Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0107%/8h= −11.7% APRpaid last 24h −0.004%

Price spread now: BloFin against OKX−0.191%53s7-day average +0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$560.561% of the position

Long on OKX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 3 days (all we have)+0.377%+$38 · spread now −0.191%, 7d avg +0.057%

Together, before fees+0.328%+$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BloFin is 0.248% cheaper against OKX than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of +0.057%). Swap the legs. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.5150	0.0100	pay 0.0050% / 4h	56m 18s	$3.3M	$6.0M	50x
Short	BloFin PENDLE-USDT	2.5102	−0.0007	pay 0.0007% / 8h	56m 18s	$1.3M	$755K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.191%Rate

Funding earned: −$22.41
Price spread: −0.191% → +0.057%: −$24.82
Slippage, 4 orders: −$34.11
Fee OKX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$103.33
Costs to cover: 0.561%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; BloFin: live order book, 1 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	3.98 bp	16.9 bp −$17	81.2 bp −$812	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	2.59 bp	12.9 bp −$13	19.1 bp −$191	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	−0.5000%	1h	2.4740	−1.630%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0626%	1h	2.5096	−0.215%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0049%	1h	2.5046	−0.414%	$76K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5116	−0.134%	$165K	$526K	10x	as long as short
MEXC PENDLE_USDT	−0.0008%	8h	2.5138	−0.048%	$17.0M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.5144	−0.023%	$27.2M	$41.5M	75x	as long as short
BloFin PENDLE-USDTshort	−0.0007%	8h	2.5102	−0.191%	$1.3M	$755K	75x
dYdX PENDLE-USD	0.0000%	1h	2.5106	−0.174%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0009%	8h	2.5151	+0.004%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5148	−0.008%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0061%	8h	2.4982	−0.669%	$552K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0065%	8h	2.5031	−0.473%	$416K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5147	−0.012%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5122	−0.111%	$529K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5106	−0.174%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5187	+0.145%	$12.4M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5142	−0.030%	$44K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5130	−0.080%	$15.5M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5150	long leg	$3.3M	$6.0M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5160	+0.040%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5163	+0.052%	$895K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5136	−0.056%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5137	−0.052%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5027	−0.489%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5165	+0.060%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5108	−0.167%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5161	+0.042%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0597%	1h	2.5149	−0.005%	$119K	$304K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5140	−0.040%	$140K	$457K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1271%	1h	2.5141	−0.036%	$324K	$493K	15x	as long as short