Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0122%/8h= +13.3% APRpaid last 24h +0.043%

Price spread now: GMX against OKX+0.119%7-day average — · you sell dearer than you buy

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

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 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 +$4 a day on $10k at the current rate, and GMX is 0.119% dearer against OKX than usual: you sell high and buy low: +$12 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	OKX PENDLE-USDT-SWAP	2.4470	0.0100	pay 0.0050% / 4h	2h 29m	$3.1M	$6.4M	50x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.4499	L +0.0196% / S −0.0222%	get 0.0028% / 1h	29m 15s	$5K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.119%Rate

Funding earned: $25.56
Price spread: +0.119% → 0.000%: $11.93
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $15.5
Costs to cover: 0.220%
Break-even: 2.8 days

Slippage unknown: OKX: live order book, 4 min ago; GMX: 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, 4 min ago	2.05 bp	17.2 bp −$17	105.2 bp −$1,052	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.3926%	1h	2.4160	−1.267%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0077%	1h	2.4487	+0.069%	$24K	$15K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4482	+0.049%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0034%	8h	2.4480	+0.041%	$718K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4476	+0.024%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0010%	8h	2.4466	−0.016%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0013%	8h	2.4462	−0.034%	$25.8M	$44.3M	75x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4458	−0.047%	$157K	$582K	10x	as long as short
BloFin PENDLE-USDT	+0.0027%	8h	2.4441	−0.119%	$1.1M	$600K	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4492	+0.092%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4473	+0.012%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4457	−0.053%	$515K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4469	−0.004%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4528	+0.237%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4460	−0.039%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4450	−0.082%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4470	long leg	$3.1M	$6.4M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4477	+0.029%	$861K	$555K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4480	+0.041%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4467	−0.012%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4386	−0.342%	$548K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4392	−0.318%	$24K	$375K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4400	−0.287%	$407K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4389	−0.331%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4518	+0.196%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4500	+0.123%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0196% / S −0.0222%	1h	2.4499	+0.119%	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.286%	$155K	$523K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0680%	1h	2.4522	+0.213%	$355K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1191%	1h	2.4494	+0.100%	$115K	$262K	20x	as long as short