Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0151%/8h= +16.6% APRpaid last 24h +0.125%

Price spread now: Backpack against Gate+0.362%7-day average +0.165% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

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

costs, in and out, $10k−$680.680% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.733%+$73 on $10k

Price spread, last 4 days (all we have)−0.304%−$30 · spread now +0.362%, 7d avg +0.165%

Together, before fees+0.429%+$43 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 Backpack is 0.197% dearer against Gate than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.165%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.5120	−0.0018	get 0.0018% / 8h	6h 53m	$785K	$1.2M	75x
Short	Backpack PENDLE_USDC_PERP	2.5211	0.0133	get 0.0017% / 1h	53m 06s	$353K	$485K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.362%Rate

Funding earned: $31.79
Price spread: +0.362% → +0.165%: $19.71
Slippage, 4 orders: −$42.95
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$16.45
Costs to cover: 0.680%
Break-even: 10.6 days

Slippage from Gate: live order book, 4 min ago; Backpack: 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 Gate live order book, 4 min ago	3.99 bp	19.0 bp −$19	177.9 bp −$1,779	doesn't fit	doesn't fit
Sell Backpack live order book, 16 min ago	1.57 bp	9.9 bp −$10	32.5 bp −$325	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	−0.4742%	1h	2.4750	−1.473%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0934%	1h	2.5163	+0.171%	$77K	$237K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0743%	1h	2.5158	+0.151%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0168%	8h	2.5160	+0.159%	$15.4M	$12.1M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0150%	8h	2.5038	−0.325%	$419K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0114%	8h	2.5163	+0.171%	$27.2M	$43.1M	75x	as long as short
MEXC PENDLE_USDT	−0.0114%	8h	2.5153	+0.131%	$17.3M	$1.8M	125x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5129	+0.036%	$163K	$565K	10x	as long as short
BloFin PENDLE-USDT	−0.0109%	8h	2.5135	+0.060%	$1.3M	$654K	75x	as long as short
Variational Omni PENDLE	−0.0035%	8h	2.5006	−0.453%	$596K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0030%	8h	2.5145	+0.100%	$20K	$16K	10x	as long as short
Gate PENDLE_USDTlong	−0.0018%	8h	2.5120	long leg	$785K	$1.2M	75x
dYdX PENDLE-USD	0.0000%	1h	2.5095	−0.101%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0006%	8h	2.5129	+0.036%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5140	+0.079%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5148	+0.112%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5146	+0.104%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5063	−0.227%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	+0.159%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5144	+0.096%	$852K	$592K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5138	+0.072%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5153	+0.131%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5136	+0.065%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5152	+0.127%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5148	+0.111%	$1K	$1.8M	20x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0133%	1h	2.5211	+0.362%	$353K	$485K	15x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5175	+0.220%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0300%	1h	2.5202	+0.326%	$13.0M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5150	+0.119%	$144K	$468K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0865%	1h	2.5195	+0.299%	$117K	$290K	20x	as long as short