Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h −0.002%

Price spread now: BloFin against Extended+0.139%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$550.548% of the position

Long on Extended Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)+0.117%+$12 · spread now +0.139%, 7d avg +0.076%

Together, before fees+0.107%+ Points / potential airdropExtended: Active · farm board+$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.064% dearer against Extended than usual: you sell high and buy low (spread +0.139% now, against its 7-day average of +0.076%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.010% in total) that is about 44 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.4550	−0.0056	get 0.0007% / 1h	32m 26s	$158K	$581K	10x
Short	BloFin PENDLE-USDT	2.4584	−0.0075	pay 0.0075% / 8h	3h 32m	$1.1M	$596K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.139%Rate

Funding earned: −$4.06
Price spread: +0.139% → +0.076%: $6.35
Slippage, 4 orders: −$37.78
Fee Extended: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$52.49
Costs to cover: 0.548%
Break-even: never at this rate

Slippage from Extended: live order book, 20 min ago; BloFin: live order book, 5 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, 20 min ago	1.22 bp	14.7 bp −$15	101.5 bp −$1,015	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	2.23 bp	13.6 bp −$14	28.6 bp −$286	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	2.4260	−1.181%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0175%	1h	2.4607	+0.233%	$75K	$234K	50x	as long as short
BloFin PENDLE-USDTshort	−0.0075%	8h	2.4584	+0.139%	$1.1M	$596K	75x
Deribit PENDLE_USDC-PERPETUAL	−0.0075%	1h	2.4598	+0.196%	$25K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0057%	8h	2.4567	+0.070%	$26.1M	$44.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0057%	8h	2.4563	+0.054%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USDlong	−0.0056%	1h	2.4550	long leg	$158K	$581K	10x
Gate PENDLE_USDT	−0.0051%	8h	2.4560	+0.041%	$719K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4572	+0.090%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0005%	8h	2.4643	+0.378%	$47K	$172K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4576	+0.105%	$10K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0046%	8h	2.4608	+0.237%	$417K	$2.0M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4562	+0.050%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4571	+0.085%	$552K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0069%	1h	2.4563	+0.053%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4586	+0.147%	$516K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4563	+0.052%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4550	+0.001%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4600	+0.204%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4602	+0.213%	$888K	$551K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4563	+0.054%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4569	+0.078%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4595	+0.184%	$24K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4587	+0.151%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4588	+0.156%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0117%	1h	2.4616	+0.270%	$12.8M	$6.1M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4583	+0.134%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4620	+0.286%	$146K	$499K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0714%	1h	2.4629	+0.323%	$358K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1182%	1h	2.4636	+0.351%	$115K	$268K	20x	as long as short