Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.037%

Price spread now: edgeX against Bybit+0.055%71s7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as 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−$460.456% of the position

Long on Bybit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 3 days (all we have)+0.167%+$17 · spread now +0.055%, 7d avg +0.026%

Together, before fees+0.355%+ Points / potential airdropedgeX: Active · farm board+$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: edgeX is 0.030% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.026%. The two prices were read 71 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	Bybit PENDLEUSDT	2.5306	0.0100	pay 0.0100% / 8h	7h 42m	$15.6M	$12.1M	50x
Short	edgeX PENDLEUSDC	2.5320	0.0100	get 0.0050% / 4h	3h 42m	$25K	$383K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.055%Rate

Funding earned: $0
Price spread: +0.055% → +0.026%: $2.96
Slippage, 4 orders: −$25.63
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$42.67
Costs to cover: 0.456%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; edgeX: live order book, 31 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, 1 min ago	1.98 bp	17.0 bp −$17	46.6 bp −$466	266.3 bp −$26.6K	doesn't fit
Sell edgeX live order book, 31 min ago	1.99 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	−0.4643%	1h	2.4970	−1.328%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0421%	1h	2.5312	+0.024%	$26K	$14K	10x	as long as short
Gate PENDLE_USDT	−0.0134%	8h	2.5320	+0.055%	$782K	$1.2M	75x	as long as short
BloFin PENDLE-USDT	−0.0076%	8h	2.5289	−0.067%	$1.3M	$712K	75x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.5312	+0.024%	$27.3M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0074%	8h	2.5314	+0.032%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5304	−0.008%	$165K	$715K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0054%	1h	2.5317	+0.043%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.5320	+0.055%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5296	−0.040%	$11K	—	5x	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	+0.0014%	8h	2.5226	−0.316%	$604K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0044%	8h	2.5369	+0.249%	$429K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0049%	1h	2.5312	+0.022%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5313	+0.026%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0090%	8h	2.5311	+0.019%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5294	−0.047%	$536K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5305	−0.004%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.5306	long leg	$15.6M	$12.1M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5310	+0.016%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5326	+0.079%	$889K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5298	−0.032%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5310	+0.016%	—	$35.7M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.5320	+0.055%	$25K	$383K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5337	+0.123%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5323	+0.067%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0124%	1h	2.5373	+0.265%	$12.9M	$6.3M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5323	+0.067%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5357	+0.201%	$118K	$294K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5360	+0.213%	$141K	$441K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0885%	1h	2.5340	+0.134%	$333K	$487K	15x	as long as short