Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.050%

Price spread now: Deribit against SunX+0.008%7-day average — · you sell dearer than you buy

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

Long on SunX Short on Deribit

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENDLE-USDT	2.5380	0.0100	pay 0.0100% / 8h	48m 51s	$2K	$1.8M	20x
Short	Deribit PENDLE_USDC-PERPETUAL	2.5382	0	get 0.0000% / 1h	48m 51s	$30K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. 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 SunXbpFee DeribitbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$21
Price spread: +0.008% → 0.000%: $0.79
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$35.21
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 6 min ago; 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 SunX live order book, 6 min ago	500.11 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	−0.5000%	1h	2.4860	−2.049%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0078%	1h	2.5207	−0.682%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.5349	−0.122%	$1.3M	$763K	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5321	−0.233%	$167K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0008%	8h	2.5330	−0.197%	$17.2M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.5332	−0.188%	$27.4M	$41.6M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5373	−0.028%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	0.0000%	1h	2.5382	+0.008%	$30K	$10K	10x
Orderly PERP_PENDLE_USDC	+0.0006%	8h	2.5373	−0.028%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5373	−0.027%	$4K	—	15x	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	+0.0050%	8h	2.5212	−0.663%	$557K	$1.8M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.5230	−0.593%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5364	−0.064%	$27K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5343	−0.146%	$534K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5343	−0.147%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5374	−0.024%	$12.6M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5326	−0.213%	$45K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5312	−0.268%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5320	−0.236%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5370	−0.039%	$792K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5357	−0.091%	$904K	$594K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5309	−0.280%	$3.8M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5323	−0.225%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5205	−0.691%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5400	+0.079%	$16K	$20K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.5380	long leg	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5388	+0.031%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0591%	1h	2.5418	+0.151%	$120K	$301K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5360	−0.079%	$141K	$459K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1202%	1h	2.5384	+0.016%	$329K	$492K	15x	as long as short