Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0049%/8h= −5.4% APRpaid last 24h +0.014%

Price spread now: Orderly against Reya+0.035%7-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 Orderly

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

The price spread pays, funding is against you. Orderly is 0.035% dearer against Reya than usual: you sell high and buy low (spread +0.035% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.5218	0.0045	pay 0.0006% / 1h	22m 56s	$4K	—	15x
Short	Orderly PERP_PENDLE_USDC	2.5227	−0.0004	pay 0.0004% / 8h	22m 56s	$20K	$16K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.035%Rate

Funding earned: −$10.32
Price spread: +0.035% → 0.000%: $3.55
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$18.77
Costs to cover: 0.120%
Break-even: never at this rate

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

Reya and 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	−0.5000%	1h	2.4940	−1.103%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0305%	1h	2.5230	+0.047%	$30K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0058%	8h	2.5235	+0.067%	$1.3M	$714K	75x	as long as short
Binance PENDLEUSDT	−0.0035%	8h	2.5231	+0.052%	$27.3M	$42.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0033%	8h	2.5241	+0.091%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5219	+0.006%	$166K	$528K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0027%	1h	2.5215	−0.012%	$77K	$239K	50x	as long as short
Orderly PERP_PENDLE_USDCshort	−0.0004%	8h	2.5227	+0.035%	$20K	$16K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5221	+0.012%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0036%	8h	2.5202	−0.063%	$595K	$1.9M	—	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	+0.0045%	8h	2.5244	+0.104%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERPlong	+0.0045%	1h	2.5218	long leg	$4K	—	15x
Aevo PENDLE-PERP	+0.0072%	1h	2.5222	+0.016%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5241	+0.091%	$532K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5207	−0.045%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5269	+0.201%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5220	+0.008%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5240	+0.087%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5230	+0.047%	$785K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5258	+0.158%	$887K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5221	+0.012%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5226	+0.032%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5208	−0.038%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5241	+0.091%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5230	+0.047%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5240	+0.088%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0345%	1h	2.5279	+0.242%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5289	+0.280%	$119K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.484%	$141K	$451K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0775%	1h	2.5281	+0.250%	$332K	$490K	15x	as long as short