Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.4341%/8hpaid last 24h +0.223%

Price spread now: Orderly against Injective+1.289%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Orderly

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 for this trade now. Funding pays +$130 a day on $10k at the current rate, and Orderly is 1.289% dearer against Injective than usual: you sell high and buy low: +$129 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	Injective PENDLE/USDC PERP	2.5140	−0.4300	get 0.0538% / 1h	6m 34s	$2K	$7K	5.5x
Short	Orderly PERP_PENDLE_USDC	2.5464	0.0041	get 0.0041% / 8h	4h 06m	$23K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now +1.289%Rate

Funding earned: $911.7
Price spread: +1.289% → 0.000%: $128.88
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: $1,034.55
Costs to cover: 0.060%
Break-even: from the start

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

Injective and 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 PERPlong	−0.4300%	1h	2.5140	long leg	$2K	$7K	5.5x
Kraken Futures PF_PENDLEUSD	−0.0624%	1h	2.5477	+1.339%	$158K	$248K	20x	as long as short
Variational Omni PENDLE	−0.0017%	8h	2.5445	+1.213%	$657K	$2.2M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5465	+1.293%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5468	+1.305%	$30K	$11K	10x	as long as short
Aster PENDLEUSDT	+0.0019%	8h	2.5458	+1.265%	$52K	$140K	10x	as long as short
Reya PENDLERUSDPERP	+0.0028%	1h	2.5425	+1.133%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDCshort	+0.0041%	8h	2.5464	+1.289%	$23K	$8K	10x
MEXC PENDLE_USDT	+0.0078%	8h	2.5423	+1.126%	$17.0M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0078%	8h	2.5425	+1.136%	$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	2.5415	+1.096%	$167K	$519K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5455	+1.253%	$556K	$380K	5x	as long as short
BloFin PENDLE-USDT	+0.0097%	8h	2.5452	+1.241%	$1.4M	$822K	75x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5418	+1.106%	$36K	$26K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5477	+1.340%	$12.4M	$5.3M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5411	+1.078%	$15.8M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5440	+1.193%	$3.3M	$5.4M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5440	+1.193%	$814K	$1.0M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5459	+1.269%	$927K	$596K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5449	+1.229%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5422	+1.122%	—	$34.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5441	+1.199%	$25K	$414K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5456	+1.257%	$430K	$1.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5443	+1.205%	$78K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5450	+1.233%	$16K	$30K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5474	+1.329%	$2K	$1.6M	20x	as long as short
Aevo PENDLE-PERP	+0.0104%	1h	2.5511	+1.476%	$27K	—	3x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0272%	1h	2.5477	+1.340%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0576%	1h	2.5520	+1.512%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0976%	1h	2.5514	+1.488%	$377K	$458K	15x	as long as short