Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0226%/8h= −24.7% APRpaid last 24h −0.017%

Price spread now: Binance against edgeX+0.346%50s7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as 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−$380.382% of the position

Long on edgeX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.084%−$8 on $10k

Price spread, last 4 days (all we have)−1.058%−$106 · spread now +0.346%, 7d avg +0.017%

Together, before fees−1.142%+ Points / potential airdropedgeX: Active · farm board−$114 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.329% dearer against edgeX than usual: you sell high and buy low (spread +0.346% now, against its 7-day average of +0.017%): +$33 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 4.9 days. At the pace of the last 7 days (−0.084% in total) that is about 27 days. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.084% in total (about -4.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.4747	0.0100	pay 0.0050% / 4h	1h 44m	$24K	$380K	10x
Short	Binance PENDLEUSDT	2.4833	−0.0126	pay 0.0126% / 8h	5h 44m	$26.7M	$43.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.346%Rate

Funding earned: −$47.39
Price spread: +0.346% → +0.017%: $32.9
Slippage, 4 orders: −$19.25
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$52.74
Costs to cover: 0.382%
Break-even: never at this rate

Slippage from edgeX: live order book, 19 min ago; Binance: live order book, 12 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, 19 min ago	2.39 bp	7.2 bp −$7	14.7 bp −$147	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	0.20 bp	11.6 bp −$12	31.9 bp −$319	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	−0.4938%	1h	2.4490	−1.039%	$2K	$54K	5.5x	as long as short
Extended PENDLE-USD	−0.0128%	1h	2.4809	+0.252%	$163K	$568K	10x	as long as short
MEXC PENDLE_USDT	−0.0127%	8h	2.4830	+0.335%	$17.2M	$1.8M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0126%	1h	2.4850	+0.416%	$76K	$235K	50x	as long as short
Binance PENDLEUSDTshort	−0.0126%	8h	2.4833	+0.346%	$26.7M	$43.1M	75x
BloFin PENDLE-USDT	−0.0104%	8h	2.4809	+0.250%	—	$645K	75x	as long as short
GRVT PENDLE_USDT_Perp	−0.0068%	8h	2.4733	−0.056%	$410K	$1.7M	10x	as long as short
Aster PENDLEUSDT	−0.0065%	8h	2.4806	+0.238%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4811	+0.258%	$19K	$15K	10x	as long as short
Variational Omni PENDLE	−0.0019%	8h	2.4691	−0.228%	$544K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	−0.0015%	8h	2.4800	+0.214%	$723K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4818	+0.286%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4820	+0.295%	$25K	$14K	10x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4786	+0.157%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0058%	1h	2.4803	+0.224%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4833	+0.347%	$529K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4768	+0.084%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4858	+0.448%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4820	+0.295%	$14.9M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4820	+0.295%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4815	+0.274%	$844K	$575K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4837	+0.363%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4830	+0.335%	—	$33.6M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4747	long leg	$24K	$380K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4838	+0.367%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4843	+0.387%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0190% / S −0.0312%	1h	2.4814	+0.272%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0327%	1h	2.4858	+0.448%	$354K	$481K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4790	+0.173%	$149K	$489K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.4878	+0.530%	$116K	$283K	20x	as long as short