Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.049%

Price spread now: OKX against Deribit+0.071%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 OKX

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 +$3 a day on $10k at the current rate, and OKX is 0.071% dearer against Deribit than usual: you sell high and buy low: +$7 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	2.5192	0	get 0.0000% / 1h	43m 56s	$30K	$10K	10x
Short	OKX PENDLE-USDT-SWAP	2.5210	0.0100	get 0.0050% / 4h	2h 43m	$3.3M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.071%Rate

Funding earned: $21
Price spread: +0.071% → 0.000%: $7.15
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $11.15
Costs to cover: 0.170%
Break-even: 3.3 days

Slippage unknown: Deribit: no order-book sample; OKX: live order book, 4 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 OKX live order book, 4 min ago	3.97 bp	18.2 bp −$18	90.5 bp −$905	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	−0.4806%	1h	2.4860	−1.318%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5235	+0.172%	$150K	$279K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5164	−0.112%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	0.0000%	1h	2.5192	long leg	$30K	$10K	10x
Variational Omni PENDLE	+0.0015%	8h	2.5150	−0.166%	$608K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5156	−0.142%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5186	−0.024%	$23K	$8K	10x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5183	−0.036%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0040%	8h	2.5199	+0.028%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0040%	8h	2.5202	+0.038%	$27.5M	$39.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0061%	8h	2.5150	−0.167%	$1.3M	$768K	75x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5179	−0.054%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0095%	8h	2.5186	−0.022%	$41K	$177K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0096%	1h	2.5178	−0.056%	$77K	$239K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5189	−0.012%	$552K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5136	−0.224%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5213	+0.083%	$12.4M	$5.6M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5200	+0.032%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5210	+0.071%	$3.3M	$5.7M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5180	−0.048%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5195	+0.012%	$909K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5178	−0.056%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5207	+0.060%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5171	−0.083%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5162	−0.120%	$415K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5170	−0.087%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5197	+0.020%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5195	+0.013%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5240	+0.191%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0886%	1h	2.5230	+0.151%	$365K	$466K	15x	as long as short