Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.4300%/8hnext payment −$5.38 per $10,000 · paid last 24h −0.193%

Price spread now: Injective against Deribit−1.288%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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 −$129 a day on $10k at the current rate, and Injective is 1.288% cheaper against Deribit than usual: you would sell low and buy high (−$129 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.5468	0	get 0.0000% / 1h	7m 00s	$30K	$11K	10x
Short	Injective PENDLE/USDC PERP	2.5140	−0.4300	pay 0.0538% / 1h	7m 00s	$2K	$7K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.288%Rate

Funding earned: −$903.03
Price spread: −1.288% → 0.000%: −$128.79
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,038.84
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Injective: 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 Deribit no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Deribit and Injective: 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 PERPshort	−0.4300%	1h	2.5140	−1.288%	$2K	$7K	5.5x
Kraken Futures PF_PENDLEUSD	−0.0624%	1h	2.5477	+0.034%	$158K	$248K	20x	as long as short
Variational Omni PENDLE	−0.0017%	8h	2.5445	−0.091%	$657K	$2.2M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5465	−0.012%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	0.0000%	1h	2.5468	long leg	$30K	$11K	10x
Aster PENDLEUSDT	+0.0018%	8h	2.5458	−0.039%	$52K	$140K	10x	as long as short
Reya PENDLERUSDPERP	+0.0027%	1h	2.5468	−0.002%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0041%	8h	2.5464	−0.016%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0078%	8h	2.5451	−0.067%	$17.1M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0078%	8h	2.5452	−0.064%	$27.9M	$37.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0080%	1h	2.5443	−0.100%	$167K	$519K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5465	−0.012%	$556K	$380K	5x	as long as short
BloFin PENDLE-USDT	+0.0097%	8h	2.5452	−0.063%	$1.4M	$822K	75x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5440	−0.112%	$36K	$26K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5510	+0.165%	$12.4M	$5.3M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5450	−0.071%	$15.9M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5470	+0.008%	$3.3M	$5.4M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5440	−0.110%	$814K	$1.0M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5478	+0.039%	$928K	$596K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5468	0.000%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5453	−0.059%	—	$34.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5441	−0.105%	$25K	$414K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5456	−0.047%	$430K	$1.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5443	−0.098%	$78K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5486	+0.071%	$16K	$30K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5474	+0.024%	$2K	$1.6M	20x	as long as short
Aevo PENDLE-PERP	+0.0104%	1h	2.5511	+0.169%	$27K	—	3x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0272%	1h	2.5477	+0.035%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0576%	1h	2.5520	+0.204%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0976%	1h	2.5514	+0.181%	$377K	$458K	15x	as long as short