Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0456%/8h= +49.9% APRpaid last 24h +0.146%

Price spread now: Backpack against Orderly+0.203%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 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 for this trade now. Funding pays +$14 a day on $10k at the current rate, and Backpack is 0.203% dearer against Orderly than usual: you sell high and buy low: +$20 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.4641	−0.0036	get 0.0036% / 8h	4h 50m	$19K	$15K	10x
Short	Backpack PENDLE_USDC_PERP	2.4691	0.0420	get 0.0053% / 1h	50m 35s	$355K	$477K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.203%Rate

Funding earned: $95.71
Price spread: +0.203% → 0.000%: $20.29
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $100
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 8 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 8 min ago	1.62 bp	8.4 bp −$8	581.2 bp −$5,812	doesn't fit	doesn't fit

Orderly: 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	−0.4334%	1h	2.4430	−0.856%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0237%	1h	2.4644	+0.012%	$25K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4633	−0.034%	$161K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0071%	8h	2.4646	+0.020%	$26.2M	$43.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0070%	8h	2.4651	+0.041%	$17.3M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0058%	8h	2.4635	−0.024%	$1.3M	$650K	75x	as long as short
Aster PENDLEUSDT	−0.0046%	8h	2.4692	+0.205%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0036%	8h	2.4641	long leg	$19K	$15K	10x
Gate PENDLE_USDT	−0.0026%	8h	2.4660	+0.077%	$716K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4666	+0.100%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0034%	8h	2.4626	−0.062%	$563K	$1.7M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4649	+0.034%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4630	−0.045%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4685	+0.178%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4645	+0.016%	$526K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4644	+0.012%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4640	−0.004%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4670	+0.118%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4658	+0.069%	$873K	$580K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4657	+0.065%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4658	+0.069%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4687	+0.185%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4674	+0.134%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4672	+0.126%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4655	+0.057%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4651	+0.040%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0290%	1h	2.4712	+0.289%	$12.6M	$6.1M	5x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0420%	1h	2.4691	+0.203%	$355K	$477K	15x
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.483%	$147K	$493K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4693	+0.210%	$115K	$278K	20x	as long as short