Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.004%

Price spread now: edgeX against Extended−0.158%7-day average +0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$400.397% of the position

Long on Extended Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$6 on $10k

Price spread, last 3 days (all we have)+0.610%+$61 · spread now −0.158%, 7d avg +0.069%

Together, before fees+0.675%+ Points / potential airdropExtended: Active · edgeX: Active · farm board+$67 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.226% cheaper against Extended than usual: you would sell low and buy high (spread −0.158% now, against its 7-day average of +0.069%). If the spread goes back, that is −$23 on $10k: about 8.2 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.065% in total) that is about 24 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.4924	0.0008	pay 0.0001% / 1h	23m 23s	$164K	$526K	10x
Short	edgeX PENDLEUSDC	2.4884	0.0100	get 0.0050% / 4h	1h 23m	$25K	$396K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.158%Rate

Funding earned: $19.32
Price spread: −0.158% → +0.069%: −$22.64
Slippage, 4 orders: −$25.67
Fee Extended: 2.5 bp × 2 orders: −$5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$42.99
Costs to cover: 0.397%
Break-even: 22.6 days

Slippage from Extended: live order book, 59 min ago; edgeX: live order book, 60 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, 59 min ago	0.99 bp	13.6 bp −$14	110.6 bp −$1,106	doesn't fit	doesn't fit
Sell edgeX live order book, 60 min ago	1.19 bp	6.1 bp −$6	62.8 bp −$628	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	−0.616%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0150%	1h	2.4960	+0.146%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0050%	1h	2.4903	−0.082%	$76K	$239K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4968	+0.180%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0004%	8h	2.4935	+0.046%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4933	+0.040%	$26.9M	$40.8M	75x	as long as short
Extended PENDLE-USDlong	+0.0008%	1h	2.4924	long leg	$164K	$526K	10x
Orderly PERP_PENDLE_USDC	+0.0020%	8h	2.4941	+0.070%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0025%	8h	2.4921	−0.010%	$1.3M	$736K	75x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4936	+0.049%	$4K	—	15x	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	+0.0064%	8h	2.4887	−0.147%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4945	+0.085%	$414K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4937	+0.056%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4944	+0.082%	$525K	$423K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4925	+0.006%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4980	+0.227%	$12.3M	$5.9M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4925	+0.007%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4930	+0.026%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4960	+0.146%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4920	−0.014%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4955	+0.126%	$891K	$614K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4922	−0.006%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4942	+0.074%	—	$36.2M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4884	−0.158%	$25K	$396K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4974	+0.203%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4957	+0.134%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4956	+0.130%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4980	+0.227%	$138K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0674%	1h	2.4981	+0.231%	$353K	$474K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0754%	1h	2.4997	+0.297%	$120K	$304K	20x	as long as short