Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.039%

Price spread now: Bybit against Deribit−0.152%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Bybit

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

Funding pays, the price is against you. Bybit is 0.152% cheaper against Deribit than usual: you would sell low and buy high (spread −0.152% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 5.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.4417	0	get 0.0000% / 1h	20m 47s	$25K	$12K	10x
Short	Bybit PENDLEUSDT	2.4380	0.0100	get 0.0100% / 8h	6h 20m	$14.2M	$11.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.152%Rate

Funding earned: $21
Price spread: −0.152% → 0.000%: −$15.15
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$12.15
Costs to cover: 0.180%
Break-even: 11.1 days

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 6 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Bybit live order book, 6 min ago	4.10 bp	16.2 bp −$16	43.4 bp −$434	doesn't fit	doesn't fit

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 exchanges

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	2.4660	+0.995%	$2K	$55K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0093%	1h	2.4388	−0.119%	$74K	$231K	50x	as long as short
MEXC PENDLE_USDT	−0.0081%	8h	2.4426	+0.037%	$18.6M	$2.2M	125x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.4405	−0.051%	$162K	$936K	10x	as long as short
Binance PENDLEUSDT	−0.0077%	8h	2.4408	−0.037%	$25.5M	$46.7M	75x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0077%	1h	2.4435	+0.074%	$121K	$252K	20x	as long as short
BloFin PENDLE-USDT	−0.0069%	8h	2.4397	−0.082%	$1.1M	$518K	75x	as long as short
GRVT PENDLE_USDT_Perp	−0.0001%	8h	2.4406	−0.047%	$403K	$2.9M	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4421	+0.017%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	0.0000%	1h	2.4417	long leg	$25K	$12K	10x

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	+0.0009%	8h	2.4403	−0.057%	$18K	$14K	10x	as long as short
Aster PENDLEUSDT	+0.0015%	8h	2.4414	−0.011%	$49K	$167K	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4395	−0.089%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0076%	8h	2.4355	−0.254%	$573K	$1.1M	—	as long as short
Reya PENDLERUSDPERP	+0.0094%	1h	2.4413	−0.017%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4429	+0.049%	$657K	$512K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4367	−0.206%	$34K	$1K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4380	−0.152%	$14.2M	$11.6M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4400	−0.070%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4420	+0.012%	$772K	$967K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4414	−0.012%	$686K	$503K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4413	−0.016%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4416	−0.004%	—	$8.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4381	−0.149%	$23K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4426	+0.037%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4397	−0.082%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0184% / S −0.0207%	1h	2.4389	−0.114%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0418%	1h	2.4466	+0.201%	$13.0M	$6.0M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0621%	1h	2.4460	+0.176%	$365K	$420K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.4430	+0.053%	$167K	$538K	25x	as long as short