Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0099%/8h= −10.9% APRpaid last 24h −0.025%

Price spread now: BingX against GMX−0.156%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 BingX

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 −$3 a day on $10k at the current rate, and BingX is 0.156% cheaper against GMX than usual: you would sell low and buy high (−$16 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]	2.5264	L +0.0199% / S −0.0256%	pay 0.0025% / 1h	33m 07s	$5K	—	100x
Short	BingX PENDLE-USDT	2.5225	0.0100	get 0.0100% / 8h	33m 07s	—	$35.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.156%Rate

Funding earned: −$20.82
Price spread: −0.156% → 0.000%: −$15.58
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$58.4
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 6 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 BingX live order book, 6 min ago	4.36 bp	14.0 bp −$14	25.0 bp −$250	136.1 bp −$13.6K	372.9 bp −$186.4K

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	−0.5000%	1h	2.4940	−1.284%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0185%	1h	2.5258	−0.025%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0079%	1h	2.5215	−0.195%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0037%	8h	2.5249	−0.061%	$1.3M	$754K	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5232	−0.127%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0028%	8h	2.5239	−0.102%	$27.3M	$41.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0026%	8h	2.5245	−0.077%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0001%	8h	2.5250	−0.057%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5242	−0.090%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0043%	8h	2.5187	−0.306%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0045%	1h	2.5248	−0.064%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0050%	8h	2.5225	−0.157%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5241	−0.094%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5239	−0.100%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5216	−0.191%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5255	−0.037%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5226	−0.152%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5220	−0.176%	$3.3M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.215%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5249	−0.061%	$894K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5220	−0.176%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.5225	−0.156%	—	$35.7M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5204	−0.240%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5269	+0.018%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5247	−0.069%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0199% / S −0.0256%	1h	2.5264	long leg	$5K	—	100x
Hyperliquid PENDLE	+0.0238%	1h	2.5276	+0.046%	$12.7M	$6.1M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0593%	1h	2.5292	+0.110%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.299%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0809%	1h	2.5279	+0.058%	$330K	$491K	15x	as long as short