Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h −0.053%

Price spread now: Deribit against Gate+0.137%7-day average — · you sell dearer than you buy

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

Long on Gate Short on Deribit

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 $0 a day on $10k at the current rate, and Deribit is 0.137% dearer against Gate than usual: you sell high and buy low: +$14 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	Gate PENDLE_USDT	2.4750	−0.0010	get 0.0010% / 8h	5h 38m	$719K	$1.1M	75x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4784	0	get 0.0000% / 1h	38m 51s	$25K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Gate. 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 GatebpFee DeribitbpOrdersPrice spread, now +0.137%Rate

Funding earned: $2.1
Price spread: +0.137% → 0.000%: $13.74
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$6.16
Costs to cover: 0.220%
Break-even: 27.5 days

Slippage unknown: Gate: live order book, 3 min ago; Deribit: 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 Gate live order book, 3 min ago	4.04 bp	22.0 bp −$22	123.0 bp −$1,230	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	−0.4938%	1h	2.4490	−1.051%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0118%	8h	2.4753	+0.012%	$1.3M	$643K	75x	as long as short
MEXC PENDLE_USDT	−0.0116%	8h	2.4772	+0.089%	$17.1M	$1.8M	125x	as long as short
Binance PENDLEUSDT	−0.0113%	8h	2.4773	+0.091%	$26.6M	$43.3M	75x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.4770	+0.083%	$163K	$568K	10x	as long as short
Aster PENDLEUSDT	−0.0054%	8h	2.4768	+0.074%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4782	+0.129%	$19K	$15K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0034%	8h	2.4875	+0.505%	$417K	$1.7M	10x	as long as short
Gate PENDLE_USDTlong	−0.0010%	8h	2.4750	long leg	$719K	$1.1M	75x
Variational Omni PENDLE	−0.0009%	8h	2.4780	+0.122%	$546K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4803	+0.213%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	0.0000%	1h	2.4784	+0.137%	$25K	$14K	10x
Aevo PENDLE-PERP	+0.0048%	1h	2.4746	−0.017%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0059%	1h	2.4798	+0.195%	$4K	—	15x	as long as short
ApeX Omni PENDLEUSDT	+0.0073%	1h	2.4866	+0.469%	$76K	$235K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4761	+0.044%	$528K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4793	+0.173%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4791	+0.166%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4809	+0.238%	$14.9M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4810	+0.242%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4772	+0.089%	$847K	$577K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4762	+0.048%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4785	+0.141%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4785	+0.142%	$24K	$378K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4802	+0.210%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4798	+0.194%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0192% / S −0.0317%	1h	2.4790	+0.162%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0488%	1h	2.4801	+0.206%	$351K	$482K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4870	+0.485%	$149K	$491K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0756%	1h	2.4798	+0.195%	$115K	$283K	20x	as long as short