Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.003%

Price spread now: OKX against Extended+0.125%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$610.613% of the position

Long on Extended Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now +0.125%, 7d avg +0.025%

Together, before fees−0.024%+ Points / potential airdropExtended: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and OKX is 0.100% dearer against Extended than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.5179	0.0040	pay 0.0005% / 1h	49m 13s	$165K	$524K	10x
Short	OKX PENDLE-USDT-SWAP	2.5210	0.0100	get 0.0050% / 4h	2h 49m	$3.2M	$5.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Extended. 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 ExtendedbpFee OKXbpOrdersPrice spread, now +0.125%Rate

Funding earned: $12.6
Price spread: +0.125% → +0.025%: $9.96
Slippage, 4 orders: −$46.26
Fee Extended: 2.5 bp × 2 orders: −$5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$38.7
Costs to cover: 0.613%
Break-even: 28.5 days

Slippage from Extended: live order book, 38 min ago; OKX: live order book, 4 min ago.

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 Extended live order book, 38 min ago	1.18 bp	13.8 bp −$14	123.9 bp −$1,239	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.99 bp	15.9 bp −$16	66.5 bp −$665	doesn't fit	doesn't fit

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	−1.265%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5179	0.000%	$145K	$274K	20x	as long as short
ApeX Omni PENDLEUSDT	−0.0001%	1h	2.5150	−0.113%	$77K	$239K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5188	+0.040%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5203	+0.097%	$30K	$10K	10x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.5135	−0.172%	$608K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5192	+0.053%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0035%	8h	2.5184	+0.022%	$16.9M	$2.2M	125x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5195	+0.065%	$23K	$8K	10x	as long as short
Binance PENDLEUSDT	+0.0037%	8h	2.5189	+0.042%	$27.5M	$39.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USDlong	+0.0040%	1h	2.5179	long leg	$165K	$524K	10x
BloFin PENDLE-USDT	+0.0065%	8h	2.5181	+0.010%	$1.3M	$784K	75x	as long as short
Aster PENDLEUSDT	+0.0085%	8h	2.5200	+0.086%	$41K	$177K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5194	+0.059%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5191	+0.049%	$552K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5182	+0.013%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5221	+0.169%	$12.4M	$5.6M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5181	+0.010%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5210	+0.125%	$3.2M	$5.6M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5190	+0.045%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5201	+0.089%	$908K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5168	−0.042%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5190	+0.045%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5188	+0.039%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5164	−0.060%	$415K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5214	+0.141%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5206	+0.109%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5199	+0.083%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5260	+0.324%	$118K	$440K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0843%	1h	2.5241	+0.248%	$365K	$466K	15x	as long as short