Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0122%/8h= −13.3% APRpaid last 24h +0.028%

Price spread now: Extended against Bybit−0.015%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$610.612% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.118%+$12 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now −0.015%, 7d avg −0.036%

Together, before fees+0.091%+ Points / potential airdropExtended: Active · farm board+$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.021% dearer against Bybit than usual: you sell high and buy low (spread −0.015% now, against its 7-day average of −0.036%): +$2 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 14 hours. Mind the row above: over the last 7 days funding on this pair paid +0.118%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.5070	−0.0014	get 0.0014% / 8h	6h 09m	$15.2M	$12.0M	50x
Short	Extended PENDLE-USD	2.5066	−0.0136	pay 0.0017% / 1h	9m 18s	$163K	$570K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$25.59
Price spread: −0.015% → −0.036%: $2.08
Slippage, 4 orders: −$45.17
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$84.68
Costs to cover: 0.612%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Extended: live order book, 58 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, 4 min ago	2.00 bp	18.0 bp −$18	51.4 bp −$514	200.3 bp −$20.0K	doesn't fit
Sell Extended live order book, 58 min ago	0.99 bp	13.5 bp −$14	116.6 bp −$1,166	doesn't fit	doesn't fit

PENDLE on 29 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	−0.4742%	1h	2.4870	−0.798%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.1341%	1h	2.5098	+0.112%	$26K	$14K	10x	as long as short
Extended PENDLE-USDshort	−0.0136%	1h	2.5066	−0.015%	$163K	$570K	10x
Binance PENDLEUSDT	−0.0133%	8h	2.5057	−0.052%	$26.9M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0132%	8h	2.5070	0.000%	$17.3M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0120%	8h	2.5084	+0.054%	$422K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0113%	1h	2.5065	−0.020%	$76K	$236K	50x	as long as short
Gate PENDLE_USDT	−0.0081%	8h	2.5090	+0.080%	$758K	$1.2M	75x	as long as short
Variational Omni PENDLE	−0.0044%	8h	2.5046	−0.097%	$612K	$1.8M	—	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.5090	+0.078%	$50K	$181K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5080	+0.040%	$20K	$16K	10x	as long as short
Bybit PENDLEUSDTlong	−0.0014%	8h	2.5070	long leg	$15.2M	$12.0M	50x
dYdX PENDLE-USD	0.0000%	1h	2.5084	+0.056%	$11K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5072	+0.006%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0056%	1h	2.5066	−0.016%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5071	+0.004%	$534K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5034	−0.143%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5103	+0.132%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5070	0.000%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5055	−0.060%	$865K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5066	−0.016%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5081	+0.044%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5068	−0.008%	$25K	$378K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5084	+0.056%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5099	+0.116%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5118	+0.193%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0393%	1h	2.5103	+0.132%	$352K	$481K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5060	−0.040%	$144K	$470K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0867%	1h	2.5148	+0.312%	$117K	$289K	20x	as long as short