Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0047%/8h= −5.2% APRpaid last 24h −0.031%

Price spread now: Reya against BingX−0.025%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 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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Reya is 0.025% cheaper against BingX than usual: you would sell low and buy high (−$2 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	2.5146	0.0100	pay 0.0100% / 8h	6h 53m	—	$33.8M	—
Short	Reya PENDLERUSDPERP	2.5140	0.0053	get 0.0007% / 1h	53m 25s	$4K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.025%Rate

Funding earned: −$9.93
Price spread: −0.025% → 0.000%: −$2.45
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$28.38
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 15 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 BingX live order book, 15 min ago	3.55 bp	13.1 bp −$13	21.3 bp −$213	226.5 bp −$22.7K	436.6 bp −$218.3K
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	−0.4742%	1h	2.4850	−1.177%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.1028%	1h	2.5010	−0.541%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0934%	1h	2.5163	+0.068%	$77K	$237K	50x	as long as short
Bybit PENDLEUSDT	−0.0168%	8h	2.5137	−0.036%	$15.4M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0150%	8h	2.5038	−0.428%	$419K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0114%	8h	2.5146	+0.001%	$27.2M	$43.1M	75x	as long as short
MEXC PENDLE_USDT	−0.0114%	8h	2.5133	−0.052%	$17.3M	$1.8M	125x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5074	−0.286%	$163K	$565K	10x	as long as short
BloFin PENDLE-USDT	−0.0093%	8h	2.5041	−0.418%	$1.3M	$652K	75x	as long as short
Variational Omni PENDLE	−0.0035%	8h	2.5006	−0.556%	$596K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0030%	8h	2.5145	−0.004%	$20K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0018%	8h	2.5100	−0.183%	$784K	$1.2M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5095	−0.204%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0006%	8h	2.5075	−0.284%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERPshort	+0.0053%	1h	2.5140	−0.025%	$4K	—	15x
Aevo PENDLE-PERP	+0.0056%	1h	2.5019	−0.505%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5069	−0.306%	$534K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5063	−0.330%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	−0.024%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5137	−0.036%	$852K	$592K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5113	−0.131%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.5146	long leg	—	$33.8M	—
Backpack PENDLE_USDC_PERP	+0.0100%	1h	2.5105	−0.163%	$352K	$485K	15x	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5136	−0.038%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5152	+0.024%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5035	−0.441%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5175	+0.117%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0283%	1h	2.5174	+0.111%	$13.0M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5030	−0.461%	$144K	$465K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0868%	1h	2.5098	−0.192%	$117K	$290K	20x	as long as short