Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.4743%/8h= −519.4% APRpaid last 24h −0.522%

Price spread now: Injective against BingX−1.191%7-day average — · you buy dearer than you sell

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

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 against this trade now: funding costs −$142 a day on $10k at the current rate, and Injective is 1.191% cheaper against BingX than usual: you would sell low and buy high (−$119 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENDLE-USDT	2.5271	0.0100	pay 0.0100% / 8h	7h 20m	—	$35.7M	—
Short	Injective PENDLE/USDC PERP	2.4970	−0.4643	pay 0.0580% / 1h	20m 53s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.191%Rate

Funding earned: −$996.06
Price spread: −1.191% → 0.000%: −$119.11
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,125.19
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 3 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 BingX live order book, 3 min ago	3.36 bp	13.5 bp −$13	24.1 bp −$241	244.5 bp −$24.4K	463.5 bp −$231.8K
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	−0.4643%	1h	2.4970	−1.191%	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0303%	1h	2.5281	+0.040%	$26K	$14K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0098%	8h	2.5295	+0.095%	$419K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0090%	8h	2.5264	−0.028%	$27.3M	$42.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0090%	8h	2.5264	−0.028%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.5261	−0.038%	$165K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0079%	8h	2.5271	0.000%	$1.3M	$685K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0022%	8h	2.5272	+0.004%	$20K	$16K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0006%	1h	2.5283	+0.047%	$77K	$238K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5296	+0.099%	$11K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0002%	8h	2.5241	−0.119%	$608K	$1.8M	—	as long as short
Bybit PENDLEUSDT	+0.0009%	8h	2.5250	−0.083%	$15.5M	$11.9M	50x	as long as short
Reya PENDLERUSDPERP	+0.0050%	1h	2.5266	−0.018%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5269	−0.008%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0056%	8h	2.5299	+0.112%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5274	+0.012%	$537K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5261	−0.038%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5260	−0.044%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5270	−0.004%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5284	+0.051%	$888K	$586K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5283	+0.047%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.5271	long leg	—	$35.7M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5283	+0.047%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5274	+0.012%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5270	−0.004%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5285	+0.054%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0365%	1h	2.5322	+0.201%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0615%	1h	2.5328	+0.225%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5410	+0.550%	$141K	$444K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0882%	1h	2.5315	+0.174%	$354K	$490K	15x	as long as short