Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0079%/8h= +8.6% APRpaid last 24h −0.031%

Price spread now: Reya against Binance−0.029%7-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 Reya

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.029% cheaper against Binance than usual: you would sell low and buy high (spread −0.029% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 29 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.5263	−0.0034	get 0.0034% / 8h	29m 06s	$27.3M	$42.0M	75x
Short	Reya PENDLERUSDPERP	2.5255	0.0045	get 0.0006% / 1h	29m 06s	$4K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.029%Rate

Funding earned: $16.5
Price spread: −0.029% → 0.000%: −$2.87
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2.37
Costs to cover: 0.160%
Break-even: 8.0 days

Slippage unknown: Binance: live order book, 13 min ago; Reya: 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	0.40 bp	13.5 bp −$14	28.1 bp −$281	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.5000%	1h	2.4940	−1.277%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5232	−0.121%	$77K	$240K	50x	as long as short
BloFin PENDLE-USDT	−0.0046%	8h	2.5256	−0.026%	$1.3M	$754K	75x	as long as short
Binance PENDLEUSDTlong	−0.0034%	8h	2.5263	long leg	$27.3M	$42.0M	75x
Extended PENDLE-USD	−0.0032%	1h	2.5246	−0.068%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0031%	8h	2.5265	+0.009%	$17.1M	$1.9M	125x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0027%	1h	2.5273	+0.041%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5272	+0.037%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5217	−0.181%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0040%	8h	2.5182	−0.319%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0044%	8h	2.5188	−0.296%	$417K	$1.6M	10x	as long as short
Reya PENDLERUSDPERPshort	+0.0045%	1h	2.5255	−0.029%	$4K	—	15x
Aevo PENDLE-PERP	+0.0072%	1h	2.5258	−0.019%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5261	−0.007%	$532K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5196	−0.266%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5241	−0.086%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5260	−0.011%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5270	+0.029%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.209%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5267	+0.017%	$895K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5247	−0.062%	$3.8M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5269	+0.025%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5230	−0.131%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5266	+0.013%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5254	−0.034%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5276	+0.054%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0300%	1h	2.5330	+0.266%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0593%	1h	2.5324	+0.244%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.306%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0771%	1h	2.5319	+0.223%	$334K	$492K	15x	as long as short