Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.018%

Price spread now: BloFin against edgeX−0.125%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$340.335% of the position

Long on edgeX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 4 days (all we have)+0.169%+$17 · spread now −0.125%, 7d avg +0.024%

Together, before fees+0.083%+ Points / potential airdropedgeX: Active · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and BloFin is 0.149% cheaper against edgeX than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.024%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.4218	0.0100	pay 0.0050% / 4h	23m 53s	$24K	$368K	10x
Short	BloFin PENDLE-USDT	2.4188	0.0032	get 0.0032% / 8h	23m 53s	$1.1M	$501K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$14.28
Price spread: −0.125% → +0.024%: −$14.93
Slippage, 4 orders: −$12.54
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$62.75
Costs to cover: 0.335%
Break-even: never at this rate

Slippage from edgeX: live order book, 14 min ago; BloFin: live order book, 3 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, 14 min ago	1.23 bp	6.5 bp −$7	14.2 bp −$142	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	1.45 bp	10.9 bp −$11	24.3 bp −$243	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	−0.4810%	1h	2.3920	−1.232%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0205%	1h	2.4187	−0.129%	$24K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4179	−0.163%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4225	+0.029%	$10K	—	5x	as long as short
Binance PENDLEUSDT	+0.0008%	8h	2.4184	−0.140%	$25.4M	$46.0M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4173	−0.187%	$157K	$927K	10x	as long as short
MEXC PENDLE_USDT	+0.0009%	8h	2.4186	−0.134%	$17.9M	$2.1M	125x	as long as short
ApeX Omni PENDLEUSDT	+0.0023%	1h	2.4203	−0.063%	$74K	$232K	50x	as long as short
BloFin PENDLE-USDTshort	+0.0032%	8h	2.4188	−0.125%	$1.1M	$501K	75x
Gate PENDLE_USDT	+0.0064%	8h	2.4200	−0.076%	$760K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4226	+0.032%	$409K	$2.5M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4171	−0.193%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0084%	1h	2.4183	−0.145%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4190	−0.117%	$521K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4170	−0.198%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4214	−0.019%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4201	−0.071%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4180	−0.158%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4190	−0.117%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4187	−0.129%	$718K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4184	−0.142%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4189	−0.121%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4186	−0.136%	$563K	$1.3M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4218	long leg	$24K	$368K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4213	−0.022%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4203	−0.063%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4190	−0.117%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0625%	1h	2.4235	+0.069%	$350K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4260	+0.172%	$156K	$506K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1529%	1h	2.4246	+0.115%	$115K	$262K	20x	as long as short