Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.065%

Price spread now: Deribit against SunX+0.033%7-day average — · you sell dearer than you buy

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

Long on SunX Short on Deribit

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—needs both histories

The price spread pays, funding is against you. Deribit is 0.033% dearer against SunX than usual: you sell high and buy low (spread +0.033% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENDLE-USDT	2.4423	0.0100	pay 0.0100% / 8h	2h 40m	$2K	$1.8M	20x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4431	0	get 0.0000% / 1h	40m 26s	$24K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. 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 SunXbpFee DeribitbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$21
Price spread: +0.033% → 0.000%: $3.28
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$32.72
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 5 min ago; 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 SunX live order book, 5 min ago	500.27 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	−0.3926%	1h	2.4240	−0.749%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0051%	8h	2.4350	−0.299%	$714K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4398	−0.102%	$19K	$15K	10x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.4375	−0.198%	$157K	$581K	10x	as long as short
Binance PENDLEUSDT	−0.0006%	8h	2.4386	−0.151%	$25.7M	$44.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.4388	−0.143%	$17.3M	$2.0M	125x	as long as short
BloFin PENDLE-USDT	−0.0003%	8h	2.4420	−0.012%	$1.1M	$599K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4406	−0.071%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	0.0000%	1h	2.4431	+0.033%	$24K	$15K	10x
Reya PENDLERUSDPERP	+0.0073%	1h	2.4391	−0.130%	$3K	—	15x	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	+0.0080%	1h	2.4400	−0.096%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0094%	8h	2.4470	+0.192%	$405K	$2.1M	10x	as long as short
Aster PENDLEUSDT	+0.0094%	8h	2.4392	−0.126%	$46K	$171K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4400	−0.094%	$514K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4385	−0.155%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4429	+0.023%	$12.6M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4379	−0.180%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4410	−0.053%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4387	−0.147%	$858K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4366	−0.233%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4380	−0.176%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4411	−0.049%	$548K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4457	+0.139%	$24K	$373K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4466	+0.176%	$74K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4418	−0.020%	$16K	$7K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.4423	long leg	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4389	−0.139%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0529%	1h	2.4452	+0.119%	$352K	$402K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4530	+0.438%	$154K	$520K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1192%	1h	2.4469	+0.188%	$115K	$263K	20x	as long as short