Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.048%

Price spread now: GMX against OKX−0.330%182s7-day average — · you buy dearer than you sell

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

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding pays, the price is against you. GMX is 0.330% cheaper against OKX than usual: you would sell low and buy high (spread −0.330% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$33 on $10k: about 16 days of funding at the current rate (+$2 a day). The two prices were read 182 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.4640	0.0100	pay 0.0050% / 4h	2h 58m	$3.1M	$6.8M	50x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.4559	L +0.0151% / S −0.0168%	get 0.0021% / 1h	58m 30s	$5K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.330%Rate

Funding earned: $14.21
Price spread: −0.330% → 0.000%: −$32.98
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$40.77
Costs to cover: 0.220%
Break-even: 27.1 days

Slippage unknown: OKX: live order book, 4 min ago; GMX: 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 OKX live order book, 4 min ago	2.04 bp	16.6 bp −$17	85.0 bp −$850	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.5000%	1h	2.3930	−2.881%	$2K	$55K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0093%	8h	2.4640	0.000%	$1.1M	$520K	75x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0077%	1h	2.4641	+0.002%	$116K	$253K	20x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.4588	−0.211%	$18.7M	$2.1M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4578	−0.253%	$163K	$934K	10x	as long as short
Binance PENDLEUSDT	−0.0071%	8h	2.4612	−0.114%	$25.8M	$47.0M	75x	as long as short
GRVT PENDLE_USDT_Perp	−0.0051%	8h	2.4560	−0.324%	$414K	$2.8M	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.4629	−0.045%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4612	−0.115%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4662	+0.089%	$25K	$14K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0036%	8h	2.4614	−0.106%	$50K	$176K	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4651	+0.043%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0087%	8h	2.4520	−0.485%	$584K	$1.2M	—	as long as short
Reya PENDLERUSDPERP	+0.0091%	1h	2.4649	+0.036%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4596	−0.179%	$531K	$376K	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4610	−0.122%	$14.3M	$11.9M	50x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4577	−0.254%	$34K	$3K	10x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4640	long leg	$3.1M	$6.8M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.4620	−0.081%	$780K	$954K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4602	−0.154%	$703K	$599K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4597	−0.175%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4604	−0.146%	—	$8.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4551	−0.363%	$23K	$372K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4567	−0.296%	$75K	$230K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4590	−0.203%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4659	+0.077%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0151% / S −0.0168%	1h	2.4559	−0.330%	$5K	—	100x
Hyperliquid PENDLE	+0.0512%	1h	2.4649	+0.037%	$13.1M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.4700	+0.244%	$171K	$540K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1750%	1h	2.4701	+0.248%	$367K	$433K	15x	as long as short