Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0249%/8h= −27.3% APRpaid last 24h −0.041%

Price spread now: Binance against GMX−0.040%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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 −$7 a day on $10k at the current rate, and Binance is 0.040% cheaper against GMX than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.4690	L +0.0196% / S −0.0222%	pay 0.0024% / 1h	4m 09s	$5K	—	100x
Short	Binance PENDLEUSDT	2.4680	−0.0054	pay 0.0054% / 8h	4h 04m	$26.1M	$43.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. 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 GMXbpFee BinancebpOrdersPrice spread, now −0.040%Rate

Funding earned: −$52.37
Price spread: −0.040% → 0.000%: −$4.03
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$78.4
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 8 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Binance live order book, 8 min ago	1.62 bp	11.8 bp −$12	34.1 bp −$341	doesn't fit	doesn't fit

GMX: 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 PERP	−0.4334%	1h	2.4340	−1.417%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0069%	8h	2.4638	−0.211%	$1.1M	$592K	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4658	−0.129%	$159K	$578K	10x	as long as short
MEXC PENDLE_USDT	−0.0054%	8h	2.4694	+0.016%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDTshort	−0.0054%	8h	2.4680	−0.040%	$26.1M	$43.6M	75x
Aster PENDLEUSDT	−0.0050%	8h	2.4664	−0.104%	$47K	$179K	10x	as long as short
Gate PENDLE_USDT	−0.0047%	8h	2.4630	−0.243%	$718K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4680	−0.040%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4636	−0.220%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4681	−0.036%	$25K	$14K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0064%	1h	2.4664	−0.107%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0066%	1h	2.4666	−0.096%	$3K	—	15x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4591	−0.402%	$552K	$1.4M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4627	−0.255%	$409K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4692	+0.008%	$518K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4609	−0.328%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4680	−0.040%	$14.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4710	+0.081%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4667	−0.093%	$867K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4685	−0.020%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4675	−0.061%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4600	−0.365%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4612	−0.316%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4666	−0.097%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4673	−0.069%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0196% / S −0.0222%	1h	2.4690	long leg	$5K	—	100x
Hyperliquid PENDLE	+0.0342%	1h	2.4738	+0.194%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4640	−0.202%	$147K	$494K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0663%	1h	2.4746	+0.227%	$360K	$470K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4731	+0.165%	$115K	$268K	20x	as long as short