Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0048%/8h= −5.2% APRpaid last 24h −0.037%

Price spread now: Bybit against edgeX+0.024%51s7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as 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−$490.490% of the position

Long on edgeX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.188%−$19 on $10k

Price spread, last 3 days (all we have)−0.246%−$25 · spread now +0.024%, 7d avg −0.026%

Together, before fees−0.434%+ Points / potential airdropedgeX: Active · farm board−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.049% dearer against edgeX than usual: you sell high and buy low (spread +0.024% now, against its 7-day average of −0.026%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.5 days. The two prices were read 51 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	2.5225	0.0100	pay 0.0050% / 4h	3h 46m	$25K	$382K	10x
Short	Bybit PENDLEUSDT	2.5231	0.0052	get 0.0052% / 8h	7h 46m	$15.5M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$10.01
Price spread: +0.024% → −0.026%: $4.95
Slippage, 4 orders: −$29.03
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$54.09
Costs to cover: 0.490%
Break-even: never at this rate

Slippage from edgeX: live order book, 27 min ago; Bybit: 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, 27 min ago	1.99 bp	6.9 bp −$7	30.1 bp −$301	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	3.96 bp	16.8 bp −$17	45.4 bp −$454	289.3 bp −$28.9K	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	−0.4643%	1h	2.4860	−1.447%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0662%	1h	2.5209	−0.064%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0210%	1h	2.5256	+0.123%	$77K	$238K	50x	as long as short
Gate PENDLE_USDT	−0.0103%	8h	2.5230	+0.020%	$779K	$1.2M	75x	as long as short
BloFin PENDLE-USDT	−0.0085%	8h	2.5201	−0.095%	$1.3M	$710K	75x	as long as short
Binance PENDLEUSDT	−0.0075%	8h	2.5232	+0.028%	$27.3M	$42.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0075%	8h	2.5233	+0.032%	$17.0M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5212	−0.050%	$164K	$622K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0013%	8h	2.5211	−0.056%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5231	+0.023%	$11K	—	5x	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	+0.0011%	8h	2.5116	−0.432%	$600K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0026%	8h	2.5260	+0.139%	$417K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0048%	1h	2.5199	−0.105%	$4K	—	15x	as long as short
Bybit PENDLEUSDTshort	+0.0052%	8h	2.5231	+0.024%	$15.5M	$12.1M	50x
Aevo PENDLE-PERP	+0.0064%	1h	2.5209	−0.064%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0087%	8h	2.5257	+0.126%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5232	+0.028%	$534K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5207	−0.071%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5278	+0.210%	$12.8M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5230	+0.020%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5261	+0.143%	$887K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5216	−0.036%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5240	+0.059%	—	$35.7M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.5225	long leg	$25K	$382K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5219	−0.024%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5222	−0.012%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5224	−0.005%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0616%	1h	2.5262	+0.148%	$117K	$295K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5310	+0.337%	$141K	$439K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0750%	1h	2.5257	+0.127%	$332K	$488K	15x	as long as short