Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: BingX against edgeX−0.556%100s7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as 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−$410.410% of the position

Long on edgeX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 3 days (all we have)+0.328%+$33 · spread now −0.556%, 7d avg −0.008%

Together, before fees+0.295%+ Points / potential airdropedgeX: Active · farm board+$29 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.548% cheaper against edgeX than usual: you would sell low and buy high, −$55 on $10k if it goes back to its 7-day average of −0.008%. The two prices were read 100 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	2.5160	0.0100	pay 0.0050% / 4h	2h 55m	$25K	$379K	10x
Short	BingX PENDLE-USDT	2.5020	0.0100	get 0.0100% / 8h	6h 55m	—	$33.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.556%Rate

Funding earned: $0
Price spread: −0.556% → −0.008%: −$54.79
Slippage, 4 orders: −$21.99
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$95.79
Costs to cover: 0.410%
Break-even: never at this rate

Slippage from edgeX: live order book, 13 min ago; BingX: live order book, 13 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, 13 min ago	2.56 bp	7.2 bp −$7	28.8 bp −$288	doesn't fit	doesn't fit
Sell BingX live order book, 13 min ago	3.55 bp	13.2 bp −$13	26.6 bp −$266	174.7 bp −$17.5K	423.4 bp −$211.7K

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	−0.4742%	1h	2.4850	−1.231%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.1108%	1h	2.5002	−0.627%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0176%	8h	2.5000	−0.635%	$15.3M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0145%	8h	2.5176	+0.065%	$416K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0142%	1h	2.5174	+0.056%	$77K	$237K	50x	as long as short
Binance PENDLEUSDT	−0.0113%	8h	2.4996	−0.651%	$27.0M	$43.1M	75x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5002	−0.626%	$163K	$565K	10x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5011	−0.592%	$17.2M	$1.8M	125x	as long as short
BloFin PENDLE-USDT	−0.0096%	8h	2.5118	−0.166%	$1.3M	$653K	75x	as long as short
Variational Omni PENDLE	−0.0035%	8h	2.5006	−0.611%	$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	2.4994	−0.659%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5025	−0.537%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0013%	8h	2.5029	−0.520%	$50K	$181K	10x	as long as short
Reya PENDLERUSDPERP	+0.0052%	1h	2.5021	−0.552%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4991	−0.670%	$26K	—	3x	as long as short
Gate PENDLE_USDT	+0.0068%	8h	2.5020	−0.556%	$780K	$1.2M	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5007	−0.607%	$532K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4999	−0.640%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5000	−0.635%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4996	−0.651%	$850K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4979	−0.719%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.5020	−0.556%	—	$33.8M	—
edgeX PENDLEUSDClong	+0.0100%	4h	2.5160	long leg	$25K	$379K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5042	−0.468%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5005	−0.615%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5031	−0.514%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0219%	1h	2.5057	−0.410%	$12.9M	$6.4M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0247%	1h	2.5052	−0.429%	$351K	$485K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5060	−0.397%	$144K	$464K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0870%	1h	2.5054	−0.422%	$116K	$290K	20x	as long as short