Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0256%/8h= −28.0% APRpaid last 24h −0.063%

Price spread now: Deribit against Paradex−0.054%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Deribit

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Deribit is 0.054% cheaper against Paradex than usual: you would sell low and buy high (−$5 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	Paradex PENDLE-USD-PERP	2.4650	0.0100	pay 0.0100% / 8h	4h 20m	$34K	$13K	10x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4637	−0.0156	pay 0.0019% / 1h	20m 28s	$25K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Paradex. 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 ParadexbpFee DeribitbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$53.7
Price spread: −0.054% → 0.000%: −$5.37
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$70.07
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Deribit: 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 Paradex no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Paradex and Deribit: 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	−0.4334%	1h	2.4340	−1.259%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0156%	1h	2.4637	−0.054%	$25K	$14K	10x
BloFin PENDLE-USDT	−0.0075%	8h	2.4629	−0.086%	$1.1M	$605K	75x	as long as short
Gate PENDLE_USDT	−0.0068%	8h	2.4650	−0.001%	$719K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4653	+0.013%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0055%	8h	2.4663	+0.050%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0054%	8h	2.4663	+0.052%	$17.4M	$2.0M	125x	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.4675	+0.102%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4643	−0.029%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	−0.022%	$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	+0.0052%	8h	2.4615	−0.141%	$552K	$1.4M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4660	+0.039%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0065%	1h	2.4648	−0.009%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0083%	8h	2.4638	−0.050%	$412K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4665	+0.060%	$517K	$424K	5x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.4650	long leg	$34K	$13K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.4650	−0.001%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4650	−0.001%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4651	+0.003%	$866K	$575K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4636	−0.058%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4655	+0.019%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4632	−0.074%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4642	−0.033%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4681	+0.125%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4644	−0.025%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4653	+0.009%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0355%	1h	2.4691	+0.165%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+0.689%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0712%	1h	2.4691	+0.165%	$357K	$467K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4679	+0.118%	$115K	$269K	20x	as long as short