Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0061%/8h= +6.7% APRpaid last 24h +0.035%

Price spread now: OKX against Reya+0.110%7-day average — · you sell dearer than you buy

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

Long on Reya Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and OKX is 0.110% dearer against Reya than usual: you sell high and buy low: +$11 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	Reya PENDLERUSDPERP	2.5022	0.0039	pay 0.0005% / 1h	47m 00s	$4K	—	15x
Short	OKX PENDLE-USDT-SWAP	2.5050	0.0100	get 0.0050% / 4h	1h 47m	$3.2M	$5.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Reya. 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 ReyabpFee OKXbpOrdersPrice spread, now +0.110%Rate

Funding earned: $12.86
Price spread: +0.110% → 0.000%: $11.02
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: $7.88
Costs to cover: 0.160%
Break-even: 2.7 days

Slippage unknown: Reya: no order-book sample; OKX: live order book, 1 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell OKX live order book, 1 min ago	3.99 bp	14.2 bp −$14	69.7 bp −$697	doesn't fit	doesn't fit

Reya: 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	−0.3656%	1h	2.4770	−1.009%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0429%	1h	2.5023	+0.002%	$29K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5033	+0.041%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0010%	8h	2.5010	−0.050%	$1.3M	$731K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0030%	8h	2.5020	−0.010%	$20K	$16K	10x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5033	+0.042%	$164K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0033%	8h	2.5021	−0.006%	$27.2M	$39.9M	75x	as long as short
MEXC PENDLE_USDT	+0.0034%	8h	2.5022	−0.002%	$16.9M	$2.1M	125x	as long as short
Reya PENDLERUSDPERPlong	+0.0039%	1h	2.5022	long leg	$4K	—	15x
Variational Omni PENDLE	+0.0065%	8h	2.5028	+0.022%	$604K	$2.1M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.5014	−0.035%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5017	−0.022%	$525K	$421K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5017	−0.021%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5013	−0.039%	$41K	$173K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5050	+0.110%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5050	+0.110%	$3.2M	$5.8M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5010	−0.050%	$853K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5025	+0.010%	$893K	$610K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5019	−0.014%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5027	+0.018%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5030	+0.032%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5028	+0.022%	$422K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5012	−0.042%	$76K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5038	+0.062%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5023	+0.002%	$2K	$1.7M	20x	as long as short
Hyperliquid PENDLE	+0.0117%	1h	2.5059	+0.146%	$12.4M	$5.6M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5027	+0.018%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5060	+0.150%	$127K	$429K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0751%	1h	2.5066	+0.176%	$149K	$273K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0799%	1h	2.5070	+0.190%	$355K	$461K	15x	as long as short