Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0122%/8h= +13.3% APRpaid last 24h +0.044%

Price spread now: GMX against edgeX+0.669%70s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on edgeX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and GMX is 0.669% dearer against edgeX than usual: you sell high and buy low: +$67 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 70 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	2.4614	0.0100	pay 0.0050% / 4h	29m 43s	$24K	$378K	10x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.4778	L +0.0196% / S −0.0222%	get 0.0028% / 1h	29m 43s	$5K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.669%Rate

Funding earned: $25.56
Price spread: +0.669% → 0.000%: $66.9
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: $71.47
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: edgeX: live order book, 29 min ago; GMX: no order-book sample. Net counts fees only.

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, 29 min ago	2.03 bp	7.2 bp −$7	59.3 bp −$593	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4334%	1h	2.4340	−1.112%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0113%	1h	2.4787	+0.704%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0059%	8h	2.4712	+0.399%	$1.2M	$631K	75x	as long as short
Binance PENDLEUSDT	−0.0049%	8h	2.4773	+0.647%	$26.3M	$43.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0049%	8h	2.4775	+0.655%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4769	+0.632%	$159K	$574K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4782	+0.684%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0029%	8h	2.4798	+0.751%	$47K	$179K	10x	as long as short
Gate PENDLE_USDT	−0.0025%	8h	2.4780	+0.676%	$724K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4736	+0.496%	$10K	—	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	+0.0049%	8h	2.4696	+0.333%	$554K	$1.5M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4780	+0.676%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0064%	1h	2.4772	+0.645%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0089%	8h	2.4622	+0.033%	$407K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4769	+0.631%	$519K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4763	+0.606%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4755	+0.574%	$14.6M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4770	+0.635%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4805	+0.777%	$872K	$581K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4750	+0.554%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4794	+0.733%	—	$8.6M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4614	long leg	$24K	$378K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4713	+0.404%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4809	+0.794%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4789	+0.712%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0196% / S −0.0222%	1h	2.4778	+0.669%	$5K	—	100x
Hyperliquid PENDLE	+0.0434%	1h	2.4801	+0.761%	$12.9M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+0.838%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0723%	1h	2.4846	+0.944%	$359K	$470K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1171%	1h	2.4836	+0.905%	$116K	$269K	20x	as long as short