Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.001%

Price spread now: Aevo against OKX+0.046%7-day average — · you sell dearer than you buy

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

Long on OKX Short on Aevo

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 pays, funding is against you. Aevo is 0.046% dearer against OKX than usual: you sell high and buy low (spread +0.046% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.5070	0.0100	pay 0.0050% / 4h	2h 07m	$3.2M	$6.1M	50x
Short	Aevo PENDLE-PERP	2.5082	0.0048	get 0.0006% / 1h	7m 06s	$26K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against OKX. 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 OKXbpFee AevobpOrdersPrice spread, now +0.046%Rate

Funding earned: −$10.92
Price spread: +0.046% → 0.000%: $4.59
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$32.33
Costs to cover: 0.260%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 1 min ago; Aevo: 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 OKX live order book, 1 min ago	2.00 bp	16.9 bp −$17	91.7 bp −$917	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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 29 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	−0.4742%	1h	2.4870	−0.798%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0666%	1h	2.5098	+0.112%	$26K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0136%	1h	2.5076	+0.023%	$163K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0134%	8h	2.5104	+0.136%	$27.0M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0134%	8h	2.5087	+0.068%	$17.3M	$1.8M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0129%	1h	2.5074	+0.016%	$77K	$236K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0124%	8h	2.5065	−0.021%	$421K	$1.7M	10x	as long as short
Gate PENDLE_USDT	−0.0077%	8h	2.5080	+0.040%	$758K	$1.2M	75x	as long as short
Variational Omni PENDLE	−0.0044%	8h	2.5046	−0.097%	$612K	$1.8M	—	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.5118	+0.193%	$50K	$181K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5090	+0.080%	$20K	$15K	10x	as long as short
Bybit PENDLEUSDT	−0.0006%	8h	2.5084	+0.056%	$15.2M	$12.0M	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5120	+0.199%	$11K	—	5x	as long as short
Aevo PENDLE-PERPshort	+0.0048%	1h	2.5082	+0.046%	$26K	—	3x
Reya PENDLERUSDPERP	+0.0056%	1h	2.5090	+0.078%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5096	+0.104%	$534K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5070	0.000%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5123	+0.211%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5070	long leg	$3.2M	$6.1M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5093	+0.092%	$862K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5070	0.000%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5096	+0.104%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5057	−0.050%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5108	+0.152%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5111	+0.164%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5116	+0.183%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0396%	1h	2.5134	+0.255%	$352K	$481K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5140	+0.279%	$144K	$472K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0867%	1h	2.5139	+0.276%	$117K	$289K	20x	as long as short