Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.4991%/8h= −546.5% APRpaid last 24h −0.439%

Price spread now: Injective against Orderly−0.949%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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 against this trade now: funding costs −$150 a day on $10k at the current rate, and Injective is 0.949% cheaper against Orderly than usual: you would sell low and buy high (−$95 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	2.5179	−0.0009	get 0.0009% / 8h	9m 26s	$20K	$16K	10x
Short	Injective PENDLE/USDC PERP	2.4940	−0.5000	pay 0.0625% / 1h	9m 26s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.949%Rate

Funding earned: −$1,048.11
Price spread: −0.949% → 0.000%: −$94.92
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,149.05
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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 PERPshort	−0.5000%	1h	2.4940	−0.949%	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0505%	1h	2.5157	−0.087%	$28K	$11K	10x	as long as short
Binance PENDLEUSDT	−0.0069%	8h	2.5179	0.000%	$27.2M	$42.2M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.5150	−0.115%	$77K	$239K	50x	as long as short
MEXC PENDLE_USDT	−0.0065%	8h	2.5168	−0.044%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.5141	−0.153%	$165K	$528K	10x	as long as short
BloFin PENDLE-USDT	−0.0047%	8h	2.5102	−0.306%	$1.3M	$707K	75x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0009%	8h	2.5179	long leg	$20K	$16K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5181	+0.009%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0015%	8h	2.5107	−0.286%	$416K	$1.6M	10x	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	+0.0022%	8h	2.5081	−0.388%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5175	−0.017%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5180	+0.003%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5169	−0.040%	$530K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5153	−0.102%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5174	−0.022%	$47K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5170	−0.036%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5180	+0.004%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5150	−0.115%	$777K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5149	−0.119%	$883K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5156	−0.091%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5158	−0.083%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5152	−0.106%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5188	+0.036%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5153	−0.103%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5195	+0.062%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0330%	1h	2.5216	+0.147%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5205	+0.105%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.639%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0665%	1h	2.5201	+0.087%	$331K	$489K	15x	as long as short