Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.003%

Price spread now: Aevo against OKX−0.040%7-day average — · you buy dearer than you sell

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

Long on OKX Short on Aevo

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 against this trade now: funding costs −$1 a day on $10k at the current rate, and Aevo is 0.040% cheaper against OKX than usual: you would sell low and buy high (−$4 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	OKX PENDLE-USDT-SWAP	2.4200	0.0100	pay 0.0050% / 4h	21m 15s	$3.1M	$6.7M	50x
Short	Aevo PENDLE-PERP	2.4190	0.0080	get 0.0010% / 1h	21m 15s	$25K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against OKX. 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 OKXbpFee AevobpOrdersPrice spread, now −0.040%Rate

Funding earned: −$4.2
Price spread: −0.040% → 0.000%: −$4.04
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$34.24
Costs to cover: 0.260%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 2 min ago; Aevo: 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 OKX live order book, 2 min ago	4.13 bp	14.5 bp −$14	75.2 bp −$752	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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	−0.4810%	1h	2.3940	−1.074%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0122%	1h	2.4197	−0.012%	$24K	$16K	10x	as long as short
BloFin PENDLE-USDT	−0.0018%	8h	2.4193	−0.029%	$1.1M	$501K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4187	−0.054%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4199	−0.005%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4190	−0.041%	$17.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4196	−0.017%	$25.4M	$46.0M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4186	−0.056%	$157K	$927K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0062%	1h	2.4193	−0.029%	$74K	$231K	50x	as long as short
Gate PENDLE_USDT	+0.0069%	8h	2.4200	0.000%	$758K	$1.1M	75x	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	+0.0078%	8h	2.4192	−0.034%	$408K	$2.5M	10x	as long as short
Aevo PENDLE-PERPshort	+0.0080%	1h	2.4190	−0.040%	$25K	—	3x
Reya PENDLERUSDPERP	+0.0084%	1h	2.4195	−0.020%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4201	+0.004%	$521K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4190	−0.040%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4230	+0.124%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4211	+0.044%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4196	−0.017%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4200	long leg	$3.1M	$6.7M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4190	−0.041%	$718K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4193	−0.029%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4194	−0.025%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4186	−0.060%	$563K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4183	−0.071%	$24K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4226	+0.107%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4224	+0.099%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4206	+0.026%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0614%	1h	2.4217	+0.070%	$349K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4230	+0.124%	$156K	$505K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1529%	1h	2.4253	+0.218%	$115K	$263K	20x	as long as short