Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0366%/8h= +40.1% APRpaid last 24h +0.050%

Price spread now: Paradex against Deribit−0.240%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.240% cheaper against Deribit than usual: you would sell low and buy high (spread −0.240% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$24 on $10k: about 2.2 days of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.5170	−0.0266	get 0.0033% / 1h	2m 37s	$28K	$11K	10x
Short	Paradex PENDLE-USD-PERP	2.5110	0.0100	get 0.0100% / 8h	2m 37s	$35K	$18K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.240%Rate

Funding earned: $76.91
Price spread: −0.240% → 0.000%: −$23.96
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: $41.95
Costs to cover: 0.110%
Break-even: 3.2 days

Slippage unknown: Deribit: no order-book sample; Paradex: 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 Paradex no order-book sample	—	—	—	—	—

Deribit and Paradex: 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	−0.5000%	1h	2.4940	−0.914%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0266%	1h	2.5170	long leg	$28K	$11K	10x
ApeX Omni PENDLEUSDT	−0.0087%	1h	2.5118	−0.207%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0076%	8h	2.5132	−0.151%	$1.3M	$708K	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5093	−0.307%	$165K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0072%	8h	2.5114	−0.222%	$17.0M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0071%	8h	2.5114	−0.222%	$27.1M	$42.3M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.5160	−0.040%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5143	−0.106%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0014%	8h	2.5109	−0.243%	$425K	$1.6M	10x	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	+0.0021%	8h	2.5077	−0.371%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5151	−0.074%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5148	−0.089%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5125	−0.179%	$530K	$416K	5x	as long as short
Aster PENDLEUSDT	+0.0099%	8h	2.5120	−0.198%	$47K	$178K	10x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.5110	−0.240%	$35K	$18K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.5102	−0.270%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5100	−0.278%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5130	−0.159%	$775K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5134	−0.143%	$883K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5129	−0.163%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5119	−0.203%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5130	−0.161%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5185	+0.060%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5158	−0.048%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5167	−0.012%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0277%	1h	2.5165	−0.020%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5196	+0.105%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.675%	$141K	$449K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0694%	1h	2.5185	+0.060%	$331K	$489K	15x	as long as short