Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.047%

Price spread now: Deribit against Binance+0.157%7-day average — · you sell dearer than you buy

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

Long on Binance 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 0.157% dearer against Binance than usual: you sell high and buy low (spread +0.157% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.4889	0.0009	pay 0.0009% / 8h	1h 27m	$26.9M	$40.5M	75x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4928	−0.0191	pay 0.0024% / 1h	27m 41s	$29K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now +0.157%Rate

Funding earned: −$41.95
Price spread: +0.157% → 0.000%: $15.67
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$43.28
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 14 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 Binance live order book, 14 min ago	0.80 bp	10.9 bp −$11	28.9 bp −$289	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	−0.3656%	1h	2.4770	−0.478%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0191%	1h	2.4928	+0.157%	$29K	$10K	10x
ApeX Omni PENDLEUSDT	−0.0109%	1h	2.4948	+0.237%	$76K	$240K	50x	as long as short
BloFin PENDLE-USDT	−0.0006%	8h	2.4902	+0.052%	$1.3M	$736K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4940	+0.204%	$10K	—	5x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4877	−0.049%	$164K	$526K	10x	as long as short
Binance PENDLEUSDTlong	+0.0009%	8h	2.4889	long leg	$26.9M	$40.5M	75x
MEXC PENDLE_USDT	+0.0010%	8h	2.4888	−0.004%	$16.8M	$2.1M	125x	as long as short
Orderly PERP_PENDLE_USDC	+0.0022%	8h	2.4917	+0.112%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0040%	1h	2.4949	+0.240%	$4K	—	15x	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	+0.0062%	8h	2.4902	+0.052%	$550K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4933	+0.177%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0087%	8h	2.4900	+0.044%	$419K	$1.6M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4890	+0.004%	$524K	$423K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4886	−0.013%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4926	+0.149%	$12.3M	$5.9M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4910	+0.084%	$43K	$173K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4887	−0.008%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4890	+0.004%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4880	−0.036%	$780K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4920	+0.125%	$891K	$613K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4878	−0.044%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4887	−0.008%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4935	+0.185%	$25K	$412K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4985	+0.386%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4926	+0.149%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4948	+0.235%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4970	+0.325%	$138K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0679%	1h	2.4956	+0.269%	$354K	$473K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0756%	1h	2.4914	+0.102%	$124K	$300K	20x	as long as short