Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.3614%/8h= −395.8% APRpaid last 24h −1.009%

Price spread now: Injective against Orderly−1.177%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Injective

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 against this trade now: funding costs −$108 a day on $10k at the current rate, and Injective is 1.177% cheaper against Orderly than usual: you would sell low and buy high (−$118 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	Orderly PERP_PENDLE_USDC	2.4296	−0.0013	get 0.0013% / 8h	7h 51m	$18K	$15K	10x
Short	Injective PENDLE/USDC PERP	2.4010	−0.3627	pay 0.0453% / 1h	51m 15s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.177%Rate

Funding earned: −$759.03
Price spread: −1.177% → 0.000%: −$117.71
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$882.77
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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 PERPshort	−0.3627%	1h	2.4010	−1.177%	$2K	$54K	5.5x
GRVT PENDLE_USDT_Perp	−0.0825%	8h	2.4256	−0.166%	$406K	$2.6M	10x	as long as short
Gate PENDLE_USDT	−0.0339%	8h	2.4300	+0.016%	$769K	$990K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0183%	1h	2.4242	−0.222%	$74K	$232K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0161%	1h	2.4303	+0.029%	$25K	$16K	10x	as long as short
BloFin PENDLE-USDT	−0.0016%	8h	2.4288	−0.033%	$1.1M	$504K	75x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0013%	8h	2.4296	long leg	$18K	$15K	10x
Binance PENDLEUSDT	−0.0010%	8h	2.4296	0.000%	$25.5M	$45.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0009%	8h	2.4293	−0.012%	$18.0M	$2.1M	125x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.4288	−0.032%	$156K	$924K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4300	+0.018%	$10K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4286	−0.040%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0087%	1h	2.4305	+0.039%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4299	+0.012%	$523K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4282	−0.058%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4331	+0.144%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4271	−0.102%	$47K	$168K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4280	−0.066%	$14.1M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4310	+0.058%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4281	−0.062%	$687K	$610K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4293	−0.012%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4291	−0.021%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4246	−0.206%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4251	−0.184%	$24K	$368K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4310	+0.058%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4325	+0.119%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4304	+0.032%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4400	+0.428%	$159K	$512K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0803%	1h	2.4323	+0.111%	$359K	$433K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1275%	1h	2.4351	+0.227%	$115K	$258K	20x	as long as short