Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.004%

Price spread now: OKX against Extended+0.258%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$550.554% of the position

Long on Extended Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 4 days (all we have)−0.263%−$26 · spread now +0.258%, 7d avg +0.026%

Together, before fees−0.223%+ Points / potential airdropExtended: Active · farm board−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and OKX is 0.231% dearer against Extended than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.4886	0.0008	pay 0.0001% / 1h	19m 28s	$164K	$526K	10x
Short	OKX PENDLE-USDT-SWAP	2.4950	0.0100	get 0.0050% / 4h	1h 19m	$3.2M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Extended. 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 ExtendedbpFee OKXbpOrdersPrice spread, now +0.258%Rate

Funding earned: $19.32
Price spread: +0.258% → +0.026%: $23.14
Slippage, 4 orders: −$40.44
Fee Extended: 2.5 bp × 2 orders: −$5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$12.98
Costs to cover: 0.554%
Break-even: 11.7 days

Slippage from Extended: live order book, 63 min ago; OKX: live order book, 3 min ago.

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 Extended live order book, 63 min ago	0.99 bp	13.6 bp −$14	110.6 bp −$1,106	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	2.00 bp	16.0 bp −$16	64.4 bp −$644	doesn't fit	doesn't fit

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	−0.3656%	1h	2.4770	−0.466%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0111%	1h	2.4950	+0.258%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0050%	1h	2.4960	+0.298%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0008%	8h	2.4954	+0.274%	$1.3M	$737K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4968	+0.331%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4918	+0.129%	$16.8M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0006%	8h	2.4900	+0.057%	$26.9M	$40.8M	75x	as long as short
Extended PENDLE-USDlong	+0.0008%	1h	2.4886	long leg	$164K	$526K	10x
Orderly PERP_PENDLE_USDC	+0.0019%	8h	2.4936	+0.201%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4915	+0.116%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0065%	8h	2.4937	+0.205%	$551K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4959	+0.294%	$415K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4941	+0.222%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4926	+0.161%	$524K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4913	+0.107%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4969	+0.334%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4930	+0.177%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4887	+0.004%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4950	+0.258%	$3.2M	$5.9M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.4920	+0.137%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4938	+0.209%	$891K	$614K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4908	+0.089%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4913	+0.109%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4953	+0.271%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4943	+0.229%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4983	+0.390%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4970	+0.339%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5020	+0.539%	$139K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0688%	1h	2.4985	+0.398%	$353K	$474K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0754%	1h	2.4994	+0.433%	$120K	$304K	20x	as long as short