Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.053%

Price spread now: Deribit against Gate+0.004%7-day average — · you sell dearer than you buy

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

Long on Gate Short on Deribit

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: −$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.4730	0.0005	pay 0.0005% / 8h	4h 55m	$718K	$1.1M	75x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4731	−0.0235	pay 0.0029% / 1h	55m 06s	$25K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Gate. 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 GatebpFee DeribitbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$50.37
Price spread: +0.004% → 0.000%: $0.4
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$71.97
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 2 min ago; Deribit: 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 Gate live order book, 2 min ago	4.05 bp	20.2 bp −$20	161.5 bp −$1,615	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	−0.4334%	1h	2.4430	−1.213%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0235%	1h	2.4731	+0.004%	$25K	$14K	10x
BloFin PENDLE-USDT	−0.0088%	8h	2.4722	−0.032%	$1.3M	$654K	75x	as long as short
MEXC PENDLE_USDT	−0.0070%	8h	2.4737	+0.028%	$17.4M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0068%	8h	2.4727	−0.011%	$26.3M	$43.9M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4721	−0.038%	$161K	$570K	10x	as long as short
Aster PENDLEUSDT	−0.0040%	8h	2.4739	+0.037%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4731	+0.004%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4761	+0.125%	$10K	—	5x	as long as short
Gate PENDLE_USDTlong	+0.0005%	8h	2.4730	long leg	$718K	$1.1M	75x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0030%	8h	2.4746	+0.064%	$564K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4729	−0.004%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4720	−0.040%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4707	−0.093%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4735	+0.020%	$528K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4714	−0.066%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4728	−0.008%	$14.7M	$12.4M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4740	+0.040%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4757	+0.109%	$876K	$581K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4748	+0.073%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4748	+0.073%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4652	−0.315%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4657	−0.295%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4747	+0.069%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4736	+0.024%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4735	+0.021%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0316%	1h	2.4774	+0.178%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.121%	$147K	$493K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0784%	1h	2.4774	+0.178%	$357K	$478K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1175%	1h	2.4757	+0.109%	$115K	$278K	20x	as long as short