Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1424%/8h= −155.9% APRpaid last 24h −0.105%

Price spread now: BingX against Backpack−0.247%7-day average −0.147% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.693%−$69 on $10k

Price spread, last 4 days (all we have)+0.251%+$25 · spread now −0.247%, 7d avg −0.147%

Together, before fees−0.443%−$44 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$43 a day on $10k at the current rate, and BingX is 0.099% cheaper against Backpack than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.147%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.693% in total (about -36.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5135	0.1524	pay 0.0191% / 1h	57m 50s	$358K	$460K	15x
Short	BingX PENDLE-USDT	2.5073	0.0100	get 0.0100% / 8h	1h 57m	—	$36.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.247%Rate

Funding earned: −$299.08
Price spread: −0.247% → −0.147%: −$9.92
Slippage, 4 orders: −$21.26
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$350.26
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from Backpack: live order book, 26 min ago; BingX: live order book, 11 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, 26 min ago	1.77 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	3.19 bp	11.7 bp −$12	20.0 bp −$200	87.4 bp −$8,736	322.4 bp −$161.2K

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	−0.3656%	1h	2.4770	−1.452%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0268%	1h	2.5083	−0.207%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5092	−0.169%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0032%	8h	2.5079	−0.223%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5080	−0.219%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0039%	8h	2.5079	−0.223%	$16.9M	$2.1M	125x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5068	−0.267%	$165K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0041%	8h	2.5073	−0.248%	$27.2M	$39.6M	75x	as long as short
Variational Omni PENDLE	+0.0053%	8h	2.5054	−0.323%	$615K	$2.1M	—	as long as short
BloFin PENDLE-USDT	+0.0066%	8h	2.5044	−0.362%	$1.3M	$734K	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0077%	1h	2.5038	−0.386%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5069	−0.263%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5078	−0.227%	$526K	$421K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5087	−0.191%	$35K	$22K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5087	−0.191%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5070	−0.259%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5090	−0.179%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5080	−0.219%	$856K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5085	−0.199%	$894K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5068	−0.267%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.5073	−0.247%	—	$36.3M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5039	−0.384%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5032	−0.411%	$422K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5097	−0.151%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5080	−0.219%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5094	−0.164%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0257%	1h	2.5115	−0.080%	$12.4M	$5.7M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5090	−0.179%	$117K	$418K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0749%	1h	2.5138	+0.014%	$150K	$275K	20x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.1524%	1h	2.5135	long leg	$358K	$460K	15x