Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0099%/8h= +10.9% APRpaid last 24h +0.021%

Price spread now: Aevo against Orderly−0.050%7-day average — · you buy dearer than you sell

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

Long on Orderly 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

Funding pays, the price is against you. Aevo is 0.050% cheaper against Orderly than usual: you would sell low and buy high (spread −0.050% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 40 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.4956	−0.0035	get 0.0035% / 8h	5h 10m	$19K	$15K	10x
Short	Aevo PENDLE-PERP	2.4943	0.0064	get 0.0008% / 1h	10m 45s	$26K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Orderly. 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 OrderlybpFee AevobpOrdersPrice spread, now −0.050%Rate

Funding earned: $20.86
Price spread: −0.050% → 0.000%: −$5.01
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$6.15
Costs to cover: 0.220%
Break-even: 9.1 days

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

Orderly and 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	−0.4938%	1h	2.4720	−0.946%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0081%	8h	2.4957	+0.004%	$1.3M	$654K	75x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.4943	−0.052%	$17.5M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0072%	8h	2.4944	−0.050%	$26.6M	$43.6M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4939	−0.068%	$162K	$570K	10x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0035%	8h	2.4956	long leg	$19K	$15K	10x
Aster PENDLEUSDT	−0.0025%	8h	2.4937	−0.075%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4936	−0.082%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4964	+0.032%	$26K	$14K	10x	as long as short
Variational Omni PENDLE	+0.0023%	8h	2.4940	−0.064%	$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	+0.0060%	8h	2.4930	−0.104%	$721K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.4954	−0.008%	$4K	—	15x	as long as short
Aevo PENDLE-PERPshort	+0.0064%	1h	2.4943	−0.050%	$26K	—	3x
GRVT PENDLE_USDT_Perp	+0.0082%	8h	2.4986	+0.120%	$419K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4953	−0.012%	$533K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4928	−0.111%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4997	+0.164%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4933	−0.092%	$14.9M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4950	−0.024%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4952	−0.016%	$852K	$574K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4934	−0.088%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4953	−0.012%	—	$33.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4977	+0.085%	$25K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4992	+0.144%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4979	+0.092%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4952	−0.016%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4955	−0.003%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4980	+0.096%	$148K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0750%	1h	2.4989	+0.134%	$116K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0797%	1h	2.5007	+0.204%	$361K	$488K	15x	as long as short