Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0058%/8h= −6.3% APRpaid last 24h −0.024%

Price spread now: OKX against GMX−0.139%7-day average — · you buy dearer than you sell

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 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 against this trade now: funding costs −$2 a day on $10k at the current rate, and OKX is 0.139% cheaper against GMX than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.5115	L +0.0158% / S −0.0256%	pay 0.0020% / 1h	45m 11s	$7K	—	100x
Short	OKX PENDLE-USDT-SWAP	2.5080	0.0100	get 0.0050% / 4h	2h 45m	$3.2M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against GMX. 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 GMXbpFee OKXbpOrdersPrice spread, now −0.139%Rate

Funding earned: −$12.1
Price spread: −0.139% → 0.000%: −$13.88
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$47.98
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: live order book, 3 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell OKX live order book, 3 min ago	3.98 bp	14.2 bp −$14	62.2 bp −$622	doesn't fit	doesn't fit

GMX: 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	−0.4742%	1h	2.4750	−1.453%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0666%	1h	2.5094	−0.083%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0271%	1h	2.5129	+0.056%	$77K	$237K	50x	as long as short
Bybit PENDLEUSDT	−0.0114%	8h	2.5070	−0.179%	$15.3M	$12.1M	50x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5068	−0.187%	$167K	$569K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0112%	8h	2.5146	+0.125%	$420K	$1.7M	10x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5099	−0.063%	$17.4M	$1.8M	125x	as long as short
Binance PENDLEUSDT	−0.0110%	8h	2.5076	−0.155%	$27.1M	$43.2M	75x	as long as short
BloFin PENDLE-USDT	−0.0095%	8h	2.5143	+0.112%	$1.3M	$654K	75x	as long as short
Variational Omni PENDLE	−0.0038%	8h	2.5076	−0.154%	$598K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0031%	8h	2.5083	−0.127%	$20K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0007%	8h	2.5090	−0.099%	$783K	$1.2M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5115	0.000%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0009%	8h	2.5095	−0.080%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5093	−0.086%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5094	−0.082%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5089	−0.103%	$534K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5088	−0.106%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5080	−0.139%	$3.2M	$6.2M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5121	+0.024%	$854K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5084	−0.123%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5086	−0.115%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5121	+0.023%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5116	+0.005%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5110	−0.019%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0158% / S −0.0256%	1h	2.5115	long leg	$7K	—	100x
Backpack PENDLE_USDC_PERP	+0.0311%	1h	2.5164	+0.196%	$353K	$485K	15x	as long as short
Hyperliquid PENDLE	+0.0319%	1h	2.5142	+0.109%	$12.9M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5100	−0.059%	$146K	$468K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0867%	1h	2.5137	+0.090%	$117K	$291K	20x	as long as short