Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h +0.005%

Price spread now: Extended against Gate+0.020%7-day average −0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$750.753% of the position

Long on Gate Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now +0.020%, 7d avg −0.047%

Together, before fees+0.016%+ Points / potential airdropExtended: Active · farm board+$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.066% dearer against Gate than usual: you sell high and buy low (spread +0.020% now, against its 7-day average of −0.047%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 46 hours. At the pace of the last 7 days (−0.008% in total) that is about 2 months.

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 01m	$784K	$1.2M	75x
Short	Extended PENDLE-USD	2.4975	−0.0016	pay 0.0002% / 1h	1m 47s	$164K	$526K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$24.36
Price spread: +0.020% → −0.047%: $6.6
Slippage, 4 orders: −$55.34
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$93.1
Costs to cover: 0.753%
Break-even: never at this rate

Slippage from Gate: live order book, 5 min ago; Extended: 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, 5 min ago	4.02 bp	19.0 bp −$19	193.5 bp −$1,935	doesn't fit	doesn't fit
Sell Extended live order book, 16 min ago	1.00 bp	13.9 bp −$14	102.2 bp −$1,022	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	2.4550	−1.682%	$2K	$53K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0086%	1h	2.4893	−0.308%	$76K	$239K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0070%	1h	2.4984	+0.056%	$29K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0041%	8h	2.4965	−0.020%	$1.3M	$746K	75x	as long as short
Extended PENDLE-USDshort	−0.0016%	1h	2.4975	+0.020%	$164K	$526K	10x
MEXC PENDLE_USDT	−0.0012%	8h	2.4988	+0.072%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	−0.0012%	8h	2.4991	+0.084%	$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	2.4978	+0.032%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0042%	1h	2.4977	+0.029%	$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	2.4985	+0.060%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4990	+0.080%	$528K	$427K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4988	+0.071%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5021	+0.206%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4983	+0.052%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4990	+0.080%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5000	+0.120%	$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	2.4996	+0.104%	$889K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4963	−0.028%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4991	+0.084%	—	$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	2.5004	+0.136%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4994	+0.096%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4996	+0.105%	$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	+0.0689%	1h	2.5027	+0.228%	$356K	$477K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.5010	+0.162%	$118K	$305K	20x	as long as short