Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0569%/8h= −62.3% APRpaid last 24h −0.106%

Price spread now: SunX against Backpack−0.060%7-day average −0.113% · you buy dearer than you sell

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

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.665%−$66 on $10k

Price spread, last 3 days (all we have)−0.124%−$12 · spread now −0.060%, 7d avg −0.113%

Together, before fees−0.789%−$79 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.053% dearer against Backpack than usual: you sell high and buy low (spread −0.060% now, against its 7-day average of −0.113%): +$5 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.4946	0.0669	pay 0.0084% / 1h	15m 30s	$352K	$475K	15x
Short	SunX PENDLE-USDT	2.4931	0.0100	get 0.0100% / 8h	1h 15m	$2K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$119.39
Price spread: −0.060% → −0.113%: $5.28
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$132.11
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 3 min ago; SunX: live order book, 10 min ago. 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, 3 min ago	2.00 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	500.24 bp	doesn't fit	doesn't fit	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	−0.3656%	1h	2.4770	−0.706%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0151%	1h	2.4912	−0.136%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0070%	1h	2.4903	−0.172%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0012%	8h	2.4881	−0.261%	$1.3M	$735K	75x	as long as short
Binance PENDLEUSDT	−0.0002%	8h	2.4876	−0.282%	$26.8M	$40.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0002%	8h	2.4876	−0.281%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4916	−0.120%	$10K	—	5x	as long as short
Extended PENDLE-USD	0.0000%	1h	2.4863	−0.331%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0017%	8h	2.4880	−0.265%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4874	−0.288%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0065%	8h	2.4937	−0.037%	$551K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4885	−0.246%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4902	−0.176%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4888	−0.233%	$524K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4874	−0.288%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4918	−0.114%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4885	−0.245%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4863	−0.333%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4880	−0.265%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4870	−0.305%	$780K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4902	−0.176%	$889K	$613K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4892	−0.216%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4881	−0.261%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4872	−0.297%	$25K	$398K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4912	−0.136%	$16K	$20K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.4931	−0.060%	$2K	$1.7M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4901	−0.182%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5020	+0.297%	$139K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0669%	1h	2.4946	long leg	$352K	$475K	15x
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4952	+0.024%	$119K	$304K	20x	as long as short