Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.016%

Price spread now: Extended against edgeX+0.305%7-day average −0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$420.424% of the position

Long on edgeX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$8 on $10k

Price spread, last 4 days (all we have)−0.757%−$76 · spread now +0.305%, 7d avg −0.070%

Together, before fees−0.832%+ Points / potential airdropedgeX: Active · Extended: Active · farm board−$83 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.375% dearer against edgeX than usual: you sell high and buy low (spread +0.305% now, against its 7-day average of −0.070%): +$37 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 8.4 days. At the pace of the last 7 days (−0.075% in total) that is about 35 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.4507	0.0100	pay 0.0050% / 4h	3h 13m	$24K	$377K	10x
Short	Extended PENDLE-USD	2.4581	−0.0048	pay 0.0006% / 1h	13m 23s	$158K	$579K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.305%Rate

Funding earned: −$31.08
Price spread: +0.305% → −0.070%: $37.47
Slippage, 4 orders: −$28.36
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$35.97
Costs to cover: 0.424%
Break-even: never at this rate

Slippage from edgeX: live order book, 40 min ago; Extended: live order book, 39 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, 40 min ago	1.83 bp	6.5 bp −$7	22.6 bp −$226	doesn't fit	doesn't fit
Sell Extended live order book, 39 min ago	1.22 bp	14.4 bp −$14	122.1 bp −$1,221	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	−0.4243%	1h	2.4280	−0.925%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0084%	1h	2.4529	+0.092%	$75K	$233K	50x	as long as short
Gate PENDLE_USDT	−0.0064%	8h	2.4510	+0.014%	$717K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0059%	8h	2.4604	+0.398%	$1.1M	$596K	75x	as long as short
MEXC PENDLE_USDT	−0.0052%	8h	2.4531	+0.100%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0051%	8h	2.4531	+0.098%	$25.9M	$44.5M	75x	as long as short
Extended PENDLE-USDshort	−0.0048%	1h	2.4581	+0.305%	$158K	$579K	10x
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4551	+0.181%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4516	+0.037%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4561	+0.222%	$24K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0029%	8h	2.4585	+0.319%	$46K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0045%	8h	2.4497	−0.038%	$415K	$2.1M	10x	as long as short
Variational Omni PENDLE	+0.0069%	8h	2.4496	−0.044%	$549K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0070%	1h	2.4546	+0.160%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4603	+0.395%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4493	−0.055%	$514K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4475	−0.128%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4540	+0.136%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4570	+0.259%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4532	+0.104%	$865K	$557K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4563	+0.230%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4535	+0.116%	—	$8.4M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4507	long leg	$24K	$377K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4569	+0.255%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4492	−0.059%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4543	+0.149%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0272%	1h	2.4592	+0.349%	$12.7M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4520	+0.055%	$150K	$507K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0694%	1h	2.4545	+0.157%	$356K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1180%	1h	2.4668	+0.660%	$115K	$268K	20x	as long as short