Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0744%/8h= +81.4% APRpaid last 24h +0.105%

Price spread now: Backpack against BingX+0.198%7-day average +0.147% · you sell dearer than you buy

Net, funding: paid 7d − costs+$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$470.469% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.693%+$69 on $10k

Price spread, last 4 days (all we have)−0.202%−$20 · spread now +0.198%, 7d avg +0.147%

Together, before fees+0.491%+$49 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Backpack is 0.051% dearer against BingX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.147%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENDLE-USDT	2.5224	0.0100	pay 0.0100% / 8h	2h 19m	—	$36.3M	—
Short	Backpack PENDLE_USDC_PERP	2.5274	0.0844	get 0.0105% / 1h	19m 03s	$365K	$464K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.198%Rate

Funding earned: $156.14
Price spread: +0.198% → +0.147%: $5.08
Slippage, 4 orders: −$26.93
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $114.28
Costs to cover: 0.469%
Break-even: 1.9 days

Slippage from BingX: live order book, 5 min ago; Backpack: live order book, 5 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 BingX live order book, 5 min ago	3.56 bp	16.1 bp −$16	29.3 bp −$293	262.3 bp −$26.2K	407.1 bp −$203.5K
Sell Backpack live order book, 5 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	−0.056%	$49K	$30K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0428%	1h	2.5282	+0.231%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0186%	1h	2.5229	+0.020%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5229	+0.022%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5227	+0.012%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5229	+0.021%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5211	−0.052%	$166K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0052%	8h	2.5212	−0.048%	$27.4M	$39.3M	75x	as long as short
Variational Omni PENDLE	+0.0053%	8h	2.5229	+0.018%	$621K	$2.3M	—	as long as short
MEXC PENDLE_USDT	+0.0055%	8h	2.5215	−0.036%	$17.0M	$2.3M	125x	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	−0.012%	$1.3M	$747K	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5220	−0.016%	$548K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5222	−0.008%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5207	−0.069%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5251	+0.107%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5216	−0.032%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5200	−0.095%	$15.6M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5240	+0.063%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5230	+0.024%	$842K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5232	+0.032%	$917K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5223	−0.004%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.5224	long leg	—	$36.3M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5246	+0.087%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5266	+0.168%	$426K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5236	+0.048%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5240	+0.063%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5230	+0.024%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5234	+0.040%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.539%	$117K	$428K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0844%	1h	2.5274	+0.198%	$365K	$464K	15x