Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.004%

Price spread now: Extended against Bitget−0.088%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$710.708% of the position

Long on Bitget Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 4 days (all we have)+0.201%+$20 · spread now −0.088%, 7d avg −0.028%

Together, before fees+0.185%+ Points / potential airdropExtended: Active · farm board+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Extended is 0.060% cheaper against Bitget than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENDLEUSDT	2.5028	0.0100	pay 0.0100% / 8h	1h 39m	$3.7M	$2.7M	75x
Short	Extended PENDLE-USD	2.5006	0.0024	get 0.0003% / 1h	39m 13s	$164K	$526K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$15.96
Price spread: −0.088% → −0.028%: −$5.96
Slippage, 4 orders: −$53.83
Fee Bitget: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$92.75
Costs to cover: 0.708%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; Extended: live order book, 44 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, 4 min ago	4.40 bp	22.2 bp −$22	45.6 bp −$456	doesn't fit	doesn't fit
Sell Extended live order book, 44 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	−0.3656%	1h	2.4770	−1.031%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0468%	1h	2.5044	+0.064%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5043	+0.061%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0023%	8h	2.5012	−0.064%	$1.3M	$731K	75x	as long as short
Extended PENDLE-USDshort	+0.0024%	1h	2.5006	−0.088%	$164K	$526K	10x
MEXC PENDLE_USDT	+0.0025%	8h	2.5036	+0.032%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0026%	8h	2.5027	−0.004%	$27.1M	$40.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0026%	8h	2.5037	+0.036%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0039%	1h	2.5036	+0.031%	$4K	—	15x	as long as short
ApeX Omni PENDLEUSDT	+0.0060%	1h	2.5020	−0.032%	$76K	$240K	50x	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	+0.0065%	8h	2.5012	−0.063%	$553K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5040	+0.049%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5037	+0.036%	$526K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5033	+0.020%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5072	+0.176%	$12.3M	$5.8M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5059	+0.126%	$42K	$175K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5030	+0.008%	$15.4M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5060	+0.128%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5040	+0.048%	$786K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5057	+0.116%	$894K	$623K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.5028	long leg	$3.7M	$2.7M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5047	+0.076%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5004	−0.096%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4989	−0.154%	$412K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5065	+0.148%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5053	+0.100%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5056	+0.111%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5040	+0.048%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0749%	1h	2.5109	+0.324%	$357K	$461K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0751%	1h	2.5068	+0.160%	$147K	$278K	20x	as long as short