Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.4298%/8h= −470.7% APRpaid last 24h −0.741%

Price spread now: Injective against Orderly−1.002%58s7-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 Injective

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 −$129 a day on $10k at the current rate, and Injective is 1.002% cheaper against Orderly than usual: you would sell low and buy high (−$100 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.4647	−0.0035	get 0.0035% / 8h	4h 42m	$19K	$15K	10x
Short	Injective PENDLE/USDC PERP	2.4400	−0.4334	pay 0.0542% / 1h	42m 11s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.002%Rate

Funding earned: −$902.68
Price spread: −1.002% → 0.000%: −$100.22
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,008.92
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: 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 Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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 PERPshort	−0.4334%	1h	2.4400	−1.002%	$2K	$54K	5.5x
Extended PENDLE-USD	−0.0064%	1h	2.4634	−0.052%	$159K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0063%	8h	2.4657	+0.041%	$17.3M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0061%	8h	2.4651	+0.016%	$26.2M	$44.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0057%	8h	2.4675	+0.114%	$1.2M	$627K	75x	as long as short
Aster PENDLEUSDT	−0.0038%	8h	2.4647	−0.001%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0035%	8h	2.4647	long leg	$19K	$15K	10x
Deribit PENDLE_USDC-PERPETUAL	−0.0034%	1h	2.4646	−0.004%	$25K	$14K	10x	as long as short
Gate PENDLE_USDT	−0.0011%	8h	2.4630	−0.069%	$715K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4651	+0.015%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0039%	8h	2.4660	+0.055%	$563K	$1.7M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4634	−0.051%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4638	−0.034%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0086%	8h	2.4668	+0.086%	$408K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4653	+0.024%	$526K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4626	−0.084%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4660	+0.053%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4670	+0.093%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4649	+0.008%	$867K	$583K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4639	−0.032%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4628	−0.077%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4669	+0.090%	$24K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4675	+0.114%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4657	+0.041%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4649	+0.008%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4628	−0.078%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0417%	1h	2.4674	+0.110%	$12.7M	$6.1M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0541%	1h	2.4732	+0.345%	$356K	$477K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4620	−0.110%	$148K	$492K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4692	+0.184%	$115K	$277K	20x	as long as short