Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0707%/8h= +77.5% APRpaid last 24h +0.067%

Price spread now: Paradex against Deribit−0.035%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.035% cheaper against Deribit than usual: you would sell low and buy high (spread −0.035% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 4 hours of funding at the current rate (+$21 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.4470	−0.0607	get 0.0076% / 1h	2m 41s	$25K	$16K	10x
Short	Paradex PENDLE-USD-PERP	2.4461	0.0100	get 0.0100% / 8h	1h 02m	$34K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.035%Rate

Funding earned: $148.56
Price spread: −0.035% → 0.000%: −$3.52
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: $134.03
Costs to cover: 0.110%
Break-even: 0.7 days

Slippage unknown: Deribit: no order-book sample; Paradex: 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 Deribit no order-book sample	—	—	—	—	—
Sell Paradex no order-book sample	—	—	—	—	—

Deribit and Paradex: 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	−0.4348%	1h	2.4230	−0.981%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0607%	1h	2.4470	long leg	$25K	$16K	10x
Orderly PERP_PENDLE_USDC	−0.0018%	8h	2.4464	−0.025%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0006%	8h	2.4458	−0.049%	$1.1M	$477K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4524	+0.221%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0021%	8h	2.4466	−0.016%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0021%	8h	2.4466	−0.014%	$25.8M	$45.4M	75x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4467	−0.013%	$158K	$471K	10x	as long as short
Gate PENDLE_USDT	+0.0049%	8h	2.4500	+0.123%	$788K	$1.0M	75x	as long as short
Reya PENDLERUSDPERP	+0.0081%	1h	2.4479	+0.036%	$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	+0.0088%	1h	2.4465	−0.022%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4480	+0.041%	$519K	$417K	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0097%	8h	2.4491	+0.084%	$412K	$2.4M	10x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.4461	−0.035%	$34K	$7K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4514	+0.180%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4475	+0.022%	$46K	$169K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4465	−0.020%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4490	+0.082%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4499	+0.119%	$871K	$549K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4499	+0.119%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4487	+0.069%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4496	+0.105%	$595K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4487	+0.069%	$24K	$371K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4502	+0.131%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4509	+0.159%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4495	+0.102%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4483	+0.052%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0514%	1h	2.4521	+0.208%	$350K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4510	+0.163%	$157K	$506K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1661%	1h	2.4536	+0.268%	$115K	$260K	20x	as long as short