Funding arb · Price arb /

PENDLE

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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: Bitget against edgeX+0.542%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs+$11as in the Price arb table

costs, in and out, $10k−$460.465% of the position

Long on edgeX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 4 days (all we have)−1.327%−$133 · spread now +0.542%, 7d avg −0.037%

Together, before fees−1.375%+ Points / potential airdropedgeX: Active · farm board−$138 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: Bitget is 0.579% dearer against edgeX than usual: you sell high and buy low, +$58 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.4819	0.0100	pay 0.0050% / 4h	1h 21m	$25K	$377K	10x
Short	Bitget PENDLEUSDT	2.4954	0.0100	get 0.0100% / 8h	5h 21m	$3.7M	$2.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.542%Rate

Funding earned: $0
Price spread: +0.542% → −0.037%: $57.94
Slippage, 4 orders: −$25.48
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: $11.46
Costs to cover: 0.465%
Break-even: from the start

Slippage from edgeX: live order book, 42 min ago; Bitget: live order book, 2 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, 42 min ago	2.39 bp	7.2 bp −$7	14.7 bp −$147	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	3.41 bp	19.7 bp −$20	48.8 bp −$488	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	2.4520	−1.206%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0102%	8h	2.4951	+0.530%	$1.3M	$650K	75x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.4941	+0.489%	$162K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0084%	8h	2.4950	+0.527%	$26.7M	$43.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0084%	8h	2.4945	+0.506%	$17.4M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4963	+0.579%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0030%	8h	2.4961	+0.569%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4933	+0.458%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4967	+0.595%	$26K	$14K	10x	as long as short
Variational Omni PENDLE	+0.0003%	8h	2.4795	−0.099%	$546K	$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	+0.0023%	8h	2.4950	+0.526%	$722K	$1.1M	75x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4951	+0.532%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0059%	8h	2.4892	+0.293%	$416K	$1.8M	10x	as long as short
Reya PENDLERUSDPERP	+0.0060%	1h	2.4974	+0.622%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4955	+0.546%	$533K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4952	+0.534%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4989	+0.683%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4940	+0.486%	$14.9M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4960	+0.567%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4966	+0.591%	$852K	$573K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.4954	+0.542%	$3.7M	$2.3M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4947	+0.514%	—	$33.6M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4819	long leg	$25K	$377K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4856	+0.148%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4988	+0.679%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4964	+0.583%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4967	+0.597%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4990	+0.687%	$148K	$493K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0715%	1h	2.5002	+0.736%	$361K	$488K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0749%	1h	2.5017	+0.798%	$116K	$280K	20x	as long as short