Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.4566%/8h= −500.0% APRpaid last 24h −0.486%

Price spread now: Injective against Bybit−0.719%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 against this trade now: funding costs −$137 a day on $10k at the current rate, and Injective is 0.719% cheaper against Bybit than usual: you would sell low and buy high (−$72 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.5030	−0.0176	get 0.0176% / 8h	6h 55m	$15.3M	$12.0M	50x
Short	Injective PENDLE/USDC PERP	2.4850	−0.4742	pay 0.0593% / 1h	55m 05s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.719%Rate

Funding earned: −$958.83
Price spread: −0.719% → 0.000%: −$71.91
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,041.76
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; Injective: 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, 3 min ago	3.98 bp	14.6 bp −$15	42.5 bp −$425	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.4742%	1h	2.4850	−0.719%	$2K	$54K	5.5x
ApeX Omni PENDLEUSDT	−0.0934%	1h	2.5163	+0.531%	$77K	$237K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0906%	1h	2.5049	+0.076%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDTlong	−0.0176%	8h	2.5030	long leg	$15.3M	$12.0M	50x
GRVT PENDLE_USDT_Perp	−0.0147%	8h	2.5089	+0.236%	$420K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0113%	8h	2.5035	+0.019%	$27.1M	$43.0M	75x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5017	−0.050%	$163K	$565K	10x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5046	+0.064%	$17.2M	$1.8M	125x	as long as short
BloFin PENDLE-USDT	−0.0093%	8h	2.5041	+0.044%	$1.3M	$652K	75x	as long as short
Variational Omni PENDLE	−0.0035%	8h	2.5006	−0.095%	$596K	$1.8M	—	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	−0.0029%	8h	2.5033	+0.012%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5025	−0.021%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0013%	8h	2.5046	+0.066%	$50K	$181K	10x	as long as short
Gate PENDLE_USDT	+0.0037%	8h	2.5040	+0.040%	$783K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.4989	−0.164%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5030	−0.001%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5029	−0.004%	$533K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4999	−0.125%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5030	0.000%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5059	+0.116%	$851K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5034	+0.016%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5048	+0.072%	—	$33.8M	—	as long as short
Backpack PENDLE_USDC_PERP	+0.0100%	1h	2.5087	+0.228%	$352K	$485K	15x	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5136	+0.425%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5021	−0.036%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5041	+0.044%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5013	−0.066%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0215%	1h	2.5097	+0.268%	$12.9M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5080	+0.200%	$144K	$464K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0868%	1h	2.5100	+0.281%	$117K	$290K	20x	as long as short