Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.4434%/8h= −485.5% APRpaid last 24h −0.764%

Price spread now: Injective against Bitget−1.450%101s7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.169%−$117 on $10k

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 −$133 a day on $10k at the current rate, and Injective is 1.450% cheaper against Bitget than usual: you would sell low and buy high (−$145 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 101 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.169% in total (about -61.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENDLEUSDT	2.4698	0.0100	pay 0.0100% / 8h	4h 31m	$3.7M	$2.3M	75x
Short	Injective PENDLE/USDC PERP	2.4340	−0.4334	pay 0.0542% / 1h	31m 34s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.450%Rate

Funding earned: −$931.13
Price spread: −1.450% → 0.000%: −$144.95
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,088.1
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 1 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 Bitget live order book, 1 min ago	5.07 bp	24.3 bp −$24	57.8 bp −$578	doesn't fit	doesn't fit
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	−0.4334%	1h	2.4340	−1.450%	$2K	$54K	5.5x
BloFin PENDLE-USDT	−0.0075%	8h	2.4703	+0.020%	$1.2M	$630K	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4706	+0.033%	$159K	$574K	10x	as long as short
MEXC PENDLE_USDT	−0.0053%	8h	2.4717	+0.077%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0049%	8h	2.4718	+0.081%	$26.2M	$44.0M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4695	−0.012%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0033%	8h	2.4701	+0.013%	$46K	$178K	10x	as long as short
Gate PENDLE_USDT	−0.0029%	8h	2.4670	−0.113%	$721K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4680	−0.072%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4697	−0.004%	$25K	$14K	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	+0.0043%	8h	2.4586	−0.455%	$552K	$1.6M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4686	−0.050%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0064%	1h	2.4680	−0.071%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0089%	8h	2.4622	−0.308%	$407K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4720	+0.089%	$518K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4722	+0.097%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4716	+0.073%	$14.6M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4730	+0.130%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4686	−0.049%	$867K	$581K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.4698	long leg	$3.7M	$2.3M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4716	+0.073%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4614	−0.341%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4713	+0.061%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4706	+0.032%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4694	−0.016%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4688	−0.041%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0430%	1h	2.4766	+0.275%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4770	+0.292%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0668%	1h	2.4743	+0.182%	$358K	$470K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4704	+0.025%	$115K	$277K	20x	as long as short