Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0352%/8h= −38.5% APRpaid last 24h −0.116%

Price spread now: OKX against Backpack−0.257%7-day average −0.186% · you buy dearer than you sell

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$490.488% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.713%−$71 on $10k

Price spread, last 4 days (all we have)+0.167%+$17 · spread now −0.257%, 7d avg −0.186%

Together, before fees−0.547%−$55 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and OKX is 0.071% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.186%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5275	0.0452	pay 0.0056% / 1h	25m 09s	$354K	$482K	15x
Short	OKX PENDLE-USDT-SWAP	2.5210	0.0100	get 0.0050% / 4h	2h 25m	$3.2M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Backpack. 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 BackpackbpFee OKXbpOrdersPrice spread, now −0.257%Rate

Funding earned: −$73.83
Price spread: −0.257% → −0.186%: −$7.1
Slippage, 4 orders: −$28.79
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$129.73
Costs to cover: 0.488%
Break-even: never at this rate

Slippage from Backpack: live order book, 44 min ago; OKX: live order book, 3 min ago.

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 Backpack live order book, 44 min ago	1.57 bp	7.1 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	1.98 bp	12.8 bp −$13	80.0 bp −$800	doesn't fit	doesn't fit

PENDLE on 29 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	−0.4742%	1h	2.4870	−1.602%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0423%	1h	2.5252	−0.091%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0221%	1h	2.5204	−0.281%	$77K	$236K	50x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.5225	−0.197%	$168K	$566K	10x	as long as short
Binance PENDLEUSDT	−0.0118%	8h	2.5220	−0.217%	$27.2M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0117%	8h	2.5239	−0.142%	$17.5M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0103%	8h	2.5234	−0.161%	$426K	$1.7M	10x	as long as short
Bybit PENDLEUSDT	−0.0071%	8h	2.5220	−0.218%	$15.3M	$12.1M	50x	as long as short
Variational Omni PENDLE	−0.0041%	8h	2.5231	−0.175%	$601K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.5240	−0.138%	$20K	$16K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	−0.0010%	8h	2.5237	−0.148%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5261	−0.057%	$11K	—	5x	as long as short
Gate PENDLE_USDT	+0.0028%	8h	2.5240	−0.138%	$767K	$1.2M	75x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5225	−0.196%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0055%	1h	2.5232	−0.169%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5244	−0.123%	$537K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5226	−0.195%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5278	+0.012%	$13.0M	$6.4M	5x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5210	−0.257%	$3.2M	$6.2M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5250	−0.099%	$873K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5219	−0.222%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5218	−0.226%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5249	−0.103%	$25K	$378K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5249	−0.103%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5248	−0.107%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5251	−0.095%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0452%	1h	2.5275	long leg	$354K	$482K	15x
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5260	−0.059%	$145K	$474K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0862%	1h	2.5292	+0.068%	$118K	$290K	20x	as long as short