Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0453%/8h= −49.6% APRpaid last 24h −0.153%

Price spread now: Bybit against Backpack−0.269%7-day average −0.174% · you buy dearer than you sell

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$510.515% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.877%−$88 on $10k

Price spread, last 4 days (all we have)+0.241%+$24 · spread now −0.269%, 7d avg −0.174%

Together, before fees−0.637%−$64 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Bybit is 0.095% cheaper against Backpack than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.174%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5232	0.0298	pay 0.0037% / 1h	52m 12s	$354K	$485K	15x
Short	Bybit PENDLEUSDT	2.5164	−0.0155	pay 0.0155% / 8h	6h 52m	$15.4M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.269%Rate

Funding earned: −$95.06
Price spread: −0.269% → −0.174%: −$9.55
Slippage, 4 orders: −$30.46
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$156.06
Costs to cover: 0.515%
Break-even: never at this rate

Slippage from Backpack: live order book, 17 min ago; Bybit: live order book, 1 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, 17 min ago	1.57 bp	7.1 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.99 bp	17.0 bp −$17	67.6 bp −$676	314.5 bp −$31.5K	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	−0.4742%	1h	2.4750	−1.910%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.1100%	1h	2.5157	−0.297%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0934%	1h	2.5163	−0.273%	$77K	$237K	50x	as long as short
Bybit PENDLEUSDTshort	−0.0155%	8h	2.5164	−0.269%	$15.4M	$12.1M	50x
GRVT PENDLE_USDT_Perp	−0.0150%	8h	2.5038	−0.767%	$419K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0114%	8h	2.5175	−0.228%	$27.2M	$43.1M	75x	as long as short
MEXC PENDLE_USDT	−0.0114%	8h	2.5169	−0.250%	$17.3M	$1.8M	125x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5159	−0.288%	$163K	$565K	10x	as long as short
BloFin PENDLE-USDT	−0.0109%	8h	2.5135	−0.384%	$1.3M	$654K	75x	as long as short
Variational Omni PENDLE	−0.0035%	8h	2.5006	−0.895%	$596K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0031%	8h	2.5172	−0.238%	$20K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0003%	8h	2.5190	−0.166%	$787K	$1.2M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5176	−0.221%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0009%	8h	2.5182	−0.196%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5182	−0.199%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5166	−0.264%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5174	−0.230%	$536K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5194	−0.152%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5170	−0.246%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5186	−0.182%	$854K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5176	−0.222%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5168	−0.254%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5136	−0.379%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5216	−0.063%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5167	−0.258%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5206	−0.105%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0298%	1h	2.5232	long leg	$354K	$485K	15x
Hyperliquid PENDLE	+0.0314%	1h	2.5229	−0.012%	$13.0M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5210	−0.087%	$145K	$469K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0864%	1h	2.5226	−0.025%	$117K	$291K	20x	as long as short