Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0002%/8h= −0.2% APRpaid last 24h +0.002%

Price spread now: Binance against Extended−0.006%7-day average +0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$520.520% of the position

Long on Extended Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.077%+$8 · spread now −0.006%, 7d avg +0.086%

Together, before fees+0.075%+ Points / potential airdropExtended: Active · farm board+$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.092% cheaper against Extended than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.086%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.5095	−0.0064	get 0.0008% / 1h	11m 23s	$165K	$528K	10x
Short	Binance PENDLEUSDT	2.5094	−0.0066	pay 0.0066% / 8h	11m 23s	$27.2M	$42.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Extended. 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 ExtendedbpFee BinancebpOrdersPrice spread, now −0.006%Rate

Funding earned: −$0.4
Price spread: −0.006% → +0.086%: −$9.16
Slippage, 4 orders: −$36.98
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Binance: 5 bp × 2 orders: −$10
Net: −$61.53
Costs to cover: 0.520%
Break-even: never at this rate

Slippage from Extended: live order book, 1 min ago; Binance: live order book, 16 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 Extended live order book, 1 min ago	1.19 bp	13.9 bp −$14	104.5 bp −$1,045	doesn't fit	doesn't fit
Sell Binance live order book, 16 min ago	0.40 bp	10.6 bp −$11	25.5 bp −$255	150.3 bp −$15.0K	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	−0.5000%	1h	2.4940	−0.619%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0625%	1h	2.5116	+0.082%	$28K	$11K	10x	as long as short
BloFin PENDLE-USDT	−0.0075%	8h	2.5147	+0.206%	$1.3M	$708K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.5150	+0.217%	$77K	$239K	50x	as long as short
Binance PENDLEUSDTshort	−0.0066%	8h	2.5094	−0.006%	$27.2M	$42.1M	75x
Extended PENDLE-USDlong	−0.0064%	1h	2.5095	long leg	$165K	$528K	10x
MEXC PENDLE_USDT	−0.0063%	8h	2.5108	+0.050%	$17.0M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0008%	8h	2.5110	+0.058%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5173	+0.308%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5140	+0.178%	$416K	$1.6M	10x	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	+0.0022%	8h	2.5081	−0.056%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5108	+0.048%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5101	+0.022%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5143	+0.190%	$530K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5130	+0.138%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5155	+0.236%	$47K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5093	−0.010%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5110	+0.058%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5090	−0.022%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5136	+0.162%	$883K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5084	−0.045%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5106	+0.042%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5152	+0.227%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5135	+0.158%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5120	+0.098%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5116	+0.081%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0341%	1h	2.5161	+0.261%	$12.7M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0597%	1h	2.5161	+0.263%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.975%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0683%	1h	2.5214	+0.473%	$331K	$489K	15x	as long as short