Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0164%/8h= +18.0% APRpaid last 24h +0.117%

Price spread now: Backpack against Bitget+0.210%7-day average +0.187% · you sell dearer than you buy

Net, funding: paid 7d − costs+$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$560.564% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.742%+$74 on $10k

Price spread, last 4 days (all we have)−0.131%−$13 · spread now +0.210%, 7d avg +0.187%

Together, before fees+0.611%+$61 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.023% dearer against Bitget than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.187%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENDLEUSDT	2.4725	0.0100	pay 0.0100% / 8h	5h 47m	$3.7M	$2.4M	75x
Short	Backpack PENDLE_USDC_PERP	2.4777	0.0264	get 0.0033% / 1h	47m 10s	$351K	$480K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now +0.210%Rate

Funding earned: $34.54
Price spread: +0.210% → +0.187%: $2.35
Slippage, 4 orders: −$34.39
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$19.49
Costs to cover: 0.564%
Break-even: 11.0 days

Slippage from Bitget: live order book, 1 min ago; Backpack: live order book, 17 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 Bitget live order book, 1 min ago	5.25 bp	19.4 bp −$19	47.0 bp −$470	doesn't fit	doesn't fit
Sell Backpack live order book, 17 min ago	1.59 bp	9.1 bp −$9	45.9 bp −$459	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	−0.4938%	1h	2.4490	−0.950%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0154%	8h	2.4740	+0.061%	—	$643K	75x	as long as short
Binance PENDLEUSDT	−0.0130%	8h	2.4736	+0.046%	$26.5M	$42.8M	75x	as long as short
Extended PENDLE-USD	−0.0128%	1h	2.4733	+0.031%	$163K	$568K	10x	as long as short
MEXC PENDLE_USDT	−0.0127%	8h	2.4733	+0.032%	$17.1M	$1.8M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0126%	1h	2.4850	+0.506%	$76K	$235K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0113%	1h	2.4754	+0.117%	$25K	$14K	10x	as long as short
Aster PENDLEUSDT	−0.0065%	8h	2.4734	+0.034%	$49K	$174K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0052%	8h	2.4968	+0.984%	$423K	$1.7M	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0040%	8h	2.4752	+0.109%	$19K	$15K	10x	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	−0.0024%	8h	2.4955	+0.931%	$601K	$1.8M	—	as long as short
Gate PENDLE_USDT	−0.0022%	8h	2.4730	+0.020%	$722K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4762	+0.149%	$10K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4758	+0.133%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0058%	1h	2.4766	+0.164%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4748	+0.093%	$527K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4736	+0.044%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4768	+0.174%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4770	+0.182%	$14.9M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4720	−0.020%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4739	+0.057%	$841K	$576K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.4725	long leg	$3.7M	$2.4M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4728	+0.012%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4824	+0.399%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4784	+0.239%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4766	+0.166%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0189% / S −0.0311%	1h	2.4787	+0.251%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0264%	1h	2.4777	+0.210%	$351K	$480K	15x
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4810	+0.344%	$152K	$484K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0756%	1h	2.4791	+0.267%	$115K	$283K	20x	as long as short