Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0046%/8hpaid last 24h −0.046%

Price spread now: Deribit against BloFin+0.039%57s7-day average — · you sell dearer than you buy

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

Long on BloFin 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 0.039% dearer against BloFin than usual: you sell high and buy low (spread +0.039% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.9 days. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENDLE-USDT	2.5505	0.0046	pay 0.0046% / 8h	4h 47m	$1.4M	$821K	75x
Short	Deribit PENDLE_USDC-PERPETUAL	2.5515	0	get 0.0000% / 1h	47m 42s	$30K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$9.6
Price spread: +0.039% → 0.000%: $3.92
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$24.68
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 4 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 BloFin live order book, 4 min ago	0.39 bp	11.0 bp −$11	20.9 bp −$209	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	−0.4300%	1h	2.5190	−1.235%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0623%	1h	2.5528	+0.090%	$159K	$251K	20x	as long as short
Variational Omni PENDLE	−0.0042%	8h	2.5500	−0.021%	$659K	$2.2M	—	as long as short
Aster PENDLEUSDT	−0.0003%	8h	2.5489	−0.061%	$52K	$141K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5515	+0.038%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	0.0000%	1h	2.5515	+0.039%	$30K	$11K	10x
ApeX Omni PENDLEUSDT	+0.0001%	1h	2.5495	−0.039%	$78K	$237K	50x	as long as short
Reya PENDLERUSDPERP	+0.0024%	1h	2.5509	+0.015%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0039%	8h	2.5513	+0.031%	$23K	$8K	10x	as long as short
BloFin PENDLE-USDTlong	+0.0046%	8h	2.5505	long leg	$1.4M	$821K	75x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC PENDLE_USDT	+0.0062%	8h	2.5497	−0.031%	$17.0M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0063%	8h	2.5494	−0.043%	$28.0M	$36.5M	75x	as long as short
Extended PENDLE-USD	+0.0064%	1h	2.5487	−0.069%	$168K	$519K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5500	−0.020%	$565K	$368K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5498	−0.029%	$27K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5489	−0.063%	$36K	$26K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5532	+0.104%	$12.3M	$5.4M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5487	−0.071%	$15.9M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5500	−0.020%	$3.4M	$5.4M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5480	−0.098%	$817K	$1.0M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5503	−0.008%	$935K	$598K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5482	−0.090%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5497	−0.031%	—	$34.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5501	−0.015%	$25K	$415K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5505	−0.001%	$423K	$1.2M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5532	+0.106%	$16K	$30K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5526	+0.082%	$1K	$1.6M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0272%	1h	2.5516	+0.042%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0576%	1h	2.5540	+0.137%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0916%	1h	2.5554	+0.192%	$376K	$459K	15x	as long as short