Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0137%/8h= −15.0% APRpaid last 24h −0.047%

Price spread now: Deribit against Binance+0.053%7-day average — · you sell dearer than you buy

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

Long on Binance Short on Deribit

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

The price spread pays, funding is against you. Deribit is 0.053% dearer against Binance than usual: you sell high and buy low (spread +0.053% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.5305	−0.0008	get 0.0008% / 8h	50m 04s	$27.3M	$41.6M	75x
Short	Deribit PENDLE_USDC-PERPETUAL	2.5318	−0.0145	pay 0.0018% / 1h	50m 04s	$30K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$28.68
Price spread: +0.053% → 0.000%: $5.32
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$40.36
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 7 min ago; 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 Binance live order book, 7 min ago	1.00 bp	12.4 bp −$12	28.0 bp −$280	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	−0.5000%	1h	2.4860	−1.757%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0145%	1h	2.5318	+0.053%	$30K	$10K	10x
ApeX Omni PENDLEUSDT	−0.0068%	1h	2.5214	−0.358%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0014%	8h	2.5197	−0.425%	$1.3M	$758K	75x	as long as short
Binance PENDLEUSDTlong	−0.0008%	8h	2.5305	long leg	$27.3M	$41.6M	75x
Extended PENDLE-USD	−0.0008%	1h	2.5298	−0.025%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0005%	8h	2.5299	−0.022%	$17.1M	$1.9M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5244	−0.240%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0006%	8h	2.5303	−0.006%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5301	−0.015%	$4K	—	15x	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	+0.0050%	8h	2.5212	−0.366%	$557K	$1.8M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.5159	−0.575%	$420K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5313	+0.033%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5316	+0.045%	$533K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5241	−0.252%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5368	+0.251%	$12.6M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5296	−0.034%	$45K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5300	−0.018%	$15.6M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5310	+0.022%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5310	+0.022%	$790K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5308	+0.014%	$903K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5302	−0.010%	$3.8M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5290	−0.057%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5147	−0.621%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5318	+0.053%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5316	+0.045%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5323	+0.072%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0592%	1h	2.5377	+0.287%	$120K	$301K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5250	−0.216%	$141K	$456K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1179%	1h	2.5364	+0.235%	$329K	$492K	15x	as long as short