Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0307%/8h= −33.6% APRpaid last 24h −0.116%

Price spread now: edgeX against Backpack−0.076%7-day average −0.153% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$320.316% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.689%−$69 on $10k

Price spread, last 4 days (all we have)+1.410%+$141 · spread now −0.076%, 7d avg −0.153%

Together, before fees+0.721%+ Points / potential airdropedgeX: Active · farm board+$72 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.077% dearer against Backpack than usual: you sell high and buy low (spread −0.076% now, against its 7-day average of −0.153%): +$8 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5129	0.0407	pay 0.0051% / 1h	11m 15s	$352K	$482K	15x
Short	edgeX PENDLEUSDC	2.5110	0.0100	get 0.0050% / 4h	2h 11m	$25K	$381K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$64.43
Price spread: −0.076% → −0.153%: $7.7
Slippage, 4 orders: −$12.6
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$88.32
Costs to cover: 0.316%
Break-even: never at this rate

Slippage from Backpack: live order book, 58 min ago; edgeX: live order book, 57 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, 58 min ago	1.57 bp	7.1 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 57 min ago	2.56 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit

PENDLE on 29 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	2.4870	−1.031%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0427%	1h	2.5087	−0.167%	$26K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0132%	8h	2.5085	−0.175%	$27.0M	$43.4M	75x	as long as short
Extended PENDLE-USD	−0.0128%	1h	2.5067	−0.246%	$163K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0128%	8h	2.5087	−0.167%	$17.4M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0121%	8h	2.5086	−0.170%	$422K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0097%	1h	2.5098	−0.123%	$77K	$236K	50x	as long as short
Gate PENDLE_USDT	−0.0040%	8h	2.5060	−0.275%	$762K	$1.2M	75x	as long as short
Variational Omni PENDLE	−0.0040%	8h	2.5105	−0.094%	$613K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5084	−0.179%	$20K	$16K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	−0.0037%	8h	2.5101	−0.111%	$50K	$181K	10x	as long as short
Bybit PENDLEUSDT	−0.0022%	8h	2.5090	−0.155%	$15.2M	$12.0M	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5120	−0.036%	$11K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5079	−0.200%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0056%	1h	2.5067	−0.248%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5096	−0.131%	$534K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5071	−0.232%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5105	−0.096%	$12.9M	$6.4M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5080	−0.195%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5098	−0.123%	$867K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5060	−0.275%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5061	−0.271%	—	$33.6M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.5110	−0.076%	$25K	$381K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5094	−0.139%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5078	−0.203%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5085	−0.174%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0407%	1h	2.5129	long leg	$352K	$482K	15x
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5260	+0.521%	$145K	$473K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0867%	1h	2.5134	+0.019%	$117K	$289K	20x	as long as short