Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0797%/8h= +87.2% APRpaid last 24h +0.107%

Price spread now: Backpack against Binance+0.227%7-day average +0.114% · you sell dearer than you buy

Net, funding: paid 7d − costs+$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$440.436% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.725%+$72 on $10k

Price spread, last 4 days (all we have)−0.312%−$31 · spread now +0.227%, 7d avg +0.114%

Together, before fees+0.412%+$41 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Backpack is 0.113% dearer against Binance than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.114%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.5206	0.0049	pay 0.0049% / 8h	2h 18m	$27.4M	$39.3M	75x
Short	Backpack PENDLE_USDC_PERP	2.5263	0.0845	get 0.0106% / 1h	18m 08s	$365K	$464K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now +0.227%Rate

Funding earned: $167.29
Price spread: +0.227% → +0.114%: $11.29
Slippage, 4 orders: −$23.62
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $134.97
Costs to cover: 0.436%
Break-even: 1.4 days

Slippage from Binance: live order book, 9 min ago; Backpack: live order book, 6 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 Binance live order book, 9 min ago	0.79 bp	12.6 bp −$13	30.6 bp −$306	doesn't fit	doesn't fit
Sell Backpack live order book, 6 min ago	1.77 bp	10.4 bp −$10	30.4 bp −$304	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	−0.4806%	1h	2.5210	+0.017%	$49K	$30K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0428%	1h	2.5279	+0.292%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0344%	1h	2.5220	+0.056%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5229	+0.094%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5218	+0.049%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5219	+0.054%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5207	+0.004%	$166K	$524K	10x	as long as short
Binance PENDLEUSDTlong	+0.0049%	8h	2.5206	long leg	$27.4M	$39.3M	75x
MEXC PENDLE_USDT	+0.0051%	8h	2.5206	+0.001%	$17.0M	$2.3M	125x	as long as short
Variational Omni PENDLE	+0.0053%	8h	2.5229	+0.091%	$621K	$2.3M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0069%	8h	2.5221	+0.060%	$1.3M	$747K	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5220	+0.056%	$548K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5216	+0.041%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5208	+0.010%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5237	+0.124%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5216	+0.041%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5198	−0.031%	$15.6M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5220	+0.056%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5220	+0.056%	$842K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5240	+0.136%	$918K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5220	+0.056%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5201	−0.019%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5246	+0.159%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5266	+0.241%	$426K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5236	+0.120%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5235	+0.116%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5226	+0.080%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5229	+0.092%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.612%	$117K	$428K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0845%	1h	2.5263	+0.227%	$365K	$464K	15x