Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0165%/8h= −18.1% APRpaid last 24h −0.045%

Price spread now: Orderly against GMX−0.016%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 Orderly

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.5163	L +0.0200% / S −0.0277%	pay 0.0025% / 1h	51m 09s	$5K	—	100x
Short	Orderly PERP_PENDLE_USDC	2.5159	0.0035	get 0.0035% / 8h	2h 51m	$23K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.016%Rate

Funding earned: −$34.63
Price spread: −0.016% → 0.000%: −$1.6
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$54.23
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and 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	2.4860	−1.204%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5153	−0.041%	$145K	$274K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5190	+0.106%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5167	+0.016%	$30K	$10K	10x	as long as short
Variational Omni PENDLE	+0.0010%	8h	2.5125	−0.152%	$607K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0024%	8h	2.5151	−0.048%	$1.3M	$783K	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5144	−0.076%	$165K	$524K	10x	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5150	−0.050%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDCshort	+0.0035%	8h	2.5159	−0.016%	$23K	$8K	10x
Binance PENDLEUSDT	+0.0036%	8h	2.5166	+0.012%	$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
MEXC PENDLE_USDT	+0.0036%	8h	2.5152	−0.044%	$16.9M	$2.2M	125x	as long as short
Aster PENDLEUSDT	+0.0081%	8h	2.5171	+0.031%	$41K	$177K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5151	−0.047%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5160	−0.012%	$551K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5153	−0.041%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5194	+0.123%	$12.4M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5160	−0.012%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5170	+0.028%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5160	−0.012%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5163	0.000%	$907K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5140	−0.092%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5163	0.000%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5188	+0.101%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5218	+0.218%	$416K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5202	+0.155%	$77K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5178	+0.059%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5173	+0.040%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0200% / S −0.0277%	1h	2.5163	long leg	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5270	+0.425%	$118K	$440K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0827%	1h	2.5219	+0.222%	$365K	$466K	15x	as long as short