Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0568%/8h= +62.2% APRpaid last 24h +0.124%

Price spread now: Backpack against edgeX+0.525%85s7-day average +0.154% · you sell dearer than you buy

Net, funding: paid 7d − costs+$38as 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−$320.324% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.701%+$70 on $10k

Price spread, last 4 days (all we have)−0.850%−$85 · spread now +0.525%, 7d avg +0.154%

Together, before fees−0.149%+ Points / potential airdropedgeX: Active · farm board−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Backpack is 0.372% dearer against edgeX than usual: you sell high and buy low: +$37 more if the spread goes back to its 7-day average of +0.154%. The two prices were read 85 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	edgeX PENDLEUSDC	2.4614	0.0100	pay 0.0050% / 4h	32m 04s	$24K	$378K	10x
Short	Backpack PENDLE_USDC_PERP	2.4743	0.0668	get 0.0083% / 1h	32m 04s	$358K	$470K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now +0.525%Rate

Funding earned: $119.24
Price spread: +0.525% → +0.154%: $37.16
Slippage, 4 orders: −$13.44
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $123.95
Costs to cover: 0.324%
Break-even: from the start

Slippage from edgeX: live order book, 26 min ago; Backpack: live order book, 27 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 edgeX live order book, 26 min ago	2.03 bp	7.2 bp −$7	59.3 bp −$593	doesn't fit	doesn't fit
Sell Backpack live order book, 27 min ago	1.62 bp	8.4 bp −$8	581.2 bp −$5,812	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	−0.4334%	1h	2.4340	−1.112%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0075%	8h	2.4703	+0.363%	$1.2M	$630K	75x	as long as short
MEXC PENDLE_USDT	−0.0057%	8h	2.4691	+0.314%	$17.3M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4675	+0.251%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0054%	8h	2.4681	+0.272%	$26.2M	$44.0M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4695	+0.330%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0034%	8h	2.4660	+0.188%	$720K	$1.1M	75x	as long as short
Aster PENDLEUSDT	−0.0033%	8h	2.4673	+0.241%	$46K	$178K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	+0.127%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4697	+0.339%	$25K	$14K	10x	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	+0.0043%	8h	2.4586	−0.114%	$552K	$1.6M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4686	+0.292%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0064%	1h	2.4680	+0.271%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0089%	8h	2.4622	+0.033%	$407K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4691	+0.314%	$518K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4692	+0.316%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4680	+0.269%	$14.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4700	+0.351%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4659	+0.184%	$866K	$585K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4673	+0.241%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4687	+0.298%	—	$8.6M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4614	long leg	$24K	$378K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4623	+0.038%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4706	+0.375%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4694	+0.326%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4688	+0.301%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0428%	1h	2.4741	+0.517%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4770	+0.635%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0668%	1h	2.4743	+0.525%	$358K	$470K	15x
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4704	+0.368%	$115K	$277K	20x	as long as short