Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0099%/8h= −10.9% APRpaid last 24h −0.025%

Price spread now: OKX against GMX−0.161%7-day average — · you buy dearer than you sell

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and OKX is 0.161% cheaper against GMX than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.5161	L +0.0199% / S −0.0256%	pay 0.0025% / 1h	55m 44s	$5K	—	100x
Short	OKX PENDLE-USDT-SWAP	2.5120	0.0100	get 0.0050% / 4h	55m 44s	$3.3M	$6.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against GMX. 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 GMXbpFee OKXbpOrdersPrice spread, now −0.161%Rate

Funding earned: −$20.82
Price spread: −0.161% → 0.000%: −$16.14
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$58.95
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: live order book, 2 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell OKX live order book, 2 min ago	3.98 bp	16.6 bp −$17	74.4 bp −$744	doesn't fit	doesn't fit

GMX: 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	2.4740	−1.672%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0049%	1h	2.5046	−0.455%	$76K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5125	−0.142%	$165K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.5135	−0.100%	$27.2M	$41.5M	75x	as long as short
BloFin PENDLE-USDT	−0.0007%	8h	2.5102	−0.233%	$1.3M	$755K	75x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.5144	−0.066%	$17.0M	$1.9M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5152	−0.035%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5165	+0.017%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0009%	8h	2.5151	−0.038%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5148	−0.050%	$4K	—	15x	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	+0.0061%	8h	2.4982	−0.711%	$552K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0065%	8h	2.5031	−0.515%	$416K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5147	−0.054%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5145	−0.062%	$530K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5117	−0.174%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5175	+0.057%	$12.4M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5157	−0.014%	$44K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5116	−0.177%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5120	−0.161%	$3.3M	$6.0M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5150	−0.042%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5163	+0.010%	$895K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5115	−0.181%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5135	−0.102%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5027	−0.531%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5165	+0.017%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5174	+0.053%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0199% / S −0.0256%	1h	2.5161	long leg	$5K	—	100x
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5212	+0.204%	$119K	$303K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5140	−0.082%	$140K	$457K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1276%	1h	2.5212	+0.204%	$327K	$492K	15x	as long as short