Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0143%/8h= +15.7% APRpaid last 24h +0.030%

Price spread now: Orderly against Deribit−0.012%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 Orderly

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.5133	−0.0108	get 0.0013% / 1h	56m 35s	$30K	$11K	10x
Short	Orderly PERP_PENDLE_USDC	2.5130	0.0035	get 0.0035% / 8h	2h 56m	$23K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.012%Rate

Funding earned: $30.05
Price spread: −0.012% → 0.000%: −$1.19
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $15.86
Costs to cover: 0.130%
Break-even: 3.3 days

Slippage unknown: Deribit: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Deribit and Orderly: 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	2.4970	−0.649%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0431%	1h	2.5144	+0.043%	$157K	$257K	20x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0108%	1h	2.5133	long leg	$30K	$11K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5165	+0.126%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0009%	8h	2.5225	+0.368%	$612K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0019%	8h	2.5148	+0.060%	$1.3M	$797K	75x	as long as short
Reya PENDLERUSDPERP	+0.0033%	1h	2.5109	−0.096%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDCshort	+0.0035%	8h	2.5130	−0.012%	$23K	$8K	10x
Binance PENDLEUSDT	+0.0036%	8h	2.5146	+0.052%	$27.5M	$38.8M	75x	as long as short
MEXC PENDLE_USDT	+0.0037%	8h	2.5149	+0.064%	$16.9M	$2.2M	125x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0040%	1h	2.5113	−0.080%	$165K	$524K	10x	as long as short
Aster PENDLEUSDT	+0.0070%	8h	2.5153	+0.079%	$41K	$176K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0073%	1h	2.5241	+0.430%	$77K	$239K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5124	−0.035%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5152	+0.076%	$550K	$375K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5120	−0.050%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5177	+0.175%	$12.4M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5129	−0.016%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5150	+0.068%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5140	+0.028%	$852K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5153	+0.080%	$911K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5133	0.000%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5136	+0.012%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5237	+0.414%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5226	+0.369%	$429K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5193	+0.239%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5135	+0.008%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0275%	1h	2.5121	−0.048%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0536%	1h	2.5212	+0.314%	$365K	$468K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5180	+0.187%	$118K	$437K	25x	as long as short