Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h −0.009%

Price spread now: Extended against OKX−0.078%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$620.621% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 4 days (all we have)+0.106%+$11 · spread now −0.078%, 7d avg −0.026%

Together, before fees+0.059%+ Points / potential airdropExtended: Active · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Extended is 0.052% cheaper against OKX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.026%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.047% in total (about -2.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.5140	0.0100	pay 0.0050% / 4h	2h 48m	$3.2M	$6.2M	50x
Short	Extended PENDLE-USD	2.5120	−0.0112	pay 0.0014% / 1h	48m 11s	$163K	$565K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$44.52
Price spread: −0.078% → −0.026%: −$5.22
Slippage, 4 orders: −$47.06
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$111.8
Costs to cover: 0.621%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Extended: live order book, 20 min ago.

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, 5 min ago	1.99 bp	19.7 bp −$20	106.9 bp −$1,069	doesn't fit	doesn't fit
Sell Extended live order book, 20 min ago	0.99 bp	13.5 bp −$14	116.6 bp −$1,166	doesn't fit	doesn't fit

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	−0.4742%	1h	2.4750	−1.551%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0606%	1h	2.5137	−0.012%	$77K	$237K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0545%	1h	2.5149	+0.036%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0139%	8h	2.5120	−0.080%	$15.4M	$12.1M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0129%	8h	2.5154	+0.056%	$420K	$1.7M	10x	as long as short
Extended PENDLE-USDshort	−0.0112%	1h	2.5120	−0.078%	$163K	$565K	10x
Binance PENDLEUSDT	−0.0111%	8h	2.5144	+0.016%	$27.1M	$43.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0111%	8h	2.5142	+0.008%	$17.4M	$1.8M	125x	as long as short
BloFin PENDLE-USDT	−0.0095%	8h	2.5143	+0.012%	$1.3M	$654K	75x	as long as short
Variational Omni PENDLE	−0.0040%	8h	2.5116	−0.095%	$599K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	−0.0035%	8h	2.5120	−0.080%	$784K	$1.2M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0031%	8h	2.5134	−0.024%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5166	+0.103%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0010%	8h	2.5136	−0.015%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5132	−0.034%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5132	−0.032%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5138	−0.008%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5126	−0.054%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5140	long leg	$3.2M	$6.2M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5159	+0.076%	$855K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5153	+0.052%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5140	0.000%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5102	−0.150%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5155	+0.060%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5141	+0.004%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5158	+0.070%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0297%	1h	2.5187	+0.187%	$353K	$485K	15x	as long as short
Hyperliquid PENDLE	+0.0315%	1h	2.5200	+0.239%	$13.0M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5210	+0.278%	$146K	$470K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0865%	1h	2.5197	+0.226%	$117K	$291K	20x	as long as short