Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0023%/8h= −2.6% APRpaid last 24h −0.005%

Price spread now: BloFin against Aevo−0.050%7-day average — · you buy dearer than you sell

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

Long on Aevo Short on BloFin

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 against this trade now: funding costs −$1 a day on $10k at the current rate, and BloFin is 0.050% cheaper against Aevo than usual: you would sell low and buy high (−$5 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	Aevo PENDLE-PERP	2.5194	0.0088	pay 0.0011% / 1h	48m 52s	$26K	—	3x
Short	BloFin PENDLE-USDT	2.5181	0.0065	get 0.0065% / 8h	2h 48m	$1.3M	$784K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Aevo. 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 AevobpFee BloFinbpOrdersPrice spread, now −0.050%Rate

Funding earned: −$4.93
Price spread: −0.050% → 0.000%: −$4.96
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$37.89
Costs to cover: 0.280%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; BloFin: live order book, 4 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 Aevo no order-book sample	—	—	—	—	—
Sell BloFin live order book, 4 min ago	0.40 bp	10.6 bp −$11	25.8 bp −$258	doesn't fit	doesn't fit

Aevo: 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	−0.4806%	1h	2.4860	−1.324%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5179	−0.059%	$145K	$274K	20x	as long as short
ApeX Omni PENDLEUSDT	−0.0001%	1h	2.5150	−0.173%	$77K	$239K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5188	−0.020%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5203	+0.038%	$30K	$10K	10x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.5135	−0.232%	$608K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5192	−0.006%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0035%	8h	2.5198	+0.018%	$16.9M	$2.2M	125x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5195	+0.006%	$23K	$8K	10x	as long as short
Binance PENDLEUSDT	+0.0037%	8h	2.5198	+0.018%	$27.5M	$39.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0040%	1h	2.5189	−0.017%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDTshort	+0.0065%	8h	2.5181	−0.050%	$1.3M	$784K	75x
Aster PENDLEUSDT	+0.0085%	8h	2.5201	+0.030%	$41K	$177K	10x	as long as short
Aevo PENDLE-PERPlong	+0.0088%	1h	2.5194	long leg	$26K	—	3x
Lighter PENDLE	+0.0096%	1h	2.5191	−0.010%	$552K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5182	−0.046%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5234	+0.161%	$12.4M	$5.6M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5190	−0.014%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5210	+0.065%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	+0.065%	$844K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5204	+0.042%	$909K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5186	−0.030%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5192	−0.006%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5188	−0.020%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5164	−0.119%	$415K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5214	+0.081%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5206	+0.050%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5199	+0.024%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5260	+0.264%	$118K	$440K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0884%	1h	2.5250	+0.224%	$366K	$466K	15x	as long as short