Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0156%/8h= +17.1% APRpaid last 24h +0.044%

Price spread now: GMX against OKX+0.217%52s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and GMX is 0.217% dearer against OKX than usual: you sell high and buy low: +$22 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 52 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	2.5090	0.0100	pay 0.0050% / 4h	6m 30s	$3.2M	$6.0M	50x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.5145	L +0.0199% / S −0.0256%	get 0.0032% / 1h	6m 30s	$5K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.217%Rate

Funding earned: $32.78
Price spread: +0.217% → 0.000%: $21.72
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $32.5
Costs to cover: 0.220%
Break-even: 0.1 days

Slippage unknown: OKX: live order book, 1 min ago; GMX: no order-book sample. Net counts fees only.

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	18.0 bp −$18	75.7 bp −$757	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.598%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0465%	1h	2.5143	+0.211%	$28K	$11K	10x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5101	+0.043%	$165K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0070%	8h	2.5110	+0.079%	$27.2M	$42.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0068%	8h	2.5112	+0.088%	$17.0M	$1.9M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5164	+0.295%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0056%	8h	2.5130	+0.159%	$1.3M	$708K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0009%	8h	2.5131	+0.163%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5134	+0.174%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5177	+0.347%	$417K	$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	+0.0022%	8h	2.5081	−0.034%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5095	+0.021%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5125	+0.140%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5124	+0.136%	$530K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5111	+0.085%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5124	+0.136%	$47K	$178K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5090	0.000%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5090	long leg	$3.2M	$6.0M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5110	+0.080%	$776K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5140	+0.199%	$883K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5136	+0.183%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5113	+0.092%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5160	+0.279%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5122	+0.128%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5132	+0.167%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0199% / S −0.0256%	1h	2.5145	+0.217%	$5K	—	100x
Hyperliquid PENDLE	+0.0303%	1h	2.5161	+0.283%	$12.7M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5176	+0.344%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.996%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0678%	1h	2.5175	+0.339%	$331K	$489K	15x	as long as short