Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0115%/8h= +12.6% APRpaid last 24h +0.022%

Price spread now: OKX against Orderly+0.054%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 OKX

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 +$3 a day on $10k at the current rate, and OKX is 0.054% dearer against Orderly than usual: you sell high and buy low: +$5 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	2.4187	−0.0015	get 0.0015% / 8h	21m 19s	$18K	$15K	10x
Short	OKX PENDLE-USDT-SWAP	2.4200	0.0100	get 0.0050% / 4h	21m 19s	$3.1M	$6.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.054%Rate

Funding earned: $24.18
Price spread: +0.054% → 0.000%: $5.37
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: $13.55
Costs to cover: 0.160%
Break-even: 3.1 days

Slippage unknown: Orderly: no order-book sample; OKX: live order book, 2 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 OKX live order book, 2 min ago	4.13 bp	15.0 bp −$15	54.5 bp −$545	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	−0.4810%	1h	2.3940	−1.021%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0122%	1h	2.4197	+0.041%	$24K	$16K	10x	as long as short
BloFin PENDLE-USDT	−0.0018%	8h	2.4193	+0.025%	$1.1M	$501K	75x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0015%	8h	2.4187	long leg	$18K	$15K	10x
dYdX PENDLE-USD	0.0000%	1h	2.4199	+0.049%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4190	+0.012%	$17.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4196	+0.037%	$25.4M	$46.0M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4186	−0.003%	$157K	$927K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0062%	1h	2.4193	+0.025%	$74K	$231K	50x	as long as short
Gate PENDLE_USDT	+0.0069%	8h	2.4200	+0.054%	$758K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0078%	8h	2.4192	+0.020%	$408K	$2.5M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4190	+0.013%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0084%	1h	2.4195	+0.033%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4201	+0.058%	$521K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4190	+0.014%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4230	+0.178%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4211	+0.097%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4196	+0.037%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4200	+0.054%	$3.1M	$6.7M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4190	+0.012%	$718K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4193	+0.025%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4194	+0.029%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4186	−0.006%	$563K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4183	−0.017%	$24K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4226	+0.161%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4224	+0.153%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4206	+0.079%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0614%	1h	2.4217	+0.124%	$349K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4230	+0.178%	$156K	$505K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1529%	1h	2.4253	+0.272%	$115K	$263K	20x	as long as short