Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.047%

Price spread now: BloFin against Deribit−0.065%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on BloFin

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BloFin is 0.065% cheaper against Deribit than usual: you would sell low and buy high, −$7 on $10k if it 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	Deribit PENDLE_USDC-PERPETUAL	2.4510	0	get 0.0000% / 1h	35m 04s	$24K	$15K	10x
Short	BloFin PENDLE-USDT	2.4494	0.0003	get 0.0003% / 8h	2h 35m	$1.1M	$602K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now −0.065%Rate

Funding earned: $0.58
Price spread: −0.065% → 0.000%: −$6.53
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$24.95
Costs to cover: 0.190%
Break-even: 308.5 days

Slippage unknown: Deribit: no order-book sample; BloFin: live order book, 2 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 Deribit no order-book sample	—	—	—	—	—
Sell BloFin live order book, 2 min ago	0.61 bp	11.9 bp −$12	33.1 bp −$331	doesn't fit	doesn't fit

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	−0.3926%	1h	2.4150	−1.469%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0035%	8h	2.4490	−0.082%	$720K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4505	−0.020%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4486	−0.097%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	0.0000%	1h	2.4510	long leg	$24K	$15K	10x
MEXC PENDLE_USDT	+0.0001%	8h	2.4497	−0.053%	$17.4M	$2.0M	125x	as long as short
BloFin PENDLE-USDTshort	+0.0003%	8h	2.4494	−0.065%	$1.1M	$602K	75x
Binance PENDLEUSDT	+0.0005%	8h	2.4476	−0.139%	$25.8M	$44.3M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4493	−0.071%	$157K	$582K	10x	as long as short
Reya PENDLERUSDPERP	+0.0073%	1h	2.4506	−0.016%	$3K	—	15x	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	+0.0080%	1h	2.4500	−0.039%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4503	−0.029%	$516K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4480	−0.121%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4527	+0.069%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4477	−0.133%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4472	−0.155%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4470	−0.163%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4514	+0.016%	$862K	$553K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4491	−0.078%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4507	−0.012%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4431	−0.321%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4422	−0.358%	$24K	$375K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4445	−0.265%	$411K	$2.1M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4433	−0.314%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4526	+0.065%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4507	−0.012%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4503	−0.027%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.122%	$155K	$522K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0683%	1h	2.4548	+0.155%	$356K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1188%	1h	2.4557	+0.191%	$115K	$263K	20x	as long as short