Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0025%/8h= −2.7% APRpaid last 24h +0.001%

Price spread now: Extended against BloFin+0.063%7-day average −0.091% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$480.478% of the position

Long on BloFin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 3 days (all we have)−0.365%−$37 · spread now +0.063%, 7d avg −0.091%

Together, before fees−0.357%+ Points / potential airdropExtended: Active · farm board−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.154% dearer against BloFin than usual: you sell high and buy low (spread +0.063% now, against its 7-day average of −0.091%): +$15 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 21 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENDLE-USDT	2.5181	0.0065	pay 0.0065% / 8h	2h 48m	$1.3M	$784K	75x
Short	Extended PENDLE-USD	2.5197	0.0040	get 0.0005% / 1h	48m 29s	$165K	$524K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.063%Rate

Funding earned: −$5.15
Price spread: +0.063% → −0.091%: $15.38
Slippage, 4 orders: −$30.77
Fee BloFin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$37.54
Costs to cover: 0.478%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Extended: live order book, 39 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	0.40 bp	9.7 bp −$10	21.4 bp −$214	doesn't fit	doesn't fit
Sell Extended live order book, 39 min ago	1.18 bp	13.6 bp −$14	109.6 bp −$1,096	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	2.4860	−1.275%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5179	−0.009%	$145K	$274K	20x	as long as short
ApeX Omni PENDLEUSDT	−0.0001%	1h	2.5150	−0.123%	$77K	$239K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5210	+0.115%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5203	+0.087%	$30K	$10K	10x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.5135	−0.182%	$608K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5192	+0.043%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5195	+0.056%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0037%	8h	2.5202	+0.083%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0039%	8h	2.5200	+0.076%	$27.5M	$39.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USDshort	+0.0040%	1h	2.5197	+0.063%	$165K	$524K	10x
BloFin PENDLE-USDTlong	+0.0065%	8h	2.5181	long leg	$1.3M	$784K	75x
Aster PENDLEUSDT	+0.0088%	8h	2.5205	+0.094%	$41K	$177K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5194	+0.050%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5201	+0.079%	$552K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5202	+0.082%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5236	+0.218%	$12.4M	$5.6M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5176	−0.020%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	+0.075%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	+0.036%	$848K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5204	+0.091%	$909K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5187	+0.024%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5205	+0.095%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5188	+0.029%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5164	−0.069%	$415K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5214	+0.131%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5206	+0.099%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5199	+0.073%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5260	+0.314%	$118K	$440K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0884%	1h	2.5250	+0.274%	$366K	$466K	15x	as long as short