Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0035%/8h= +3.8% APRpaid last 24h +0.028%

Price spread now: OKX against Reya+0.156%57s7-day average — · you sell dearer than you buy

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

Long on Reya Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and OKX is 0.156% dearer against Reya than usual: you sell high and buy low: +$16 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 57 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	Reya PENDLERUSDPERP	2.4622	0.0065	pay 0.0008% / 1h	15m 37s	$3K	—	15x
Short	OKX PENDLE-USDT-SWAP	2.4660	0.0100	get 0.0050% / 4h	15m 37s	$3.1M	$6.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Reya. 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 ReyabpFee OKXbpOrdersPrice spread, now +0.156%Rate

Funding earned: $7.28
Price spread: +0.156% → 0.000%: $15.55
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: $6.84
Costs to cover: 0.160%
Break-even: 0.4 days

Slippage unknown: Reya: 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 Reya no order-book sample	—	—	—	—	—
Sell OKX live order book, 2 min ago	4.06 bp	12.4 bp −$12	57.8 bp −$578	doesn't fit	doesn't fit

Reya: 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	2.4340	−1.144%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0072%	8h	2.4610	−0.048%	$1.2M	$604K	75x	as long as short
Gate PENDLE_USDT	−0.0066%	8h	2.4590	−0.129%	$717K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4604	−0.073%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0061%	8h	2.4644	+0.091%	$26.1M	$43.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0061%	8h	2.4611	−0.043%	$17.3M	$2.0M	125x	as long as short
Aster PENDLEUSDT	−0.0051%	8h	2.4635	+0.052%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4617	−0.019%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4620	−0.006%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4631	+0.038%	$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
Variational Omni PENDLE	+0.0054%	8h	2.4606	−0.065%	$553K	$1.4M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0064%	8h	2.4622	0.000%	$410K	$1.9M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4611	−0.043%	$26K	—	3x	as long as short
Reya PENDLERUSDPERPlong	+0.0065%	1h	2.4622	long leg	$3K	—	15x
Lighter PENDLE	+0.0096%	1h	2.4616	−0.023%	$516K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4599	−0.090%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4630	+0.034%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4660	+0.156%	$3.1M	$6.1M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4623	+0.005%	$865K	$559K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4601	−0.084%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4621	−0.003%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4604	−0.072%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4603	−0.076%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4656	+0.139%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4646	+0.099%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4623	+0.004%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0326%	1h	2.4655	+0.135%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+0.805%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0708%	1h	2.4669	+0.192%	$357K	$465K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1179%	1h	2.4673	+0.208%	$115K	$269K	20x	as long as short