Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0405%/8h= +44.3% APRpaid last 24h +0.050%

Price spread now: OKX against Deribit+0.119%46s7-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 OKX

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 for this trade now. Funding pays +$12 a day on $10k at the current rate, and OKX is 0.119% dearer against Deribit than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 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	Deribit PENDLE_USDC-PERPETUAL	2.5230	−0.0305	get 0.0038% / 1h	22m 29s	$30K	$10K	10x
Short	OKX PENDLE-USDT-SWAP	2.5260	0.0100	get 0.0050% / 4h	22m 29s	$3.2M	$6.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.119%Rate

Funding earned: $84.96
Price spread: +0.119% → 0.000%: $11.89
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $79.85
Costs to cover: 0.170%
Break-even: 0.4 days

Slippage unknown: Deribit: no order-book sample; OKX: live order book, 5 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 OKX live order book, 5 min ago	3.96 bp	14.3 bp −$14	74.3 bp −$743	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	−0.5000%	1h	2.4940	−1.149%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0305%	1h	2.5230	long leg	$30K	$10K	10x
BloFin PENDLE-USDT	−0.0058%	8h	2.5235	+0.020%	$1.3M	$714K	75x	as long as short
Binance PENDLEUSDT	−0.0036%	8h	2.5275	+0.178%	$27.4M	$41.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0035%	8h	2.5240	+0.040%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5251	+0.084%	$166K	$528K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0027%	1h	2.5215	−0.059%	$77K	$239K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0004%	8h	2.5227	−0.012%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5267	+0.146%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0036%	8h	2.5202	−0.111%	$595K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0045%	8h	2.5244	+0.056%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5268	+0.151%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5222	−0.032%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5247	+0.067%	$532K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5252	+0.088%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5264	+0.136%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5260	+0.119%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5260	+0.119%	$3.2M	$6.0M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5230	0.000%	$785K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5250	+0.079%	$887K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5247	+0.067%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5251	+0.083%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5208	−0.086%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5291	+0.242%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5230	0.000%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5240	+0.041%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0345%	1h	2.5284	+0.214%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5289	+0.233%	$119K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.436%	$141K	$451K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0775%	1h	2.5281	+0.202%	$332K	$490K	15x	as long as short