Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0771%/8h= −84.4% APRpaid last 24h −0.041%

Price spread now: Deribit against Gate+0.157%7-day average — · you sell dearer than you buy

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

Long on Gate Short on Deribit

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

The price spread pays, funding is against you. Deribit is 0.157% dearer against Gate than usual: you sell high and buy low (spread +0.157% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.4910	0.0100	pay 0.0100% / 8h	1h 32m	$782K	$1.1M	75x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4949	−0.0671	pay 0.0084% / 1h	32m 34s	$29K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Gate. 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 GatebpFee DeribitbpOrdersPrice spread, now +0.157%Rate

Funding earned: −$161.92
Price spread: +0.157% → 0.000%: $15.66
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$168.26
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 5 min ago; Deribit: 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 Gate live order book, 5 min ago	6.01 bp	23.8 bp −$24	211.3 bp −$2,113	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	−0.3656%	1h	2.4770	−0.562%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0671%	1h	2.4949	+0.157%	$29K	$10K	10x
ApeX Omni PENDLEUSDT	−0.0123%	1h	2.4925	+0.060%	$76K	$240K	50x	as long as short
BloFin PENDLE-USDT	−0.0001%	8h	2.4932	+0.088%	$1.3M	$740K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4929	+0.075%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0014%	8h	2.4909	−0.004%	$16.8M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0014%	8h	2.4907	−0.013%	$27.0M	$40.4M	75x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4896	−0.058%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0024%	8h	2.4945	+0.141%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0040%	1h	2.4894	−0.063%	$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	+0.0057%	8h	2.4947	+0.149%	$552K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4941	+0.126%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0092%	8h	2.4914	+0.015%	$419K	$1.6M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4914	+0.016%	$523K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4907	−0.013%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4956	+0.185%	$12.4M	$5.9M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4936	+0.104%	$43K	$173K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4891	−0.076%	$15.3M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4890	−0.080%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDTlong	+0.0100%	8h	2.4910	long leg	$782K	$1.1M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4933	+0.092%	$891K	$613K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4885	−0.100%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4914	+0.016%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4921	+0.043%	$25K	$411K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4930	+0.080%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4941	+0.124%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4962	+0.210%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5010	+0.401%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0690%	1h	2.4975	+0.261%	$357K	$469K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4957	+0.191%	$136K	$289K	20x	as long as short