020%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5042	+0.004%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5038	−0.012%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5030	−0.044%	$139K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0697%	1h	2.5091	+0.200%	$357K	$477K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0751%	1h	2.5082	+0.162%	$119K	$304K	20x	as long as short