Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0795%/8h= −87.0% APRpaid last 24h −0.107%

Price spread now: Binance against Backpack−0.248%7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$440.436% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.725%−$72 on $10k

Price spread, last 4 days (all we have)+0.334%+$33 · spread now −0.248%, 7d avg −0.114%

Together, before fees−0.391%−$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Binance is 0.134% cheaper against Backpack than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.114%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5274	0.0844	pay 0.0105% / 1h	18m 38s	$365K	$464K	15x
Short	Binance PENDLEUSDT	2.5211	0.0049	get 0.0049% / 8h	2h 18m	$27.4M	$39.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.248%Rate

Funding earned: −$166.91
Price spread: −0.248% → −0.114%: −$13.41
Slippage, 4 orders: −$23.62
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$223.94
Costs to cover: 0.436%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Binance: live order book, 8 min ago.

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 Backpack live order book, 5 min ago	1.77 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.79 bp	13.0 bp −$13	31.1 bp −$311	158.0 bp −$15.8K	doesn't fit

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	2.5210	−0.253%	$49K	$30K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0428%	1h	2.5282	+0.033%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0186%	1h	2.5229	−0.178%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5229	−0.176%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5227	−0.186%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5229	−0.177%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5207	−0.264%	$166K	$524K	10x	as long as short
Binance PENDLEUSDTshort	+0.0049%	8h	2.5211	−0.248%	$27.4M	$39.3M	75x
MEXC PENDLE_USDT	+0.0051%	8h	2.5210	−0.253%	$17.0M	$2.3M	125x	as long as short
Variational Omni PENDLE	+0.0053%	8h	2.5229	−0.180%	$621K	$2.3M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0069%	8h	2.5221	−0.210%	$1.3M	$747K	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5220	−0.214%	$548K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5222	−0.206%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5208	−0.260%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5251	−0.091%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5215	−0.235%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5200	−0.293%	$15.6M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5220	−0.214%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5230	−0.174%	$842K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5240	−0.135%	$918K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5223	−0.202%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5219	−0.218%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5246	−0.111%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5266	−0.030%	$426K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5236	−0.150%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5240	−0.135%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5230	−0.174%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5234	−0.158%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.340%	$117K	$428K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0844%	1h	2.5274	long leg	$365K	$464K	15x