Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0106%/8h= −11.6% APRpaid last 24h +0.006%

Price spread now: Orderly against Reya−0.071%7-day average — · you buy dearer than you sell

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

Long on Reya Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Orderly is 0.071% cheaper against Reya than usual: you would sell low and buy high (−$7 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	Reya PENDLERUSDPERP	2.4709	0.0067	pay 0.0008% / 1h	0m 57s	$3K	—	15x
Short	Orderly PERP_PENDLE_USDC	2.4692	−0.0039	pay 0.0039% / 8h	4h 00m	$19K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Reya. 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 ReyabpFee OrderlybpOrdersPrice spread, now −0.071%Rate

Funding earned: −$22.21
Price spread: −0.071% → 0.000%: −$7.07
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$41.28
Costs to cover: 0.120%
Break-even: never at this rate

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

Reya and 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	2.4350	−1.455%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0236%	1h	2.4704	−0.022%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0060%	8h	2.4684	−0.103%	$1.2M	$593K	75x	as long as short
MEXC PENDLE_USDT	−0.0051%	8h	2.4698	−0.046%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0048%	8h	2.4696	−0.055%	$26.2M	$43.6M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4688	−0.086%	$159K	$578K	10x	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.4729	+0.080%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDCshort	−0.0039%	8h	2.4692	−0.071%	$19K	$15K	10x
Gate PENDLE_USDT	−0.0034%	8h	2.4720	+0.043%	$720K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4750	+0.165%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0064%	1h	2.4677	−0.130%	$26K	—	3x	as long as short
Reya PENDLERUSDPERPlong	+0.0067%	1h	2.4709	long leg	$3K	—	15x
Variational Omni PENDLE	+0.0074%	8h	2.4726	+0.066%	$555K	$1.4M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0077%	8h	2.4709	−0.002%	$417K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4710	+0.002%	$518K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4752	+0.173%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4693	−0.067%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4710	+0.002%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4741	+0.128%	$870K	$556K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4710	+0.002%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4734	+0.099%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4709	−0.003%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4730	+0.083%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4754	+0.180%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4789	+0.322%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4718	+0.033%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0339%	1h	2.4746	+0.148%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4740	+0.124%	$147K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0688%	1h	2.4756	+0.188%	$360K	$421K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1175%	1h	2.4750	+0.166%	$115K	$268K	20x	as long as short