Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0222%/8h= −24.3% APRpaid last 24h −0.017%

Price spread now: Binance against OKX−0.032%7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$520.524% of the position

Long on OKX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 7 days+0.027%+$3 · spread now −0.032%, 7d avg +0.037%

Together, before fees−0.034%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Binance is 0.069% cheaper against OKX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.037%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.060% in total (about -3.1% 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	OKX PENDLE-USDT-SWAP	2.4870	0.0100	pay 0.0050% / 4h	1h 43m	$3.1M	$6.1M	50x
Short	Binance PENDLEUSDT	2.4862	−0.0122	pay 0.0122% / 8h	5h 43m	$26.7M	$43.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.032%Rate

Funding earned: −$46.55
Price spread: −0.032% → +0.037%: −$6.89
Slippage, 4 orders: −$32.37
Fee OKX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$105.8
Costs to cover: 0.524%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Binance: live order book, 14 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, 5 min ago	2.02 bp	15.9 bp −$16	93.4 bp −$934	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	0.20 bp	11.6 bp −$12	31.9 bp −$319	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	2.4490	−1.528%	$2K	$54K	5.5x	as long as short
MEXC PENDLE_USDT	−0.0125%	8h	2.4861	−0.036%	$17.2M	$1.8M	125x	as long as short
Binance PENDLEUSDTshort	−0.0122%	8h	2.4862	−0.032%	$26.7M	$43.0M	75x
Extended PENDLE-USD	−0.0120%	1h	2.4855	−0.061%	$163K	$568K	10x	as long as short
BloFin PENDLE-USDT	−0.0104%	8h	2.4809	−0.245%	—	$645K	75x	as long as short
GRVT PENDLE_USDT_Perp	−0.0068%	8h	2.4733	−0.550%	$410K	$1.7M	10x	as long as short
Aster PENDLEUSDT	−0.0059%	8h	2.4853	−0.070%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4862	−0.032%	$19K	$15K	10x	as long as short
Variational Omni PENDLE	−0.0019%	8h	2.4691	−0.721%	$544K	$1.8M	—	as long as short
ApeX Omni PENDLEUSDT	−0.0010%	1h	2.4790	−0.322%	$75K	$235K	50x	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	2.4815	−0.220%	$10K	—	5x	as long as short
Gate PENDLE_USDT	0.0000%	8h	2.4840	−0.121%	$724K	$1.1M	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	+0.0031%	1h	2.4876	+0.024%	$26K	$14K	10x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4866	−0.018%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0058%	1h	2.4855	−0.060%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4855	−0.060%	$529K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4850	−0.081%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4885	+0.060%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4853	−0.068%	$15.0M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4870	long leg	$3.1M	$6.1M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4841	−0.117%	$849K	$579K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4853	−0.068%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4853	−0.068%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4783	−0.350%	$24K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4866	−0.016%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4883	+0.052%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0190% / S −0.0314%	1h	2.4863	−0.030%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0379%	1h	2.4888	+0.072%	$353K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4900	+0.121%	$149K	$491K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0752%	1h	2.4911	+0.163%	$116K	$283K	20x	as long as short