Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0137%/8h= +15.0% APRpaid last 24h +0.065%

Price spread now: edgeX against Deribit+0.306%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on edgeX

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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and edgeX is 0.306% dearer against Deribit than usual: you sell high and buy low: +$31 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.4409	−0.0037	get 0.0005% / 1h	33m 01s	$24K	$15K	10x
Short	edgeX PENDLEUSDC	2.4484	0.0100	get 0.0050% / 4h	2h 33m	$24K	$375K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.306%Rate

Funding earned: $28.71
Price spread: +0.306% → 0.000%: $30.63
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $43.34
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; edgeX: live order book, 15 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 edgeX live order book, 15 min ago	1.63 bp	6.3 bp −$6	65.9 bp −$659	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 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	2.4150	−1.061%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0043%	8h	2.4410	+0.004%	$718K	$1.1M	75x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0037%	1h	2.4409	long leg	$24K	$15K	10x
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4408	−0.004%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0007%	8h	2.4396	−0.053%	$1.1M	$599K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4414	+0.022%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4415	+0.025%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0008%	8h	2.4417	+0.033%	$25.7M	$44.3M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4403	−0.024%	$157K	$582K	10x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4404	−0.022%	$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	2.4408	−0.005%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4410	+0.004%	$514K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4392	−0.070%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4448	+0.160%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4429	+0.080%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4420	+0.045%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4430	+0.086%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4431	+0.090%	$859K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4391	−0.074%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4414	+0.020%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4431	+0.091%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4484	+0.306%	$24K	$375K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4445	+0.147%	$411K	$2.1M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4493	+0.344%	$75K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4424	+0.061%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4391	−0.074%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4410	+0.003%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.537%	$155K	$522K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0660%	1h	2.4454	+0.184%	$354K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1193%	1h	2.4460	+0.210%	$114K	$262K	20x	as long as short