Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.002%

Price spread now: Extended against OKX−0.110%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$650.647% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.040%−$4 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.110%, 7d avg −0.025%

Together, before fees+0.010%+ Points / potential airdropExtended: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Extended is 0.085% cheaper against OKX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.025%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.5190	0.0100	pay 0.0050% / 4h	2h 54m	$3.3M	$5.6M	50x
Short	Extended PENDLE-USD	2.5162	0.0032	get 0.0004% / 1h	54m 08s	$165K	$524K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.110%Rate

Funding earned: −$14.28
Price spread: −0.110% → −0.025%: −$8.51
Slippage, 4 orders: −$49.73
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$87.52
Costs to cover: 0.647%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Extended: live order book, 33 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, 4 min ago	3.97 bp	16.1 bp −$16	120.0 bp −$1,200	doesn't fit	doesn't fit
Sell Extended live order book, 33 min ago	1.18 bp	13.6 bp −$14	109.6 bp −$1,096	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	−0.4806%	1h	2.4860	−1.310%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5193	+0.011%	$159K	$259K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0068%	1h	2.5166	−0.095%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5214	+0.097%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0010%	8h	2.5125	−0.259%	$607K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0018%	8h	2.5219	+0.115%	$1.3M	$800K	75x	as long as short
Extended PENDLE-USDshort	+0.0032%	1h	2.5162	−0.110%	$165K	$524K	10x
Reya PENDLERUSDPERP	+0.0033%	1h	2.5143	−0.185%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5174	−0.064%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0035%	8h	2.5193	+0.012%	$16.9M	$2.2M	125x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENDLEUSDT	+0.0036%	8h	2.5195	+0.021%	$27.5M	$38.9M	75x	as long as short
Aster PENDLEUSDT	+0.0076%	8h	2.5142	−0.192%	$41K	$177K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5163	−0.107%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5180	−0.040%	$551K	$375K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5159	−0.123%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5225	+0.139%	$12.5M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5180	−0.040%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5190	long leg	$3.3M	$5.6M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5170	−0.079%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5153	−0.147%	$909K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5183	−0.028%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5188	−0.008%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5141	−0.195%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5138	−0.207%	$427K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5100	−0.357%	$77K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5150	−0.159%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5199	+0.036%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5173	−0.069%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5240	+0.198%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0764%	1h	2.5251	+0.242%	$366K	$466K	15x	as long as short