Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0177%/8h= +19.4% APRpaid last 24h +0.086%

Price spread now: GMX against Bybit+0.267%7-day average — · you sell dearer than you buy

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

Long on Bybit 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 +$5 a day on $10k at the current rate, and GMX is 0.267% dearer against Bybit than usual: you sell high and buy low: +$27 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.5164	0.0100	pay 0.0100% / 8h	2h 54m	$15.6M	$12.3M	50x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.5231	L +0.0200% / S −0.0277%	get 0.0035% / 1h	54m 39s	$5K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.267%Rate

Funding earned: $37.23
Price spread: +0.267% → 0.000%: $26.67
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $40.89
Costs to cover: 0.230%
Break-even: from the start

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	1.99 bp	19.6 bp −$20	92.7 bp −$927	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	−0.4806%	1h	2.4860	−1.208%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5252	+0.348%	$159K	$259K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5214	+0.201%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5236	+0.286%	$30K	$10K	10x	as long as short
Variational Omni PENDLE	+0.0010%	8h	2.5125	−0.155%	$607K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0018%	8h	2.5219	+0.219%	$1.3M	$800K	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5141	−0.091%	$165K	$524K	10x	as long as short
Reya PENDLERUSDPERP	+0.0033%	1h	2.5221	+0.227%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0035%	8h	2.5195	+0.123%	$16.9M	$2.2M	125x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5225	+0.242%	$23K	$8K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENDLEUSDT	+0.0036%	8h	2.5192	+0.112%	$27.5M	$38.8M	75x	as long as short
Aster PENDLEUSDT	+0.0076%	8h	2.5217	+0.211%	$41K	$176K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5217	+0.213%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5201	+0.147%	$551K	$375K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5159	−0.019%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5240	+0.302%	$12.5M	$5.5M	5x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.5164	long leg	$15.6M	$12.3M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5170	+0.024%	$3.3M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	+0.103%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5221	+0.227%	$911K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5188	+0.095%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5177	+0.052%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5141	−0.092%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5138	−0.103%	$427K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5100	−0.254%	$77K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5234	+0.278%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5238	+0.294%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0200% / S −0.0277%	1h	2.5231	+0.267%	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5280	+0.461%	$118K	$439K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0671%	1h	2.5287	+0.489%	$366K	$466K	15x	as long as short