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 −0.028%

Price spread now: Bybit against Gate−0.024%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$800.799% of the position

Long on Gate Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.131%−$13 on $10k

Price spread, last 4 days (all we have)+0.092%+$9 · spread now −0.024%, 7d avg −0.009%

Together, before fees−0.039%−$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.4970	0.0100	pay 0.0100% / 8h	1h 02m	$784K	$1.2M	75x
Short	Bybit PENDLEUSDT	2.4964	0.0100	get 0.0100% / 8h	1h 02m	$15.3M	$11.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.024%Rate

Funding earned: $0
Price spread: −0.024% → −0.009%: −$1.47
Slippage, 4 orders: −$53.91
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$81.39
Costs to cover: 0.799%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Bybit: live order book, just now.

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	4.02 bp	19.0 bp −$19	193.5 bp −$1,935	doesn't fit	doesn't fit
Sell Bybit live order book, just now	2.00 bp	15.7 bp −$16	48.1 bp −$481	228.5 bp −$22.9K	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	2.4550	−1.682%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0270%	1h	2.4984	+0.056%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0086%	1h	2.4893	−0.308%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0041%	8h	2.4965	−0.020%	$1.3M	$746K	75x	as long as short
Extended PENDLE-USD	−0.0016%	1h	2.4954	−0.063%	$164K	$526K	10x	as long as short
MEXC PENDLE_USDT	−0.0015%	8h	2.4959	−0.044%	$16.8M	$2.1M	125x	as long as short
Binance PENDLEUSDT	−0.0013%	8h	2.4960	−0.042%	$27.0M	$41.3M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4983	+0.053%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0011%	8h	2.4968	−0.008%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0042%	1h	2.4964	−0.023%	$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	+0.0058%	8h	2.4872	−0.394%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0060%	8h	2.4917	−0.212%	$414K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4966	−0.016%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4966	−0.016%	$527K	$427K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4984	+0.055%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4987	+0.068%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4979	+0.035%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4964	−0.024%	$15.3M	$11.9M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4980	+0.040%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDTlong	+0.0100%	8h	2.4970	long leg	$784K	$1.2M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4983	+0.052%	$888K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4952	−0.072%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4972	+0.008%	—	$35.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4905	−0.262%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4985	+0.060%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4982	+0.048%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4979	+0.036%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5030	+0.240%	$139K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0688%	1h	2.5013	+0.172%	$356K	$477K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.5015	+0.181%	$118K	$305K	20x	as long as short