Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.4343%/8h= +475.6% APRpaid last 24h +0.818%

Price spread now: OKX against Injective+1.319%88s7-day average — · you sell dearer than you buy

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

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.248%+$125 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$130 a day on $10k at the current rate, and OKX is 1.319% dearer against Injective than usual: you sell high and buy low: +$132 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 88 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.248% in total (about 65.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.4260	−0.4243	get 0.0530% / 1h	31m 52s	$2K	$54K	5.5x
Short	OKX PENDLE-USDT-SWAP	2.4580	0.0100	get 0.0050% / 4h	3h 31m	$3.1M	$6.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Injective. 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 InjectivebpFee OKXbpOrdersPrice spread, now +1.319%Rate

Funding earned: $912.07
Price spread: +1.319% → 0.000%: $131.9
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: $1,033.95
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; OKX: live order book, 1 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 Injective no order-book sample	—	—	—	—	—
Sell OKX live order book, 1 min ago	2.04 bp	15.6 bp −$16	68.4 bp −$684	doesn't fit	doesn't fit

Injective: 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 PERPlong	−0.4243%	1h	2.4260	long leg	$2K	$54K	5.5x
ApeX Omni PENDLEUSDT	−0.0175%	1h	2.4607	+1.430%	$75K	$234K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0157%	1h	2.4582	+1.327%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0075%	8h	2.4584	+1.336%	$1.1M	$596K	75x	as long as short
Binance PENDLEUSDT	−0.0057%	8h	2.4570	+1.278%	$26.1M	$44.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0057%	8h	2.4561	+1.241%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4547	+1.183%	$158K	$581K	10x	as long as short
Gate PENDLE_USDT	−0.0051%	8h	2.4560	+1.237%	$719K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4572	+1.286%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0005%	8h	2.4633	+1.537%	$47K	$172K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4576	+1.301%	$10K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0046%	8h	2.4608	+1.434%	$417K	$2.0M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4562	+1.245%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4571	+1.281%	$552K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0069%	1h	2.4563	+1.248%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4580	+1.319%	$516K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4563	+1.247%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4560	+1.237%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4580	+1.319%	$3.1M	$6.4M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4603	+1.414%	$888K	$551K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4516	+1.055%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4568	+1.270%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4595	+1.381%	$24K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4587	+1.348%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4586	+1.344%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0122%	1h	2.4622	+1.492%	$12.8M	$6.1M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4583	+1.330%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4620	+1.484%	$146K	$499K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0707%	1h	2.4618	+1.476%	$358K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1182%	1h	2.4626	+1.508%	$115K	$269K	20x	as long as short