Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0029%/8h= −3.1% APRpaid last 24h +0.011%

Price spread now: Extended against Orderly−0.058%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Extended

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 airdropExtended: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Extended is 0.058% cheaper against Orderly than usual: you would sell low and buy high (−$6 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	Orderly PERP_PENDLE_USDC	2.4712	−0.0035	get 0.0035% / 8h	4h 54m	$19K	$15K	10x
Short	Extended PENDLE-USD	2.4698	−0.0064	pay 0.0008% / 1h	54m 04s	$161K	$570K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$6.03
Price spread: −0.058% → 0.000%: −$5.84
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$22.87
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 4 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 Extended live order book, 4 min ago	0.81 bp	14.0 bp −$14	122.7 bp −$1,227	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	−0.4334%	1h	2.4430	−1.141%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0275%	1h	2.4729	+0.069%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0088%	8h	2.4722	+0.040%	$1.3M	$654K	75x	as long as short
Binance PENDLEUSDT	−0.0068%	8h	2.4703	−0.036%	$26.3M	$43.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0067%	8h	2.4715	+0.012%	$17.3M	$1.9M	125x	as long as short
Extended PENDLE-USDshort	−0.0064%	1h	2.4698	−0.058%	$161K	$570K	10x
Aster PENDLEUSDT	−0.0038%	8h	2.4718	+0.026%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0035%	8h	2.4712	long leg	$19K	$15K	10x
dYdX PENDLE-USD	0.0000%	1h	2.4761	+0.197%	$10K	—	5x	as long as short
Gate PENDLE_USDT	+0.0010%	8h	2.4730	+0.073%	$718K	$1.1M	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	+0.0030%	8h	2.4746	+0.137%	$564K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4725	+0.051%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4708	−0.016%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4707	−0.020%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4715	+0.012%	$527K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4716	+0.016%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4710	−0.008%	$14.7M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4710	−0.008%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4740	+0.113%	$875K	$581K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4692	−0.081%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4726	+0.057%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4652	−0.242%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4657	−0.223%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4742	+0.121%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4710	−0.008%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4725	+0.051%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0245%	1h	2.4748	+0.146%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.194%	$147K	$493K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0682%	1h	2.4760	+0.194%	$356K	$478K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4719	+0.029%	$115K	$278K	20x	as long as short