Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.003%

Price spread now: Extended against BingX−0.002%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$560.561% of the position

Long on BingX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now −0.002%, 7d avg −0.053%

Together, before fees−0.019%+ Points / potential airdropExtended: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.051% dearer against BingX than usual: you sell high and buy low (spread −0.002% now, against its 7-day average of −0.053%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.3 days. At the pace of the last 7 days (−0.027% in total) that is about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENDLE-USDT	2.5194	0.0100	pay 0.0100% / 8h	2h 16m	—	$36.3M	—
Short	Extended PENDLE-USD	2.5193	0.0048	get 0.0006% / 1h	16m 44s	$166K	$524K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$10.92
Price spread: −0.002% → −0.053%: $5.13
Slippage, 4 orders: −$41.11
Fee BingX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$61.9
Costs to cover: 0.561%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; Extended: 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 BingX live order book, 7 min ago	3.56 bp	16.1 bp −$16	29.3 bp −$293	262.3 bp −$26.2K	407.1 bp −$203.5K
Sell Extended live order book, 6 min ago	0.99 bp	13.6 bp −$14	132.4 bp −$1,324	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	2.5200	+0.024%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0428%	1h	2.5270	+0.303%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0345%	1h	2.5208	+0.056%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5194	+0.001%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0020%	8h	2.5190	−0.016%	$1.3M	$741K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5208	+0.056%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5206	+0.048%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5204	+0.040%	$17.0M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0046%	8h	2.5202	+0.032%	$27.4M	$39.3M	75x	as long as short
Extended PENDLE-USDshort	+0.0048%	1h	2.5193	−0.002%	$166K	$524K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0053%	8h	2.5229	+0.137%	$621K	$2.3M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.5210	+0.064%	$548K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5198	+0.016%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5203	+0.036%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5243	+0.194%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5196	+0.007%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5182	−0.048%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5220	+0.103%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5170	−0.095%	$840K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5217	+0.091%	$917K	$610K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5198	+0.016%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.5194	long leg	—	$36.3M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5210	+0.065%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5216	+0.087%	$425K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5236	+0.167%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5216	+0.087%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5214	+0.079%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5218	+0.094%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.659%	$117K	$422K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0845%	1h	2.5239	+0.179%	$365K	$460K	15x	as long as short