Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0182%/8h= +20.0% APRpaid last 24h +0.075%

Price spread now: GMX against Orderly+0.061%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 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 +$5 a day on $10k at the current rate, and GMX is 0.061% dearer against Orderly than usual: you sell high and buy low: +$6 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	Orderly PERP_PENDLE_USDC	2.4245	−0.0015	get 0.0015% / 8h	7h 34m	$18K	$15K	10x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.4260	L +0.0151% / S −0.0168%	get 0.0021% / 1h	34m 37s	$5K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.061%Rate

Funding earned: $38.29
Price spread: +0.061% → 0.000%: $6.1
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $26.4
Costs to cover: 0.180%
Break-even: 2.2 days

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

Orderly and 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	−0.3627%	1h	2.3970	−1.134%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0939%	8h	2.4236	−0.037%	$408K	$2.6M	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0574%	1h	2.4253	+0.033%	$25K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0256%	8h	2.4260	+0.062%	$769K	$991K	75x	as long as short
Binance PENDLEUSDT	−0.0091%	8h	2.4225	−0.082%	$25.4M	$45.9M	75x	as long as short
BloFin PENDLE-USDT	−0.0087%	8h	2.4242	−0.012%	$1.1M	$504K	75x	as long as short
MEXC PENDLE_USDT	−0.0081%	8h	2.4247	+0.008%	$18.0M	$2.1M	125x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.4220	−0.101%	$156K	$924K	10x	as long as short
Bybit PENDLEUSDT	−0.0024%	8h	2.4230	−0.062%	$14.0M	$11.9M	50x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0015%	8h	2.4245	long leg	$18K	$15K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4273	+0.116%	$10K	—	5x	as long as short
ApeX Omni PENDLEUSDT	+0.0003%	1h	2.4283	+0.157%	$74K	$231K	50x	as long as short
Aster PENDLEUSDT	+0.0030%	8h	2.4269	+0.099%	$47K	$168K	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4244	−0.002%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0088%	1h	2.4242	−0.011%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4249	+0.016%	$522K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4220	−0.104%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4275	+0.124%	$12.7M	$6.0M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4220	−0.103%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4252	+0.029%	$686K	$599K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4233	−0.049%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4230	−0.062%	—	$8.3M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4226	−0.078%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4231	−0.057%	$24K	$368K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4250	+0.021%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4273	+0.115%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0151% / S −0.0168%	1h	2.4260	+0.061%	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4340	+0.392%	$163K	$517K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0676%	1h	2.4304	+0.243%	$359K	$432K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1277%	1h	2.4305	+0.248%	$115K	$253K	20x	as long as short