Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0326%/8h= −35.7% APRpaid last 24h −0.050%

Price spread now: Deribit against Bitget−0.285%48s7-day average — · you buy dearer than you sell

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

Long on Bitget 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

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Deribit is 0.285% cheaper against Bitget than usual: you would sell low and buy high (−$28 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENDLEUSDT	2.5285	0.0100	pay 0.0100% / 8h	50m 26s	$3.7M	$2.7M	75x
Short	Deribit PENDLE_USDC-PERPETUAL	2.5213	−0.0226	pay 0.0028% / 1h	50m 26s	$30K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now −0.285%Rate

Funding earned: −$68.4
Price spread: −0.285% → 0.000%: −$28.48
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$115.88
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 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 Bitget live order book, 2 min ago	3.97 bp	20.9 bp −$21	54.2 bp −$542	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	−0.5000%	1h	2.4860	−1.681%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0226%	1h	2.5213	−0.285%	$30K	$10K	10x
ApeX Omni PENDLEUSDT	−0.0068%	1h	2.5214	−0.281%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0014%	8h	2.5197	−0.348%	$1.3M	$758K	75x	as long as short
Binance PENDLEUSDT	−0.0008%	8h	2.5276	−0.035%	$27.3M	$41.5M	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5238	−0.184%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0005%	8h	2.5251	−0.134%	$17.1M	$1.9M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5244	−0.163%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0006%	8h	2.5207	−0.308%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5301	+0.062%	$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	+0.0059%	8h	2.5097	−0.745%	$555K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.5159	−0.498%	$420K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5210	−0.295%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5251	−0.134%	$532K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5241	−0.175%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5349	+0.253%	$12.5M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5239	−0.182%	$45K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5290	+0.020%	$15.6M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5290	+0.020%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5240	−0.178%	$788K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5252	−0.131%	$901K	$593K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.5285	long leg	$3.7M	$2.7M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5241	−0.174%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5147	−0.544%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5318	+0.131%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5220	−0.257%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5233	−0.206%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5268	−0.066%	$120K	$301K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5250	−0.138%	$141K	$456K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1155%	1h	2.5265	−0.079%	$328K	$491K	15x	as long as short