Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0754%/8h= −82.6% APRpaid last 24h −0.106%

Price spread now: Paradex against Backpack−0.123%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and Paradex is 0.123% cheaper against Backpack than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5062	0.0854	pay 0.0107% / 1h	49m 47s	$357K	$460K	15x
Short	Paradex PENDLE-USD-PERP	2.5031	0.0100	get 0.0100% / 8h	1h 49m	$35K	$20K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$158.37
Price spread: −0.123% → 0.000%: −$12.34
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$184.71
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 34 min ago; Paradex: no order-book sample. Net counts fees only.

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, 34 min ago	1.77 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−1.165%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0509%	1h	2.5003	−0.235%	$29K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5058	−0.017%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0031%	8h	2.4997	−0.259%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0037%	8h	2.5026	−0.144%	$1.3M	$728K	75x	as long as short
Binance PENDLEUSDT	+0.0038%	8h	2.5034	−0.112%	$27.2M	$39.7M	75x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5001	−0.243%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5020	−0.167%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0040%	8h	2.5036	−0.104%	$16.9M	$2.1M	125x	as long as short
Variational Omni PENDLE	+0.0065%	8h	2.5028	−0.136%	$604K	$2.1M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4994	−0.270%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4995	−0.267%	$524K	$421K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.5031	−0.123%	$35K	$20K	10x
Aster PENDLEUSDT	+0.0100%	8h	2.5038	−0.096%	$41K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5030	−0.128%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	−0.048%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5020	−0.168%	$853K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5043	−0.076%	$893K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5033	−0.116%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5035	−0.108%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5057	−0.019%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5164	+0.407%	$424K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5072	+0.040%	$76K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5044	−0.072%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5005	−0.227%	$1K	$1.7M	20x	as long as short
Hyperliquid PENDLE	+0.0142%	1h	2.5089	+0.108%	$12.5M	$5.6M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5012	−0.200%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5030	−0.128%	$117K	$413K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.5009	−0.212%	$149K	$273K	20x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0854%	1h	2.5062	long leg	$357K	$460K	15x