Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0115%/8h= +12.6% APRpaid last 24h +0.022%

Price spread now: edgeX against Orderly+0.266%7-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 edgeX

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

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and edgeX is 0.266% dearer against Orderly than usual: you sell high and buy low: +$27 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.5270	−0.0015	get 0.0015% / 8h	7h 41m	$20K	$16K	10x
Short	edgeX PENDLEUSDC	2.5337	0.0100	get 0.0050% / 4h	3h 41m	$25K	$380K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.266%Rate

Funding earned: $24.24
Price spread: +0.266% → 0.000%: $26.58
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $35.82
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; edgeX: live order book, 32 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 edgeX live order book, 32 min ago	1.99 bp	7.3 bp −$7	doesn't fit	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	−0.4643%	1h	2.4970	−1.187%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0421%	1h	2.5312	+0.166%	$26K	$14K	10x	as long as short
Gate PENDLE_USDT	−0.0225%	8h	2.5300	+0.119%	$781K	$1.2M	75x	as long as short
Binance PENDLEUSDT	−0.0077%	8h	2.5269	−0.004%	$27.3M	$42.7M	75x	as long as short
BloFin PENDLE-USDT	−0.0076%	8h	2.5289	+0.075%	$1.3M	$712K	75x	as long as short
MEXC PENDLE_USDT	−0.0074%	8h	2.5274	+0.016%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5253	−0.067%	$165K	$720K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0054%	1h	2.5317	+0.186%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0015%	8h	2.5270	long leg	$20K	$16K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5298	+0.110%	$11K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0008%	8h	2.5291	+0.082%	$427K	$1.6M	10x	as long as short
Variational Omni PENDLE	+0.0014%	8h	2.5226	−0.174%	$604K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0049%	1h	2.5278	+0.030%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5313	+0.168%	$26K	—	3x	as long as short
Bybit PENDLEUSDT	+0.0084%	8h	2.5260	−0.040%	$15.6M	$12.1M	50x	as long as short
Aster PENDLEUSDT	+0.0087%	8h	2.5288	+0.071%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5282	+0.047%	$535K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5260	−0.042%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5260	−0.040%	$3.3M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5313	+0.170%	$888K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5297	+0.107%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5286	+0.063%	—	$35.7M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.5337	+0.266%	$25K	$380K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5299	+0.115%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5323	+0.210%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0140%	1h	2.5333	+0.251%	$12.9M	$6.3M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5284	+0.056%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5357	+0.344%	$118K	$294K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5360	+0.356%	$141K	$441K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0879%	1h	2.5370	+0.396%	$334K	$487K	15x	as long as short