Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0490%/8h= −53.7% APRpaid last 24h −0.034%

Price spread now: Deribit against BloFin−0.076%177s7-day average — · you buy dearer than you sell

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

Long on BloFin 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 −$15 a day on $10k at the current rate, and Deribit is 0.076% cheaper against BloFin than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 177 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	BloFin PENDLE-USDT	2.5143	−0.0095	get 0.0095% / 8h	6h 46m	$1.3M	$654K	75x
Short	Deribit PENDLE_USDC-PERPETUAL	2.5124	−0.0585	pay 0.0073% / 1h	46m 02s	$26K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$102.92
Price spread: −0.076% → 0.000%: −$7.56
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$129.48
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 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 BloFin live order book, 6 min ago	0.99 bp	12.5 bp −$12	23.8 bp −$238	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	−0.4742%	1h	2.4750	−1.563%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0585%	1h	2.5124	−0.076%	$26K	$14K	10x
ApeX Omni PENDLEUSDT	−0.0377%	1h	2.5149	+0.024%	$77K	$237K	50x	as long as short
Bybit PENDLEUSDT	−0.0115%	8h	2.5098	−0.179%	$15.4M	$12.1M	50x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5091	−0.208%	$167K	$569K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0112%	8h	2.5146	+0.013%	$420K	$1.7M	10x	as long as short
Binance PENDLEUSDT	−0.0111%	8h	2.5117	−0.104%	$27.1M	$43.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5107	−0.143%	$17.4M	$1.8M	125x	as long as short
BloFin PENDLE-USDTlong	−0.0095%	8h	2.5143	long leg	$1.3M	$654K	75x
Variational Omni PENDLE	−0.0038%	8h	2.5076	−0.266%	$598K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0031%	8h	2.5114	−0.115%	$20K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0014%	8h	2.5100	−0.171%	$783K	$1.2M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5141	−0.007%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0009%	8h	2.5112	−0.124%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5118	−0.098%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5116	−0.108%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5121	−0.087%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5111	−0.129%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5100	−0.171%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5128	−0.060%	$854K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5090	−0.211%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5099	−0.175%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5139	−0.016%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5136	−0.028%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5122	−0.084%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5147	+0.016%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0311%	1h	2.5164	+0.084%	$353K	$485K	15x	as long as short
Hyperliquid PENDLE	+0.0323%	1h	2.5160	+0.068%	$13.0M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5140	−0.012%	$145K	$469K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0866%	1h	2.5168	+0.098%	$117K	$291K	20x	as long as short