Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h −0.034%

Price spread now: Bybit against Aevo−0.052%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 Bybit

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

Funding pays, the price is against you. Bybit is 0.052% cheaper against Aevo than usual: you would sell low and buy high (spread −0.052% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 8.7 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PENDLE-PERP	2.4407	0.0080	pay 0.0010% / 1h	31m 45s	$26K	—	3x
Short	Bybit PENDLEUSDT	2.4394	0.0100	get 0.0100% / 8h	2h 31m	$14.2M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.052%Rate

Funding earned: $4.2
Price spread: −0.052% → 0.000%: −$5.21
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$28.01
Costs to cover: 0.270%
Break-even: 53.7 days

Slippage unknown: Aevo: no order-book sample; Bybit: 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 Aevo no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	2.05 bp	17.2 bp −$17	46.4 bp −$464	256.8 bp −$25.7K	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	−0.3926%	1h	2.4150	−1.052%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0200%	1h	2.4407	+0.001%	$24K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0041%	8h	2.4400	−0.027%	$716K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4410	+0.013%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0007%	8h	2.4396	−0.044%	$1.1M	$599K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4416	+0.036%	$10K	—	5x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4389	−0.074%	$157K	$582K	10x	as long as short
MEXC PENDLE_USDT	+0.0008%	8h	2.4403	−0.015%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0009%	8h	2.4407	+0.001%	$25.7M	$44.3M	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4402	−0.019%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERPlong	+0.0080%	1h	2.4407	long leg	$26K	—	3x
Lighter PENDLE	+0.0096%	1h	2.4410	+0.013%	$514K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4390	−0.068%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4430	+0.096%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4408	+0.005%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4394	−0.052%	$14.2M	$12.1M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4420	+0.054%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4408	+0.005%	$859K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4388	−0.077%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4408	+0.005%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4431	+0.100%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4484	+0.316%	$24K	$375K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4445	+0.157%	$411K	$2.1M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4493	+0.354%	$75K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4447	+0.165%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4427	+0.083%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4413	+0.026%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.546%	$155K	$522K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0658%	1h	2.4441	+0.140%	$354K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1194%	1h	2.4432	+0.106%	$114K	$262K	20x	as long as short