Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0227%/8h= +24.9% APRpaid last 24h +0.018%

Price spread now: edgeX against BloFin−0.366%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$420.419% of the position

Long on BloFin Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now −0.366%, 7d avg −0.042%

Together, before fees+0.209%+ Points / potential airdropedgeX: Active · farm board+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.323% cheaper against BloFin than usual: you would sell low and buy high (spread −0.366% now, against its 7-day average of −0.042%). If the spread goes back, that is −$32 on $10k: about 4.7 days of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.086% in total) that is about 26 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.086% in total (about 4.5% 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	BloFin PENDLE-USDT	2.4874	−0.0127	get 0.0127% / 8h	5h 41m	$1.3M	$646K	75x
Short	edgeX PENDLEUSDC	2.4783	0.0100	get 0.0050% / 4h	1h 41m	$24K	$380K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.366%Rate

Funding earned: $47.73
Price spread: −0.366% → −0.042%: −$32.34
Slippage, 4 orders: −$20.92
Fee BloFin: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$26.53
Costs to cover: 0.419%
Break-even: 10.9 days

Slippage from BloFin: live order book, 71 min ago; edgeX: live order book, 22 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, 71 min ago	0.99 bp	12.5 bp −$12	23.8 bp −$238	doesn't fit	doesn't fit
Sell edgeX live order book, 22 min ago	2.39 bp	7.3 bp −$7	doesn't fit	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	−1.544%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDTlong	−0.0127%	8h	2.4874	long leg	$1.3M	$646K	75x
MEXC PENDLE_USDT	−0.0121%	8h	2.4780	−0.378%	$17.1M	$1.8M	125x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.4789	−0.341%	$163K	$568K	10x	as long as short
Binance PENDLEUSDT	−0.0118%	8h	2.4763	−0.446%	$26.6M	$43.1M	75x	as long as short
GRVT PENDLE_USDT_Perp	−0.0068%	8h	2.4733	−0.566%	$410K	$1.7M	10x	as long as short
Aster PENDLEUSDT	−0.0053%	8h	2.4828	−0.183%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4861	−0.052%	$19K	$15K	10x	as long as short
Variational Omni PENDLE	−0.0019%	8h	2.4691	−0.737%	$544K	$1.8M	—	as long as short
ApeX Omni PENDLEUSDT	−0.0010%	1h	2.4790	−0.338%	$75K	$235K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4776	−0.396%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4874	0.000%	$26K	$14K	10x	as long as short
Gate PENDLE_USDT	+0.0008%	8h	2.4780	−0.378%	$721K	$1.1M	75x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4859	−0.061%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0058%	1h	2.4867	−0.029%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4766	−0.434%	$529K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4874	+0.001%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4800	−0.297%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4753	−0.486%	$14.8M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4760	−0.458%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4836	−0.153%	$849K	$578K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4759	−0.462%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4770	−0.418%	—	$33.6M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4783	−0.366%	$24K	$380K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4900	+0.105%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4885	+0.044%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0191% / S −0.0315%	1h	2.4864	−0.039%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0484%	1h	2.4890	+0.064%	$353K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4930	+0.225%	$149K	$492K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0752%	1h	2.4917	+0.171%	$116K	$283K	20x	as long as short