Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.063%

Price spread now: Deribit against Paradex+0.116%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Deribit

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

The price spread pays, funding is against you. Deribit is 0.116% dearer against Paradex than usual: you sell high and buy low (spread +0.116% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex PENDLE-USD-PERP	2.4710	0.0100	pay 0.0100% / 8h	4h 02m	$35K	$13K	10x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4739	0	get 0.0000% / 1h	2m 36s	$25K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Paradex. 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 ParadexbpFee DeribitbpOrdersPrice spread, now +0.116%Rate

Funding earned: −$21
Price spread: +0.116% → 0.000%: $11.62
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$20.38
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Deribit: 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 Paradex no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Paradex and Deribit: 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	2.4350	−1.458%	$2K	$54K	5.5x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4698	−0.049%	$159K	$578K	10x	as long as short
MEXC PENDLE_USDT	−0.0053%	8h	2.4716	+0.023%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0051%	8h	2.4718	+0.032%	$26.2M	$43.6M	75x	as long as short
Aster PENDLEUSDT	−0.0044%	8h	2.4711	+0.004%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4726	+0.064%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0038%	8h	2.4730	+0.080%	$721K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.4723	+0.051%	$1.2M	$594K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4698	−0.049%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	0.0000%	1h	2.4739	+0.116%	$25K	$14K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0064%	1h	2.4718	+0.031%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4591	−0.484%	$552K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0066%	1h	2.4718	+0.033%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4627	−0.337%	$409K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4715	+0.019%	$518K	$429K	5x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.4710	long leg	$35K	$13K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.4710	−0.001%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4740	+0.120%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4715	+0.019%	$869K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4713	+0.011%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4723	+0.051%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4620	−0.367%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4643	−0.272%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4740	+0.120%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4747	+0.149%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4733	+0.091%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0343%	1h	2.4755	+0.181%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.201%	$147K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0676%	1h	2.4773	+0.254%	$360K	$460K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1173%	1h	2.4785	+0.300%	$115K	$268K	20x	as long as short