Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0065%/8h= −7.1% APRpaid last 24h −0.020%

Price spread now: Orderly against edgeX−0.115%71s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on edgeX 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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.115% cheaper against edgeX than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 71 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	edgeX PENDLEUSDC	2.5222	0.0100	pay 0.0050% / 4h	2h 58m	$25K	$415K	10x
Short	Orderly PERP_PENDLE_USDC	2.5193	0.0035	get 0.0035% / 8h	2h 58m	$23K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against edgeX. 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 edgeXbpFee OrderlybpOrdersPrice spread, now −0.115%Rate

Funding earned: −$13.66
Price spread: −0.115% → 0.000%: −$11.46
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$40.12
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 30 min ago; 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 edgeX live order book, 30 min ago	1.96 bp	7.2 bp −$7	15.3 bp −$153	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	2.5340	+0.468%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5177	−0.179%	$159K	$254K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0068%	1h	2.5185	−0.146%	$30K	$11K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5210	−0.047%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0009%	8h	2.5225	+0.014%	$612K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0033%	1h	2.5196	−0.104%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDCshort	+0.0035%	8h	2.5193	−0.115%	$23K	$8K	10x
MEXC PENDLE_USDT	+0.0037%	8h	2.5200	−0.087%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0038%	8h	2.5163	−0.232%	$27.5M	$38.5M	75x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5163	−0.235%	$166K	$524K	10x	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	+0.0054%	8h	2.5226	+0.016%	$1.3M	$797K	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0062%	1h	2.5220	−0.008%	$77K	$239K	50x	as long as short
Aster PENDLEUSDT	+0.0065%	8h	2.5214	−0.032%	$41K	$176K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5189	−0.131%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5180	−0.166%	$551K	$375K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5198	−0.095%	$35K	$24K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5232	+0.040%	$12.5M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5170	−0.206%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5190	−0.127%	$3.3M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	−0.127%	$852K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5214	−0.031%	$913K	$604K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5177	−0.178%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5188	−0.134%	—	$36.3M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.5222	long leg	$25K	$415K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5217	−0.018%	$426K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5227	+0.020%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5191	−0.123%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0275%	1h	2.5192	−0.117%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5240	+0.072%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0702%	1h	2.5284	+0.246%	$363K	$464K	15x	as long as short