Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0705%/8h= +77.2% APRpaid last 24h +0.136%

Price spread now: Backpack against OKX+0.117%7-day average +0.181% · you sell dearer than you buy

Net, funding: paid 7d − costs+$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$530.529% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.740%+$74 on $10k

Price spread, last 4 days (all we have)−0.075%−$8 · spread now +0.117%, 7d avg +0.181%

Together, before fees+0.665%+$66 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.064% cheaper against OKX than usual: you would sell low and buy high (spread +0.117% now, against its 7-day average of +0.181%). If the spread goes back, that is −$6 on $10k: about 7 hours of funding at the current rate (+$21 a day). At the pace of the last 7 days (+0.740% in total) that is about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.4820	0.0100	pay 0.0050% / 4h	2h 18m	$3.2M	$6.6M	50x
Short	Backpack PENDLE_USDC_PERP	2.4849	0.0805	get 0.0101% / 1h	18m 46s	$360K	$402K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.117%Rate

Funding earned: $148.04
Price spread: +0.117% → +0.181%: −$6.42
Slippage, 4 orders: −$32.93
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $88.7
Costs to cover: 0.529%
Break-even: 2.8 days

Slippage from OKX: live order book, 4 min ago; Backpack: live order book, 30 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 OKX live order book, 4 min ago	2.04 bp	19.9 bp −$20	113.2 bp −$1,132	doesn't fit	doesn't fit
Sell Backpack live order book, 30 min ago	1.83 bp	7.2 bp −$7	26.4 bp −$264	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	2.4200	−2.498%	$2K	$54K	5.5x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4761	−0.238%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0016%	8h	2.4780	−0.161%	$732K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4701	−0.481%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0011%	8h	2.4787	−0.133%	$1.1M	$609K	75x	as long as short
MEXC PENDLE_USDT	+0.0030%	8h	2.4807	−0.052%	$17.6M	$2.0M	125x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.4784	−0.144%	$158K	$577K	10x	as long as short
Binance PENDLEUSDT	+0.0035%	8h	2.4809	−0.044%	$26.2M	$44.4M	75x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4757	−0.255%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4751	−0.280%	$26K	—	3x	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	2.4812	−0.032%	$526K	$426K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4689	−0.528%	$35K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4850	+0.121%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4788	−0.129%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4797	−0.093%	$14.5M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4820	long leg	$3.2M	$6.6M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4782	−0.153%	$877K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4805	−0.060%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4800	−0.081%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4491	−1.327%	$551K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4507	−1.259%	$24K	$373K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4500	−1.289%	$410K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4490	−1.330%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4777	−0.173%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4777	−0.173%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4755	−0.262%	$5K	—	100x	as long as short
Deribit PENDLE_USDC-PERPETUAL	+0.0356%	1h	2.4772	−0.193%	$24K	$15K	10x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4820	0.000%	$158K	$530K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0805%	1h	2.4849	+0.117%	$360K	$402K	15x
Kraken Futures PF_PENDLEUSD	+0.1175%	1h	2.4840	+0.082%	$116K	$262K	20x	as long as short