Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.009%

Price spread now: BingX against Gate−0.064%7-day average +0.007% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$720.721% of the position

Long on Gate Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 4 days (all we have)+0.096%+$10 · spread now −0.064%, 7d avg +0.007%

Together, before fees+0.115%+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.071% cheaper against Gate than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.5040	0.0100	pay 0.0100% / 8h	1h 41m	$786K	$1.1M	75x
Short	BingX PENDLE-USDT	2.5024	0.0100	get 0.0100% / 8h	1h 41m	—	$36.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.064%Rate

Funding earned: $0
Price spread: −0.064% → +0.007%: −$7.05
Slippage, 4 orders: −$47.08
Fee Gate: 7.5 bp × 2 orders: −$15
Fee BingX: 5 bp × 2 orders: −$10
Net: −$79.14
Costs to cover: 0.721%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; BingX: live order book, 12 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, 1 min ago	4.00 bp	24.8 bp −$25	227.1 bp −$2,271	doesn't fit	doesn't fit
Sell BingX live order book, 12 min ago	2.79 bp	10.4 bp −$10	21.8 bp −$218	117.2 bp −$11.7K	380.2 bp −$190.1K

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	−1.078%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0588%	1h	2.5052	+0.048%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5046	+0.025%	$11K	—	5x	as long as short
ApeX Omni PENDLEUSDT	+0.0019%	1h	2.4955	−0.339%	$76K	$240K	50x	as long as short
Orderly PERP_PENDLE_USDC	+0.0027%	8h	2.4997	−0.172%	$20K	$16K	10x	as long as short
Binance PENDLEUSDT	+0.0029%	8h	2.5006	−0.137%	$27.2M	$40.1M	75x	as long as short
MEXC PENDLE_USDT	+0.0029%	8h	2.5005	−0.140%	$16.9M	$2.1M	125x	as long as short
BloFin PENDLE-USDT	+0.0029%	8h	2.5013	−0.108%	$1.3M	$731K	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5015	−0.099%	$164K	$526K	10x	as long as short
Reya PENDLERUSDPERP	+0.0039%	1h	2.5002	−0.153%	$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	2.5033	−0.028%	$603K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4987	−0.210%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5036	−0.016%	$525K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5019	−0.084%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5057	+0.068%	$12.3M	$5.9M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5020	−0.081%	$42K	$175K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4992	−0.192%	$15.4M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5010	−0.120%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDTlong	+0.0100%	8h	2.5040	long leg	$786K	$1.1M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5038	−0.008%	$893K	$623K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5034	−0.024%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.5024	−0.064%	—	$36.3M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5003	−0.147%	$25K	$409K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4964	−0.302%	$412K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5040	0.000%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5065	+0.100%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5023	−0.069%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5100	+0.240%	$139K	$461K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0751%	1h	2.5087	+0.189%	$147K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0789%	1h	2.5095	+0.220%	$357K	$461K	15x	as long as short