Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.4812%/8h= −526.9% APRpaid last 24h −0.684%

Price spread now: Injective against Binance−1.410%77s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.072%−$107 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$144 a day on $10k at the current rate, and Injective is 1.410% cheaper against Binance than usual: you would sell low and buy high (−$141 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.072% in total (about -55.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.4840	−0.0126	get 0.0126% / 8h	5h 44m	$26.7M	$43.0M	75x
Short	Injective PENDLE/USDC PERP	2.4490	−0.4938	pay 0.0617% / 1h	44m 08s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.410%Rate

Funding earned: −$1,010.54
Price spread: −1.410% → 0.000%: −$141.05
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,161.61
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 13 min ago; Injective: 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, 13 min ago	0.20 bp	12.1 bp −$12	32.5 bp −$325	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.4938%	1h	2.4490	−1.410%	$2K	$54K	5.5x
Extended PENDLE-USD	−0.0128%	1h	2.4823	−0.070%	$163K	$568K	10x	as long as short
MEXC PENDLE_USDT	−0.0127%	8h	2.4851	+0.043%	$17.2M	$1.8M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0126%	1h	2.4850	+0.039%	$76K	$235K	50x	as long as short
Binance PENDLEUSDTlong	−0.0126%	8h	2.4840	long leg	$26.7M	$43.0M	75x
BloFin PENDLE-USDT	−0.0104%	8h	2.4809	−0.126%	—	$645K	75x	as long as short
GRVT PENDLE_USDT_Perp	−0.0068%	8h	2.4733	−0.432%	$410K	$1.7M	10x	as long as short
Aster PENDLEUSDT	−0.0065%	8h	2.4832	−0.032%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4843	+0.011%	$19K	$15K	10x	as long as short
Variational Omni PENDLE	−0.0019%	8h	2.4691	−0.603%	$544K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	−0.0007%	8h	2.4830	−0.042%	$723K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4818	−0.091%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4851	+0.043%	$26K	$14K	10x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4835	−0.020%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0058%	1h	2.4834	−0.024%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4841	+0.003%	$529K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4826	−0.057%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4874	+0.135%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4830	−0.042%	$14.9M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4830	−0.042%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4833	−0.030%	$845K	$575K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4842	+0.007%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4842	+0.007%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4747	−0.375%	$24K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4853	+0.051%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4865	+0.099%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0190% / S −0.0313%	1h	2.4843	+0.011%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0379%	1h	2.4888	+0.192%	$353K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4900	+0.240%	$149K	$491K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.4894	+0.215%	$116K	$283K	20x	as long as short