Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0329%/8h= +36.0% APRpaid last 24h +0.138%

Price spread now: Backpack against Orderly+0.394%46s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Backpack

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

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Backpack is 0.394% dearer against Orderly than usual: you sell high and buy low: +$39 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 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	Orderly PERP_PENDLE_USDC	2.5133	−0.0031	get 0.0031% / 8h	6h 51m	$20K	$16K	10x
Short	Backpack PENDLE_USDC_PERP	2.5232	0.0298	get 0.0037% / 1h	51m 21s	$354K	$485K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.394%Rate

Funding earned: $69.09
Price spread: +0.394% → 0.000%: $39.39
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $92.48
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 17 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 17 min ago	1.57 bp	9.9 bp −$10	32.5 bp −$325	doesn't fit	doesn't fit

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	−0.4742%	1h	2.4750	−1.524%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.1100%	1h	2.5157	+0.095%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0640%	1h	2.5131	−0.008%	$77K	$237K	50x	as long as short
Bybit PENDLEUSDT	−0.0182%	8h	2.5120	−0.052%	$15.4M	$12.1M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0129%	8h	2.5154	+0.084%	$420K	$1.7M	10x	as long as short
MEXC PENDLE_USDT	−0.0114%	8h	2.5145	+0.048%	$17.4M	$1.8M	125x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5094	−0.157%	$163K	$565K	10x	as long as short
Binance PENDLEUSDT	−0.0111%	8h	2.5146	+0.052%	$27.2M	$43.2M	75x	as long as short
BloFin PENDLE-USDT	−0.0109%	8h	2.5135	+0.008%	$1.3M	$654K	75x	as long as short
Gate PENDLE_USDT	−0.0057%	8h	2.5120	−0.052%	$784K	$1.2M	75x	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	−0.0035%	8h	2.5006	−0.505%	$596K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDClong	−0.0031%	8h	2.5133	long leg	$20K	$16K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5120	−0.052%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0011%	8h	2.5133	+0.002%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5133	0.000%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5166	+0.129%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5123	−0.040%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5104	−0.115%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5130	−0.012%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5141	+0.032%	$854K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5127	−0.024%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5130	−0.012%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5102	−0.123%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5149	+0.064%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5167	+0.135%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5206	+0.289%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0291%	1h	2.5189	+0.223%	$13.0M	$6.4M	5x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0298%	1h	2.5232	+0.394%	$354K	$485K	15x
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5210	+0.306%	$145K	$469K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0864%	1h	2.5226	+0.369%	$117K	$291K	20x	as long as short