Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0227%/8h= +24.9% APRpaid last 24h +0.049%

Price spread now: GMX against BloFin+0.102%51s7-day average — · you sell dearer than you buy

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

Long on BloFin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and GMX is 0.102% dearer against BloFin than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 51 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	2.5013	0.0029	pay 0.0029% / 8h	1h 42m	$1.3M	$731K	75x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.5039	L +0.0199% / S −0.0256%	get 0.0032% / 1h	42m 24s	$5K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.102%Rate

Funding earned: $47.66
Price spread: +0.102% → 0.000%: $10.24
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $33.91
Costs to cover: 0.240%
Break-even: 2.0 days

Slippage unknown: BloFin: live order book, 5 min ago; GMX: 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 BloFin live order book, 5 min ago	3.40 bp	14.6 bp −$15	28.1 bp −$281	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 PERP	−0.3656%	1h	2.4770	−0.971%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0588%	1h	2.5052	+0.156%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5046	+0.133%	$11K	—	5x	as long as short
ApeX Omni PENDLEUSDT	+0.0019%	1h	2.4955	−0.232%	$76K	$240K	50x	as long as short
Orderly PERP_PENDLE_USDC	+0.0028%	8h	2.5048	+0.140%	$20K	$16K	10x	as long as short
MEXC PENDLE_USDT	+0.0029%	8h	2.5020	+0.028%	$16.9M	$2.1M	125x	as long as short
BloFin PENDLE-USDTlong	+0.0029%	8h	2.5013	long leg	$1.3M	$731K	75x
Binance PENDLEUSDT	+0.0029%	8h	2.5025	+0.048%	$27.2M	$40.1M	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5031	+0.072%	$164K	$526K	10x	as long as short
Reya PENDLERUSDPERP	+0.0039%	1h	2.5022	+0.035%	$4K	—	15x	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	+0.0064%	8h	2.5033	+0.079%	$603K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5039	+0.103%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5009	−0.016%	$525K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4988	−0.100%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5014	+0.004%	$42K	$175K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5039	+0.104%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	+0.148%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5010	−0.012%	$785K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5032	+0.076%	$894K	$623K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5036	+0.092%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5032	+0.076%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4938	−0.299%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4964	−0.194%	$412K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5040	+0.108%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5065	+0.208%	$2K	$1.7M	20x	as long as short
Hyperliquid PENDLE	+0.0105%	1h	2.5061	+0.192%	$12.3M	$5.9M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0199% / S −0.0256%	1h	2.5039	+0.102%	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5100	+0.348%	$139K	$461K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0751%	1h	2.5087	+0.297%	$147K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0808%	1h	2.5081	+0.272%	$356K	$461K	15x	as long as short