Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0234%/8h= +25.6% APRpaid last 24h +0.047%

Price spread now: GMX against Binance+0.172%7-day average — · you sell dearer than you buy

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

Long on Binance Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and GMX is 0.172% dearer against Binance than usual: you sell high and buy low: +$17 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.5167	0.0044	pay 0.0044% / 8h	2h 39m	$27.4M	$39.1M	75x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.5211	L +0.0200% / S −0.0277%	get 0.0035% / 1h	39m 37s	$5K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.172%Rate

Funding earned: $49.06
Price spread: +0.172% → 0.000%: $17.23
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $44.3
Costs to cover: 0.220%
Break-even: 0.7 days

Slippage unknown: Binance: live order book, 2 min ago; GMX: 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 Binance live order book, 2 min ago	0.20 bp	12.4 bp −$12	24.3 bp −$243	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.4806%	1h	2.4860	−1.222%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5250	+0.329%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0107%	1h	2.5209	+0.165%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5215	+0.189%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0019%	8h	2.5180	+0.050%	$609K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5207	+0.159%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5204	+0.145%	$23K	$8K	10x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5132	−0.142%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0042%	8h	2.5158	−0.038%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDTlong	+0.0044%	8h	2.5167	long leg	$27.4M	$39.1M	75x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0065%	8h	2.5193	+0.101%	$1.3M	$769K	75x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5204	+0.147%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5180	+0.050%	$544K	$385K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5154	−0.054%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5208	+0.163%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5208	+0.160%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5151	−0.066%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5180	+0.050%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	+0.089%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5197	+0.117%	$913K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5126	−0.165%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5169	+0.006%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5181	+0.054%	$25K	$414K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5123	−0.178%	$422K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5196	+0.113%	$77K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5225	+0.228%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5198	+0.121%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0200% / S −0.0277%	1h	2.5211	+0.172%	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5270	+0.407%	$118K	$437K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0867%	1h	2.5254	+0.344%	$366K	$465K	15x	as long as short