Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h +0.015%

Price spread now: Reya against Bybit+0.081%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 Reya

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Reya is 0.081% dearer against Bybit than usual: you sell high and buy low (spread +0.081% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.4493	0.0100	pay 0.0100% / 8h	46m 57s	$14.3M	$12.2M	50x
Short	Reya PENDLERUSDPERP	2.4513	0.0082	get 0.0010% / 1h	46m 57s	$3K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.081%Rate

Funding earned: −$3.75
Price spread: +0.081% → 0.000%: $8.14
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: −$12.62
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 min ago; Reya: 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, 1 min ago	4.08 bp	18.0 bp −$18	72.4 bp −$724	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.4810%	1h	2.4240	−1.033%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0606%	1h	2.4502	+0.037%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0018%	8h	2.4503	+0.041%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4533	+0.162%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0022%	8h	2.4500	+0.029%	$17.5M	$2.0M	125x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4492	−0.004%	$158K	$800K	10x	as long as short
Binance PENDLEUSDT	+0.0025%	8h	2.4496	+0.012%	$25.9M	$45.5M	75x	as long as short
BloFin PENDLE-USDT	+0.0049%	8h	2.4487	−0.024%	$1.1M	$479K	75x	as long as short
Gate PENDLE_USDT	+0.0070%	8h	2.4520	+0.110%	$788K	$1.0M	75x	as long as short
Reya PENDLERUSDPERPshort	+0.0082%	1h	2.4513	+0.081%	$3K	—	15x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4501	+0.031%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0093%	8h	2.4463	−0.122%	$415K	$2.4M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4510	+0.069%	$521K	$407K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4498	+0.019%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4525	+0.131%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4506	+0.055%	$48K	$170K	10x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.4493	long leg	$14.3M	$12.2M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4510	+0.069%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4523	+0.122%	$872K	$548K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4507	+0.057%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4522	+0.118%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4425	−0.277%	$594K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4450	−0.175%	$24K	$370K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4531	+0.155%	$75K	$232K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4535	+0.171%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4532	+0.159%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4511	+0.073%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4590	+0.396%	$158K	$508K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0780%	1h	2.4556	+0.257%	$351K	$434K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1509%	1h	2.4572	+0.323%	$117K	$261K	20x	as long as short