Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.065%

Price spread now: Deribit against Bitget−0.033%7-day average — · you buy dearer than you sell

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

Long on Bitget 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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.033% cheaper against Bitget than usual: you would sell low and buy high (−$3 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	Bitget PENDLEUSDT	2.4506	0.0100	pay 0.0100% / 8h	3h 09m	$3.6M	$2.3M	75x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4498	0	get 0.0000% / 1h	9m 53s	$24K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$21
Price spread: −0.033% → 0.000%: −$3.26
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$43.26
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 3 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 Bitget live order book, 3 min ago	0.20 bp	21.4 bp −$21	47.4 bp −$474	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	−0.4243%	1h	2.4300	−0.841%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0068%	8h	2.4510	+0.016%	$719K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0060%	8h	2.4508	+0.008%	$1.1M	$594K	75x	as long as short
Binance PENDLEUSDT	−0.0050%	8h	2.4485	−0.086%	$25.9M	$44.5M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4482	−0.099%	$158K	$579K	10x	as long as short
MEXC PENDLE_USDT	−0.0047%	8h	2.4489	−0.069%	$17.4M	$2.0M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4493	−0.053%	$19K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0036%	1h	2.4519	+0.053%	$75K	$234K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4521	+0.060%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	0.0000%	1h	2.4498	−0.033%	$24K	$15K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0037%	8h	2.4551	+0.183%	$46K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0051%	8h	2.4601	+0.388%	$417K	$2.1M	10x	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4492	−0.057%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4487	−0.079%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0078%	8h	2.4500	−0.023%	$550K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4503	−0.012%	$516K	$431K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4485	−0.086%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4480	−0.106%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4520	+0.057%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4502	−0.016%	$864K	$557K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.4506	long leg	$3.6M	$2.3M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4497	−0.037%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4521	+0.061%	$24K	$374K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4517	+0.045%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4508	+0.008%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4488	−0.072%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0287%	1h	2.4542	+0.147%	$12.7M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4510	+0.016%	$150K	$508K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0699%	1h	2.4538	+0.131%	$356K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1186%	1h	2.4545	+0.160%	$115K	$268K	20x	as long as short