Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0222%/8h= +24.3% APRpaid last 24h +0.072%

Price spread now: OKX against Deribit+0.025%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on OKX

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 for this trade now. Funding pays +$7 a day on $10k at the current rate, and OKX is 0.025% dearer against Deribit than usual: you sell high and buy low: +$2 more if the spread 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	2.4194	−0.0122	get 0.0015% / 1h	21m 45s	$24K	$16K	10x
Short	OKX PENDLE-USDT-SWAP	2.4200	0.0100	get 0.0050% / 4h	21m 45s	$3.1M	$6.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.025%Rate

Funding earned: $46.59
Price spread: +0.025% → 0.000%: $2.48
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $32.07
Costs to cover: 0.170%
Break-even: 2.2 days

Slippage unknown: Deribit: no order-book sample; OKX: live order book, 1 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 OKX live order book, 1 min ago	4.13 bp	15.0 bp −$15	54.5 bp −$545	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	−0.4810%	1h	2.3920	−1.133%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0122%	1h	2.4194	long leg	$24K	$16K	10x
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4179	−0.062%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4225	+0.130%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0004%	8h	2.4199	+0.021%	$1.1M	$501K	75x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4178	−0.066%	$17.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4186	−0.032%	$25.4M	$46.0M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4169	−0.104%	$157K	$927K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0056%	1h	2.4216	+0.091%	$74K	$231K	50x	as long as short
Gate PENDLE_USDT	+0.0067%	8h	2.4190	−0.017%	$758K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0078%	8h	2.4192	−0.009%	$408K	$2.5M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4176	−0.075%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0084%	1h	2.4188	−0.024%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4184	−0.041%	$520K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4181	−0.055%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4224	+0.124%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4198	+0.016%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4190	−0.017%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4200	+0.025%	$3.1M	$6.7M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4187	−0.029%	$718K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4190	−0.017%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4195	+0.004%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4186	−0.035%	$563K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4198	+0.016%	$24K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4218	+0.099%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4214	+0.083%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4198	+0.015%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0614%	1h	2.4217	+0.095%	$349K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4230	+0.149%	$156K	$505K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1530%	1h	2.4240	+0.191%	$115K	$263K	20x	as long as short