Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0816%/8h= +89.4% APRpaid last 24h +0.109%

Price spread now: Backpack against BloFin+0.410%66s7-day average +0.123% · you sell dearer than you buy

Net, funding: paid 7d − costs+$32as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$410.411% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.728%+$73 on $10k

Price spread, last 3 days (all we have)−0.434%−$43 · spread now +0.410%, 7d avg +0.123%

Together, before fees+0.295%+$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Backpack is 0.287% dearer against BloFin than usual: you sell high and buy low: +$29 more if the spread goes back to its 7-day average of +0.123%. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENDLE-USDT	2.5104	0.0031	pay 0.0031% / 8h	2h 13m	$1.3M	$739K	75x
Short	Backpack PENDLE_USDC_PERP	2.5207	0.0847	get 0.0106% / 1h	13m 52s	$364K	$460K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.410%Rate

Funding earned: $171.37
Price spread: +0.410% → +0.123%: $28.69
Slippage, 4 orders: −$19.08
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $158.98
Costs to cover: 0.411%
Break-even: 0.5 days

Slippage from BloFin: live order book, 4 min ago; Backpack: live order book, 10 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 BloFin live order book, 4 min ago	0.60 bp	13.3 bp −$13	28.3 bp −$283	doesn't fit	doesn't fit
Sell Backpack live order book, 10 min ago	1.77 bp	10.4 bp −$10	30.4 bp −$304	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	−0.4806%	1h	2.5200	+0.382%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5218	+0.455%	$150K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0147%	1h	2.5189	+0.339%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5138	+0.134%	$11K	—	5x	as long as short
BloFin PENDLE-USDTlong	+0.0031%	8h	2.5104	long leg	$1.3M	$739K	75x
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5182	+0.311%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5174	+0.280%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5121	+0.068%	$165K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.5139	+0.139%	$27.3M	$39.2M	75x	as long as short
MEXC PENDLE_USDT	+0.0044%	8h	2.5134	+0.120%	$17.0M	$2.3M	125x	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	+0.0055%	8h	2.5174	+0.278%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0075%	1h	2.5188	+0.335%	$77K	$239K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5160	+0.223%	$546K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5171	+0.267%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5090	−0.055%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5157	+0.211%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5141	+0.148%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5110	+0.024%	$15.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	+0.143%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5150	+0.183%	$849K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5141	+0.147%	$894K	$606K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5149	+0.179%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5143	+0.155%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5193	+0.354%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	+0.277%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5185	+0.323%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5184	+0.319%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5186	+0.327%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5210	+0.422%	$116K	$419K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0847%	1h	2.5207	+0.410%	$364K	$460K	15x