Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0069%/8h= −7.5% APRpaid last 24h −0.020%

Price spread now: Orderly against OKX+0.072%7-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 Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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

The price spread pays, funding is against you. Orderly is 0.072% dearer against OKX than usual: you sell high and buy low (spread +0.072% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.5 days.

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	1h 53m	$3.2M	$5.8M	50x
Short	Orderly PERP_PENDLE_USDC	2.5118	0.0031	get 0.0031% / 8h	1h 53m	$20K	$16K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.072%Rate

Funding earned: −$14.44
Price spread: +0.072% → 0.000%: $7.17
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$23.27
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 4 min ago; Orderly: 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, 4 min ago	3.99 bp	20.6 bp −$21	118.6 bp −$1,186	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.3656%	1h	2.4770	−1.315%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0625%	1h	2.5112	+0.048%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5181	+0.323%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0021%	8h	2.5155	+0.219%	$1.3M	$732K	75x	as long as short
Orderly PERP_PENDLE_USDCshort	+0.0031%	8h	2.5118	+0.072%	$20K	$16K	10x
Reya PENDLERUSDPERP	+0.0038%	1h	2.5112	+0.047%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5079	−0.084%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0047%	8h	2.5082	−0.072%	$27.2M	$39.6M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5074	−0.103%	$165K	$524K	10x	as long as short
Variational Omni PENDLE	+0.0060%	8h	2.5103	+0.011%	$618K	$2.0M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.5106	+0.024%	$527K	$421K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5097	−0.010%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5147	+0.188%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5118	+0.072%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5086	−0.056%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5100	long leg	$3.2M	$5.8M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5160	+0.239%	$859K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5139	+0.155%	$897K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5127	+0.108%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5140	+0.159%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5048	−0.208%	$25K	$409K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5144	+0.175%	$424K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5121	+0.084%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5149	+0.195%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5107	+0.028%	$1K	$1.7M	20x	as long as short
Hyperliquid PENDLE	+0.0130%	1h	2.5134	+0.135%	$12.4M	$5.6M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5129	+0.117%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5180	+0.319%	$117K	$417K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0750%	1h	2.5105	+0.018%	$149K	$274K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.1196%	1h	2.5147	+0.187%	$358K	$460K	15x	as long as short