Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.027%

Price spread now: Reya against OKX−0.073%7-day average — · you buy dearer than you sell

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

Long on OKX Short on Reya

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Reya is 0.073% cheaper against OKX than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.4530	0.0100	pay 0.0050% / 4h	3h 08m	$3.1M	$6.4M	50x
Short	Reya PENDLERUSDPERP	2.4512	0.0071	get 0.0009% / 1h	8m 21s	$3K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.073%Rate

Funding earned: −$6.13
Price spread: −0.073% → 0.000%: −$7.29
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$29.42
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 5 min ago; Reya: 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, 5 min ago	2.03 bp	15.4 bp −$15	93.6 bp −$936	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.4243%	1h	2.4300	−0.938%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0064%	8h	2.4470	−0.245%	$718K	$1.1M	75x	as long as short
Binance PENDLEUSDT	−0.0050%	8h	2.4515	−0.061%	$25.9M	$44.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0049%	8h	2.4509	−0.086%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4503	−0.111%	$158K	$579K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4516	−0.057%	$19K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0036%	1h	2.4519	−0.045%	$75K	$234K	50x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.4449	−0.330%	$1.1M	$592K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4483	−0.193%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4532	+0.008%	$24K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0042%	8h	2.4524	−0.024%	$46K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0051%	8h	2.4601	+0.289%	$417K	$2.1M	10x	as long as short
Reya PENDLERUSDPERPshort	+0.0071%	1h	2.4512	−0.073%	$3K	—	15x
Aevo PENDLE-PERP	+0.0072%	1h	2.4508	−0.089%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0078%	8h	2.4500	−0.120%	$550K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4509	−0.086%	$516K	$431K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4495	−0.143%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4510	−0.082%	$14.4M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4530	long leg	$3.1M	$6.4M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4492	−0.155%	$864K	$557K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4496	−0.139%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4506	−0.098%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4521	−0.037%	$24K	$374K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4534	+0.016%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4529	−0.004%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4513	−0.071%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0291%	1h	2.4565	+0.143%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4540	+0.041%	$150K	$508K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0693%	1h	2.4525	−0.020%	$356K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1184%	1h	2.4585	+0.225%	$115K	$268K	20x	as long as short