Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h −0.025%

Price spread now: Bybit against Extended+0.072%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$580.583% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.115%−$12 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now +0.072%, 7d avg +0.036%

Together, before fees−0.126%+ Points / potential airdropExtended: Active · farm board−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Bybit is 0.035% dearer against Extended than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.036%. Mind the row above: over the last 7 days funding on this pair cost −0.115%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.4943	−0.0080	get 0.0010% / 1h	20m 01s	$162K	$570K	10x
Short	Bybit PENDLEUSDT	2.4961	0.0100	get 0.0100% / 8h	5h 20m	$15.0M	$12.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.072%Rate

Funding earned: $37.8
Price spread: +0.072% → +0.036%: $3.53
Slippage, 4 orders: −$42.35
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$17.02
Costs to cover: 0.583%
Break-even: 10.2 days

Slippage from Extended: live order book, 43 min ago; Bybit: live order book, 3 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, 43 min ago	1.20 bp	15.0 bp −$15	137.8 bp −$1,378	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.01 bp	13.7 bp −$14	46.6 bp −$466	285.8 bp −$28.6K	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	−0.4938%	1h	2.4520	−1.696%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0102%	8h	2.4951	+0.032%	$1.3M	$650K	75x	as long as short
MEXC PENDLE_USDT	−0.0084%	8h	2.4966	+0.092%	$17.4M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0081%	8h	2.4966	+0.090%	$26.7M	$43.5M	75x	as long as short
Extended PENDLE-USDlong	−0.0080%	1h	2.4943	long leg	$162K	$570K	10x
Deribit PENDLE_USDC-PERPETUAL	−0.0070%	1h	2.4957	+0.056%	$26K	$14K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4962	+0.076%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0030%	8h	2.4964	+0.085%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4955	+0.048%	$10K	—	5x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.4945	+0.009%	$561K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0029%	8h	2.4950	+0.028%	$723K	$1.1M	75x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4949	+0.024%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0059%	8h	2.4892	−0.205%	$416K	$1.8M	10x	as long as short
Reya PENDLERUSDPERP	+0.0060%	1h	2.4953	+0.040%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4956	+0.052%	$533K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4960	+0.067%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5000	+0.228%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4961	+0.072%	$15.0M	$12.2M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4990	+0.188%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4970	+0.108%	$852K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4959	+0.064%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4985	+0.168%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4819	−0.496%	$25K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4856	−0.349%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4987	+0.176%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4954	+0.044%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4962	+0.075%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4990	+0.188%	$148K	$493K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0724%	1h	2.4998	+0.220%	$361K	$488K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0749%	1h	2.5021	+0.311%	$116K	$280K	20x	as long as short