Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.049%

Price spread now: Deribit against Paradex−0.030%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Deribit

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.030% cheaper against Paradex than usual: you would sell low and buy high (−$3 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	Paradex PENDLE-USD-PERP	2.5308	0.0100	pay 0.0100% / 8h	7h 34m	$35K	$18K	10x
Short	Deribit PENDLE_USDC-PERPETUAL	2.5301	0	get 0.0000% / 1h	34m 57s	$26K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Paradex. 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 ParadexbpFee DeribitbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$21
Price spread: −0.030% → 0.000%: −$2.96
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$34.96
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Deribit: 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 Paradex no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Paradex and Deribit: 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	−0.4643%	1h	2.4970	−1.337%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0108%	8h	2.5289	−0.077%	$1.3M	$705K	75x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.5286	−0.087%	$168K	$688K	10x	as long as short
Binance PENDLEUSDT	−0.0078%	8h	2.5300	−0.034%	$27.3M	$42.8M	75x	as long as short
MEXC PENDLE_USDT	−0.0077%	8h	2.5293	−0.061%	$17.1M	$1.9M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0060%	1h	2.5347	+0.152%	$77K	$238K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0045%	8h	2.5333	+0.098%	$428K	$1.6M	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0016%	8h	2.5294	−0.057%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5343	+0.138%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	0.0000%	1h	2.5301	−0.030%	$26K	$14K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0014%	8h	2.5291	−0.069%	$609K	$1.9M	—	as long as short
Gate PENDLE_USDT	+0.0049%	8h	2.5310	+0.006%	$783K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0049%	1h	2.5299	−0.037%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5309	+0.002%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0080%	8h	2.5339	+0.120%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5292	−0.065%	$536K	$413K	5x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.5308	long leg	$35K	$18K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.5285	−0.093%	$15.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5290	−0.073%	$3.3M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5349	+0.160%	$891K	$594K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5326	+0.069%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5299	−0.037%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5331	+0.088%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5317	+0.034%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5292	−0.065%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5303	−0.022%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0267%	1h	2.5356	+0.188%	$12.9M	$6.3M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5348	+0.156%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5330	+0.085%	$141K	$442K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0888%	1h	2.5343	+0.136%	$333K	$487K	15x	as long as short