Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0922%/8h= +100.9% APRpaid last 24h +0.135%

Price spread now: Backpack against Bybit+0.305%7-day average +0.162% · 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−$36as in the Price arb table

costs, in and out, $10k−$510.508% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.833%+$83 on $10k

Price spread, last 4 days (all we have)−0.453%−$45 · spread now +0.305%, 7d avg +0.162%

Together, before fees+0.380%+$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$28 a day on $10k at the current rate, and Backpack is 0.143% dearer against Bybit than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.162%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.5210	0.0100	pay 0.0100% / 8h	3h 03m	$15.6M	$12.3M	50x
Short	Backpack PENDLE_USDC_PERP	2.5287	0.1022	get 0.0128% / 1h	3m 47s	$363K	$464K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.305%Rate

Funding earned: $193.58
Price spread: +0.305% → +0.162%: $14.34
Slippage, 4 orders: −$29.81
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $157.11
Costs to cover: 0.508%
Break-even: 1.3 days

Slippage from Bybit: live order book, 5 min ago; Backpack: live order book, 25 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 Bybit live order book, 5 min ago	1.98 bp	11.3 bp −$11	62.9 bp −$629	doesn't fit	doesn't fit
Sell Backpack live order book, 25 min ago	2.53 bp	9.9 bp −$10	35.3 bp −$353	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	−0.4037%	1h	2.4970	−0.952%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0289%	1h	2.5252	+0.167%	$160K	$254K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5207	−0.011%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5241	+0.123%	$30K	$11K	10x	as long as short
Variational Omni PENDLE	+0.0012%	8h	2.5246	+0.141%	$613K	$2.3M	—	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5223	+0.052%	$166K	$524K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0032%	1h	2.5293	+0.329%	$77K	$240K	50x	as long as short
Reya PENDLERUSDPERP	+0.0033%	1h	2.5225	+0.060%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0033%	8h	2.5226	+0.063%	$17.0M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0033%	8h	2.5227	+0.067%	$27.5M	$38.4M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5233	+0.091%	$23K	$8K	10x	as long as short
Aster PENDLEUSDT	+0.0053%	8h	2.5245	+0.137%	$41K	$176K	10x	as long as short
BloFin PENDLE-USDT	+0.0061%	8h	2.5248	+0.151%	$1.3M	$794K	75x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5238	+0.111%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5230	+0.079%	$551K	$392K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5195	−0.058%	$35K	$24K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5271	+0.242%	$12.5M	$5.5M	5x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.5210	long leg	$15.6M	$12.3M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5230	+0.079%	$3.3M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5220	+0.040%	$856K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5232	+0.087%	$914K	$604K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5228	+0.071%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5215	+0.020%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5278	+0.269%	$25K	$414K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5280	+0.278%	$424K	$1.5M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5234	+0.095%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5249	+0.155%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0273%	1h	2.5236	+0.105%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5410	+0.793%	$119K	$442K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.1022%	1h	2.5287	+0.305%	$363K	$464K	15x