Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0138%/8h= −15.1% APRpaid last 24h −0.022%

Price spread now: Orderly against edgeX+0.171%7-day average — · you sell dearer than you buy

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

Long on edgeX Short on Orderly

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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

The price spread pays, funding is against you. Orderly is 0.171% dearer against edgeX than usual: you sell high and buy low (spread +0.171% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.4833	0.0100	pay 0.0050% / 4h	1h 32m	$25K	$379K	10x
Short	Orderly PERP_PENDLE_USDC	2.4875	−0.0038	pay 0.0038% / 8h	5h 32m	$19K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against edgeX. 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 edgeXbpFee OrderlybpOrdersPrice spread, now +0.171%Rate

Funding earned: −$28.89
Price spread: +0.171% → 0.000%: $17.11
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$26.78
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: edgeX: live order book, 31 min ago; Orderly: 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 edgeX live order book, 31 min ago	2.39 bp	7.2 bp −$7	14.7 bp −$147	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.4938%	1h	2.4490	−1.379%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0107%	8h	2.4889	+0.227%	$1.3M	$649K	75x	as long as short
Extended PENDLE-USD	−0.0104%	1h	2.4866	+0.135%	$161K	$573K	10x	as long as short
MEXC PENDLE_USDT	−0.0103%	8h	2.4878	+0.183%	$17.3M	$1.8M	125x	as long as short
Binance PENDLEUSDT	−0.0100%	8h	2.4871	+0.153%	$26.7M	$43.3M	75x	as long as short
Aster PENDLEUSDT	−0.0046%	8h	2.4878	+0.184%	$47K	$177K	10x	as long as short
Orderly PERP_PENDLE_USDCshort	−0.0038%	8h	2.4875	+0.171%	$19K	$15K	10x
Variational Omni PENDLE	−0.0006%	8h	2.4820	−0.050%	$546K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4880	+0.191%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4892	+0.240%	$26K	$14K	10x	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	+0.0007%	8h	2.4852	+0.077%	$412K	$1.7M	10x	as long as short
Gate PENDLE_USDT	+0.0014%	8h	2.4850	+0.070%	$721K	$1.1M	75x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4873	+0.164%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0059%	1h	2.4892	+0.240%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4880	+0.191%	$531K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4869	+0.148%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4916	+0.336%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4866	+0.135%	$14.9M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4880	+0.191%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4865	+0.131%	$850K	$577K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4874	+0.167%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4887	+0.219%	—	$33.6M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4833	long leg	$25K	$379K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4842	+0.038%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4904	+0.288%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4876	+0.175%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4890	+0.230%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4910	+0.312%	$148K	$491K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0617%	1h	2.4936	+0.417%	$352K	$483K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0752%	1h	2.4923	+0.365%	$116K	$281K	20x	as long as short