Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0081%/8h= −8.9% APRpaid last 24h −0.020%

Price spread now: Orderly against edgeX−0.162%7-day average — · you buy dearer than you sell

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

Long on edgeX Short on Orderly

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.162% cheaper against edgeX than usual: you would sell low and buy high (−$16 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	edgeX PENDLEUSDC	2.4953	0.0100	pay 0.0050% / 4h	1h 19m	$25K	$397K	10x
Short	Orderly PERP_PENDLE_USDC	2.4913	0.0019	get 0.0019% / 8h	1h 19m	$20K	$16K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against edgeX. 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 edgeXbpFee OrderlybpOrdersPrice spread, now −0.162%Rate

Funding earned: −$17.08
Price spread: −0.162% → 0.000%: −$16.18
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$48.26
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 64 min ago; Orderly: 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 edgeX live order book, 64 min ago	1.19 bp	6.4 bp −$6	66.0 bp −$660	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.3656%	1h	2.4770	−0.735%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0231%	1h	2.4921	−0.130%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0050%	1h	2.4960	+0.027%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0009%	8h	2.4911	−0.170%	$1.3M	$736K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4968	+0.060%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4911	−0.170%	$16.8M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0006%	8h	2.4910	−0.174%	$26.9M	$40.8M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4900	−0.214%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDCshort	+0.0019%	8h	2.4913	−0.162%	$20K	$16K	10x
Reya PENDLERUSDPERP	+0.0041%	1h	2.4915	−0.155%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0065%	8h	2.4937	−0.066%	$551K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4959	+0.023%	$415K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4912	−0.168%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4923	−0.122%	$524K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4913	−0.164%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4962	+0.035%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4931	−0.091%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4905	−0.194%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4940	−0.054%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4910	−0.174%	$781K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4935	−0.074%	$891K	$614K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4908	−0.182%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4911	−0.170%	—	$36.2M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4953	long leg	$25K	$397K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4943	−0.042%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4934	−0.078%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4931	−0.089%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5020	+0.267%	$139K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0683%	1h	2.4962	+0.035%	$352K	$474K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0754%	1h	2.4976	+0.092%	$120K	$304K	20x	as long as short