Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0110%/8h= +12.0% APRpaid last 24h +0.008%

Price spread now: OKX against Gate−0.040%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$820.819% of the position

Long on Gate Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 7 days+0.089%+$9 · spread now −0.040%, 7d avg +0.020%

Together, before fees+0.109%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.060% cheaper against Gate than usual: you would sell low and buy high (spread −0.040% now, against its 7-day average of +0.020%). If the spread goes back, that is −$6 on $10k: about 44 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.020% in total) that is about 21 days.

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	2h 15m	$736K	$1.1M	75x
Short	OKX PENDLE-USDT-SWAP	2.4740	0.0100	get 0.0050% / 4h	2h 15m	$3.1M	$6.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.040%Rate

Funding earned: $23.1
Price spread: −0.040% → +0.020%: −$6.02
Slippage, 4 orders: −$56.87
Fee Gate: 7.5 bp × 2 orders: −$15
Fee OKX: 5 bp × 2 orders: −$10
Net: −$64.79
Costs to cover: 0.819%
Break-even: 26.6 days

Slippage from Gate: live order book, 2 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 Gate live order book, 2 min ago	4.04 bp	19.0 bp −$19	137.7 bp −$1,377	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	4.04 bp	15.1 bp −$15	77.8 bp −$778	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	−0.3926%	1h	2.4410	−1.374%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0235%	1h	2.4731	−0.077%	$24K	$15K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4744	−0.024%	$19K	$15K	10x	as long as short
Gate PENDLE_USDTlong	−0.0010%	8h	2.4750	long leg	$736K	$1.1M	75x
dYdX PENDLE-USD	0.0000%	1h	2.4744	−0.023%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0018%	8h	2.4731	−0.077%	$1.1M	$610K	75x	as long as short
MEXC PENDLE_USDT	+0.0044%	8h	2.4731	−0.077%	$17.6M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.4724	−0.105%	$26.1M	$44.7M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.4721	−0.115%	$159K	$577K	10x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4736	−0.057%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.4744	−0.024%	$525K	$426K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.4735	−0.061%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4717	−0.132%	$35K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4778	+0.113%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4758	+0.032%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4710	−0.162%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4740	−0.040%	$3.1M	$6.6M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4766	+0.065%	$882K	$559K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4729	−0.085%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4747	−0.012%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4716	−0.138%	$566K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4745	−0.020%	$24K	$373K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4791	+0.166%	$415K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4743	−0.028%	$75K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4748	−0.008%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4735	−0.061%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4741	−0.037%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4760	+0.040%	$161K	$540K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0821%	1h	2.4767	+0.069%	$356K	$404K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4780	+0.121%	$116K	$263K	20x	as long as short