Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0020%/8hpaid last 24h −0.002%

Price spread now: Extended against OKX−0.096%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$620.622% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 3 days (all we have)+0.124%+$12 · spread now −0.096%, 7d avg −0.025%

Together, before fees+0.085%+ Points / potential airdropExtended: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Extended is 0.071% cheaper against OKX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.025%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.5440	0.0100	pay 0.0050% / 4h	6m 32s	$3.3M	$5.4M	50x
Short	Extended PENDLE-USD	2.5415	0.0080	get 0.0010% / 1h	6m 32s	$167K	$519K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$4.2
Price spread: −0.096% → −0.025%: −$7.13
Slippage, 4 orders: −$47.24
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$73.57
Costs to cover: 0.622%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Extended: live order book, 25 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, 1 min ago	1.96 bp	19.7 bp −$20	126.9 bp −$1,269	doesn't fit	doesn't fit
Sell Extended live order book, 25 min ago	1.57 bp	14.2 bp −$14	147.5 bp −$1,475	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	−0.4300%	1h	2.5140	−1.179%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0624%	1h	2.5477	+0.144%	$158K	$248K	20x	as long as short
Variational Omni PENDLE	−0.0017%	8h	2.5445	+0.019%	$657K	$2.2M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5465	+0.098%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5468	+0.110%	$30K	$11K	10x	as long as short
Aster PENDLEUSDT	+0.0019%	8h	2.5458	+0.071%	$52K	$140K	10x	as long as short
Reya PENDLERUSDPERP	+0.0028%	1h	2.5425	−0.059%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0041%	8h	2.5464	+0.094%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0078%	8h	2.5423	−0.067%	$17.0M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0078%	8h	2.5425	−0.057%	$27.9M	$37.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USDshort	+0.0080%	1h	2.5415	−0.096%	$167K	$519K	10x
Lighter PENDLE	+0.0096%	1h	2.5455	+0.059%	$556K	$380K	5x	as long as short
BloFin PENDLE-USDT	+0.0097%	8h	2.5452	+0.047%	$1.4M	$822K	75x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5418	−0.087%	$36K	$26K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5477	+0.145%	$12.4M	$5.3M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5411	−0.114%	$15.8M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5440	long leg	$3.3M	$5.4M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5440	0.000%	$814K	$1.0M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5459	+0.075%	$927K	$596K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5449	+0.035%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5422	−0.071%	—	$34.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5441	+0.005%	$25K	$414K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5456	+0.063%	$430K	$1.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5443	+0.012%	$78K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5450	+0.039%	$16K	$30K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5474	+0.134%	$2K	$1.6M	20x	as long as short
Aevo PENDLE-PERP	+0.0104%	1h	2.5511	+0.280%	$27K	—	3x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0272%	1h	2.5477	+0.145%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0576%	1h	2.5520	+0.314%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0976%	1h	2.5514	+0.291%	$377K	$458K	15x	as long as short