Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.4205%/8h= +460.5% APRpaid last 24h +0.796%

Price spread now: Orderly against Injective+1.116%7-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 Orderly

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

Both sides work for this trade now. Funding pays +$126 a day on $10k at the current rate, and Orderly is 1.116% dearer against Injective than usual: you sell high and buy low: +$112 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.4280	−0.4243	get 0.0530% / 1h	13m 07s	$2K	$54K	5.5x
Short	Orderly PERP_PENDLE_USDC	2.4551	−0.0038	pay 0.0038% / 8h	3h 13m	$19K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +1.116%Rate

Funding earned: $883.07
Price spread: +1.116% → 0.000%: $111.61
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: $988.67
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Injective: 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective 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 PERPlong	−0.4243%	1h	2.4280	long leg	$2K	$54K	5.5x
ApeX Omni PENDLEUSDT	−0.0084%	1h	2.4529	+1.026%	$75K	$233K	50x	as long as short
Gate PENDLE_USDT	−0.0064%	8h	2.4560	+1.153%	$722K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0059%	8h	2.4604	+1.334%	$1.1M	$596K	75x	as long as short
MEXC PENDLE_USDT	−0.0052%	8h	2.4586	+1.260%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0051%	8h	2.4584	+1.252%	$26.0M	$44.4M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4581	+1.241%	$158K	$579K	10x	as long as short
Orderly PERP_PENDLE_USDCshort	−0.0038%	8h	2.4551	+1.116%	$19K	$15K	10x
dYdX PENDLE-USD	0.0000%	1h	2.4516	+0.970%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4561	+1.157%	$24K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0029%	8h	2.4630	+1.440%	$47K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0045%	8h	2.4497	+0.895%	$415K	$2.1M	10x	as long as short
Variational Omni PENDLE	+0.0069%	8h	2.4496	+0.888%	$549K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0070%	1h	2.4546	+1.094%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4603	+1.332%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4607	+1.347%	$517K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4475	+0.804%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4590	+1.277%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4620	+1.400%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4595	+1.297%	$868K	$557K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4571	+1.199%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4573	+1.207%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4507	+0.933%	$24K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4569	+1.190%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4492	+0.873%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4543	+1.083%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0276%	1h	2.4647	+1.512%	$12.8M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4520	+0.988%	$150K	$507K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0699%	1h	2.4656	+1.549%	$358K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1180%	1h	2.4668	+1.600%	$115K	$268K	20x	as long as short