Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.3441%/8h= −376.8% APRpaid last 24h −1.027%

Price spread now: Injective against Gate−0.990%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.468%−$147 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$103 a day on $10k at the current rate, and Injective is 0.990% cheaper against Gate than usual: you would sell low and buy high (−$99 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.468% in total (about -76.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.4250	−0.0186	get 0.0186% / 8h	7h 40m	$769K	$991K	75x
Short	Injective PENDLE/USDC PERP	2.4010	−0.3627	pay 0.0453% / 1h	40m 28s	$2K	$55K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.990%Rate

Funding earned: −$722.62
Price spread: −0.990% → 0.000%: −$98.97
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$836.61
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 17 min ago; Injective: no order-book sample. Net counts fees only.

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, 17 min ago	4.11 bp	21.9 bp −$22	136.7 bp −$1,367	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 PERPshort	−0.3627%	1h	2.4010	−0.990%	$2K	$55K	5.5x
GRVT PENDLE_USDT_Perp	−0.0736%	8h	2.4270	+0.083%	$403K	$2.6M	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0451%	1h	2.4244	−0.025%	$25K	$16K	10x	as long as short
Gate PENDLE_USDTlong	−0.0186%	8h	2.4250	long leg	$769K	$991K	75x
BloFin PENDLE-USDT	−0.0061%	8h	2.4234	−0.066%	$1.1M	$503K	75x	as long as short
Binance PENDLEUSDT	−0.0048%	8h	2.4215	−0.144%	$25.4M	$45.8M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4213	−0.152%	$156K	$924K	10x	as long as short
MEXC PENDLE_USDT	−0.0048%	8h	2.4229	−0.087%	$18.0M	$2.1M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.4234	−0.066%	$18K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0006%	1h	2.4284	+0.140%	$74K	$231K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4263	+0.053%	$10K	—	5x	as long as short
Bybit PENDLEUSDT	+0.0033%	8h	2.4220	−0.124%	$14.0M	$11.9M	50x	as long as short
Aster PENDLEUSDT	+0.0066%	8h	2.4236	−0.058%	$47K	$168K	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4234	−0.065%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0087%	1h	2.4233	−0.068%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4236	−0.058%	$522K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4217	−0.134%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4265	+0.062%	$12.7M	$6.1M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4230	−0.082%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4282	+0.132%	$687K	$601K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4230	−0.082%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4243	−0.029%	—	$8.3M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4221	−0.120%	$564K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4278	+0.116%	$24K	$370K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4230	−0.082%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4259	+0.037%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4283	+0.134%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4310	+0.247%	$163K	$516K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0776%	1h	2.4282	+0.132%	$358K	$432K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1278%	1h	2.4289	+0.160%	$115K	$256K	20x	as long as short