Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0615%/8h= +67.3% APRpaid last 24h +0.117%

Price spread now: Backpack against OKX+0.168%7-day average +0.186% · you sell dearer than you buy

Net, funding: paid 7d − costs+$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$480.485% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.717%+$72 on $10k

Price spread, last 4 days (all we have)−0.316%−$32 · spread now +0.168%, 7d avg +0.186%

Together, before fees+0.401%+$40 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.186%, so right now this pair is about funding alone: +$18 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.4960	0.0100	pay 0.0050% / 4h	1h 20m	$3.2M	$6.2M	50x
Short	Backpack PENDLE_USDC_PERP	2.5002	0.0715	get 0.0089% / 1h	20m 58s	$361K	$488K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.168%Rate

Funding earned: $129.08
Price spread: +0.168% → +0.186%: −$1.76
Slippage, 4 orders: −$28.45
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $78.87
Costs to cover: 0.485%
Break-even: 2.7 days

Slippage from OKX: live order book, 2 min ago; Backpack: live order book, 43 min ago.

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, 2 min ago	2.00 bp	15.7 bp −$16	84.2 bp −$842	doesn't fit	doesn't fit
Sell Backpack live order book, 43 min ago	1.59 bp	9.1 bp −$9	45.9 bp −$459	doesn't fit	doesn't fit

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	−0.4938%	1h	2.4520	−1.763%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0102%	8h	2.4951	−0.036%	$1.3M	$650K	75x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.4932	−0.113%	$162K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0084%	8h	2.4950	−0.040%	$26.7M	$43.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0084%	8h	2.4942	−0.072%	$17.4M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4963	+0.012%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0030%	8h	2.4958	−0.008%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4933	−0.108%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4967	+0.028%	$26K	$14K	10x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.4945	−0.059%	$561K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0023%	8h	2.4950	−0.040%	$722K	$1.1M	75x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4951	−0.034%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0059%	8h	2.4892	−0.272%	$416K	$1.8M	10x	as long as short
Reya PENDLERUSDPERP	+0.0060%	1h	2.4974	+0.055%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4955	−0.020%	$533K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4952	−0.033%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4989	+0.116%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4940	−0.080%	$14.9M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4960	long leg	$3.2M	$6.2M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4966	+0.024%	$852K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4954	−0.024%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4947	−0.052%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4819	−0.563%	$25K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4856	−0.417%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4988	+0.112%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4964	+0.016%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4967	+0.030%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4990	+0.120%	$148K	$493K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0715%	1h	2.5002	+0.168%	$361K	$488K	15x
Kraken Futures PF_PENDLEUSD	+0.0749%	1h	2.5017	+0.230%	$116K	$280K	20x	as long as short