Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0118%/8h= −12.9% APRpaid last 24h −0.125%

Price spread now: Gate against Backpack−0.020%7-day average −0.165% · you buy dearer than you sell

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$680.680% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.733%−$73 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now −0.020%, 7d avg −0.165%

Together, before fees−0.772%−$77 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.145% dearer against Backpack than usual: you sell high and buy low (spread −0.020% now, against its 7-day average of −0.165%): +$15 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.1 days. At the pace of the last 7 days (−0.733% in total) that is about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5105	0.0100	pay 0.0013% / 1h	53m 09s	$352K	$485K	15x
Short	Gate PENDLE_USDT	2.5100	−0.0018	pay 0.0018% / 8h	6h 53m	$784K	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.020%Rate

Funding earned: −$24.78
Price spread: −0.020% → −0.165%: $14.53
Slippage, 4 orders: −$42.95
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$78.21
Costs to cover: 0.680%
Break-even: never at this rate

Slippage from Backpack: live order book, 16 min ago; Gate: live order book, 4 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, 16 min ago	1.57 bp	7.1 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	3.99 bp	32.0 bp −$32	180.6 bp −$1,806	doesn't fit	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	−1.414%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0934%	1h	2.5163	+0.231%	$77K	$237K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0743%	1h	2.5158	+0.211%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0168%	8h	2.5134	+0.116%	$15.4M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0150%	8h	2.5038	−0.265%	$419K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0114%	8h	2.5152	+0.187%	$27.2M	$43.1M	75x	as long as short
MEXC PENDLE_USDT	−0.0114%	8h	2.5153	+0.191%	$17.3M	$1.8M	125x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5129	+0.096%	$163K	$565K	10x	as long as short
BloFin PENDLE-USDT	−0.0109%	8h	2.5135	+0.119%	$1.3M	$654K	75x	as long as short
Variational Omni PENDLE	−0.0035%	8h	2.5006	−0.394%	$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	−0.0030%	8h	2.5145	+0.159%	$20K	$16K	10x	as long as short
Gate PENDLE_USDTshort	−0.0018%	8h	2.5100	−0.020%	$784K	$1.2M	75x
dYdX PENDLE-USD	0.0000%	1h	2.5095	−0.041%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0006%	8h	2.5094	−0.042%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5140	+0.139%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5148	+0.171%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5146	+0.163%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5063	−0.168%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5150	+0.179%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5144	+0.155%	$852K	$592K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5133	+0.112%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5146	+0.163%	—	$33.8M	—	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0100%	1h	2.5105	long leg	$352K	$485K	15x
edgeX PENDLEUSDC	+0.0100%	4h	2.5136	+0.125%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5152	+0.187%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5148	+0.171%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5175	+0.280%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0283%	1h	2.5174	+0.275%	$13.0M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5150	+0.179%	$144K	$468K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0865%	1h	2.5195	+0.359%	$117K	$290K	20x	as long as short