Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.4448%/8h= −487.0% APRpaid last 24h −0.921%

Price spread now: Injective against edgeX−1.001%7-day average — · you buy dearer than you sell

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

Long on edgeX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.375%−$138 on $10k

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 against this trade now: funding costs −$133 a day on $10k at the current rate, and Injective is 1.001% cheaper against edgeX than usual: you would sell low and buy high (−$100 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.375% in total (about -71.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.4495	0.0100	pay 0.0050% / 4h	1h 43m	$24K	$373K	10x
Short	Injective PENDLE/USDC PERP	2.4250	−0.4348	pay 0.0543% / 1h	43m 16s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.001%Rate

Funding earned: −$934.07
Price spread: −1.001% → 0.000%: −$100.07
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,043.16
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 65 min ago; Injective: 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, 65 min ago	1.63 bp	6.5 bp −$7	72.5 bp −$725	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.4348%	1h	2.4250	−1.001%	$2K	$54K	5.5x
Orderly PERP_PENDLE_USDC	−0.0032%	8h	2.4496	+0.004%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4530	+0.142%	$10K	—	5x	as long as short
Gate PENDLE_USDT	0.0000%	8h	2.4520	+0.102%	$750K	$1.0M	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4506	+0.044%	$25K	$16K	10x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.4488	−0.029%	$160K	$573K	10x	as long as short
MEXC PENDLE_USDT	+0.0033%	8h	2.4499	+0.016%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0033%	8h	2.4489	−0.024%	$25.8M	$45.1M	75x	as long as short
BloFin PENDLE-USDT	+0.0035%	8h	2.4518	+0.093%	$1.1M	$499K	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0039%	1h	2.4507	+0.049%	$75K	$233K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0078%	1h	2.4500	+0.021%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4493	−0.008%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4505	+0.040%	$519K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4484	−0.046%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4541	+0.187%	$12.8M	$6.2M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4508	+0.051%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4480	−0.062%	$14.3M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4500	+0.020%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4515	+0.081%	$877K	$559K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4503	+0.032%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4501	+0.024%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4461	−0.140%	$565K	$1.4M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4495	long leg	$24K	$373K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4489	−0.025%	$404K	$2.3M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4520	+0.102%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4514	+0.077%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4504	+0.037%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0479%	1h	2.4579	+0.342%	$349K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4560	+0.265%	$159K	$529K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1659%	1h	2.4567	+0.293%	$115K	$262K	20x	as long as short