Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0135%/8h= −14.8% APRpaid last 24h −0.022%

Price spread now: Orderly against OKX−0.032%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 Orderly

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 −$4 a day on $10k at the current rate, and Orderly is 0.032% cheaper against OKX than usual: you would sell low and buy high (−$3 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	2.4930	0.0100	pay 0.0050% / 4h	1h 10m	$3.1M	$6.2M	50x
Short	Orderly PERP_PENDLE_USDC	2.4922	−0.0035	pay 0.0035% / 8h	5h 10m	$19K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.032%Rate

Funding earned: −$28.42
Price spread: −0.032% → 0.000%: −$3.21
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$47.63
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 3 min ago; 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 OKX live order book, 3 min ago	2.00 bp	14.8 bp −$15	74.2 bp −$742	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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 PERP	−0.4938%	1h	2.4720	−0.842%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0231%	1h	2.4924	−0.024%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0081%	8h	2.4957	+0.108%	$1.3M	$654K	75x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.4915	−0.060%	$17.4M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0072%	8h	2.4923	−0.026%	$26.6M	$43.6M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4913	−0.067%	$162K	$570K	10x	as long as short
Orderly PERP_PENDLE_USDCshort	−0.0035%	8h	2.4922	−0.032%	$19K	$15K	10x
Aster PENDLEUSDT	−0.0025%	8h	2.4931	+0.006%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4936	+0.022%	$10K	—	5x	as long as short
Variational Omni PENDLE	+0.0023%	8h	2.4940	+0.041%	$566K	$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	+0.0058%	8h	2.4930	0.000%	$724K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.4926	−0.015%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4924	−0.024%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0082%	8h	2.4986	+0.225%	$419K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4931	+0.004%	$532K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4928	−0.007%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4967	+0.148%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4920	−0.040%	$14.8M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4930	long leg	$3.1M	$6.2M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4942	+0.048%	$852K	$574K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4934	+0.016%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4922	−0.032%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4977	+0.189%	$25K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4992	+0.249%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4958	+0.112%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4941	+0.044%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4927	−0.012%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4980	+0.201%	$148K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0750%	1h	2.4981	+0.203%	$116K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0796%	1h	2.4968	+0.152%	$361K	$488K	15x	as long as short