Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.004%

Price spread now: Bitget against Extended+0.088%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$710.708% of the position

Long on Extended Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 4 days (all we have)−0.201%−$20 · spread now +0.088%, 7d avg +0.028%

Together, before fees−0.185%+ Points / potential airdropExtended: Active · farm board−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bitget is 0.060% dearer against Extended than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.5006	0.0024	pay 0.0003% / 1h	39m 02s	$164K	$526K	10x
Short	Bitget PENDLEUSDT	2.5028	0.0100	get 0.0100% / 8h	1h 39m	$3.7M	$2.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.088%Rate

Funding earned: $15.96
Price spread: +0.088% → +0.028%: $5.97
Slippage, 4 orders: −$53.83
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$48.91
Costs to cover: 0.708%
Break-even: 28.4 days

Slippage from Extended: live order book, 44 min ago; Bitget: live order book, 4 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, 44 min ago	0.99 bp	13.6 bp −$14	110.6 bp −$1,106	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	4.40 bp	21.4 bp −$21	54.7 bp −$547	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	−0.3656%	1h	2.4770	−0.944%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0468%	1h	2.5044	+0.152%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5043	+0.149%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0023%	8h	2.5012	+0.024%	$1.3M	$731K	75x	as long as short
Extended PENDLE-USDlong	+0.0024%	1h	2.5006	long leg	$164K	$526K	10x
MEXC PENDLE_USDT	+0.0025%	8h	2.5030	+0.096%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0026%	8h	2.5033	+0.108%	$27.2M	$40.2M	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0026%	8h	2.5037	+0.124%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0039%	1h	2.5036	+0.118%	$4K	—	15x	as long as short
ApeX Omni PENDLEUSDT	+0.0060%	1h	2.5020	+0.056%	$76K	$240K	50x	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	+0.0065%	8h	2.5012	+0.024%	$553K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5040	+0.136%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5037	+0.124%	$526K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5033	+0.108%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5067	+0.244%	$12.3M	$5.8M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5057	+0.202%	$42K	$175K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5030	+0.096%	$15.4M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	+0.176%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5040	+0.136%	$786K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5052	+0.184%	$894K	$623K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.5028	+0.088%	$3.7M	$2.7M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5030	+0.096%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5004	−0.008%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4989	−0.067%	$412K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5065	+0.236%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5053	+0.188%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5056	+0.199%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5040	+0.136%	$139K	$461K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0751%	1h	2.5068	+0.248%	$147K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0763%	1h	2.5079	+0.292%	$356K	$461K	15x	as long as short