Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.009%

Price spread now: Gate against OKX+0.120%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

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

costs, in and out, $10k−$830.832% of the position

Long on OKX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 4 days (all we have)−0.138%−$14 · spread now +0.120%, 7d avg +0.020%

Together, before fees−0.171%−$17 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Gate is 0.100% dearer against OKX than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.5100	0.0100	pay 0.0050% / 4h	11m 29s	$3.2M	$6.0M	50x
Short	Gate PENDLE_USDT	2.5130	0.0100	get 0.0100% / 8h	11m 29s	$785K	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.120%Rate

Funding earned: $0
Price spread: +0.120% → +0.020%: $10
Slippage, 4 orders: −$58.24
Fee OKX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$73.24
Costs to cover: 0.832%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Gate: live order book, 6 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, 1 min ago	3.98 bp	18.2 bp −$18	76.7 bp −$767	doesn't fit	doesn't fit
Sell Gate live order book, 6 min ago	1.99 bp	23.9 bp −$24	166.9 bp −$1,669	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	2.4940	−0.637%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0346%	1h	2.5168	+0.271%	$30K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0075%	8h	2.5147	+0.187%	$1.3M	$708K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.5150	+0.199%	$77K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0066%	8h	2.5120	+0.080%	$27.2M	$42.1M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.5120	+0.082%	$165K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0063%	8h	2.5152	+0.207%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0008%	8h	2.5163	+0.251%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5173	+0.290%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5140	+0.160%	$416K	$1.6M	10x	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	+0.0025%	8h	2.5186	+0.344%	$595K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5108	+0.030%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5155	+0.219%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5143	+0.171%	$530K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5130	+0.120%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5180	+0.321%	$47K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5099	−0.004%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5100	long leg	$3.2M	$6.0M	50x
Gate PENDLE_USDTshort	+0.0100%	8h	2.5130	+0.120%	$785K	$1.2M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5170	+0.279%	$884K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5127	+0.108%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5131	+0.124%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5152	+0.209%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5135	+0.139%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5162	+0.247%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5175	+0.299%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0341%	1h	2.5161	+0.243%	$12.7M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5200	+0.397%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.956%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0683%	1h	2.5214	+0.454%	$331K	$489K	15x	as long as short