Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.025%

Price spread now: Bitget against GMX−0.147%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 Bitget

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 Bitget is 0.147% cheaper against GMX than usual: you would sell low and buy high (−$15 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]	2.5186	L +0.0200% / S −0.0277%	pay 0.0025% / 1h	13m 49s	$5K	—	100x
Short	Bitget PENDLEUSDT	2.5149	0.0100	get 0.0100% / 8h	2h 13m	$3.7M	$2.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.147%Rate

Funding earned: −$20.98
Price spread: −0.147% → 0.000%: −$14.69
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$59.67
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 4 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 Bitget live order book, 4 min ago	1.99 bp	22.6 bp −$23	47.0 bp −$470	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	−0.4806%	1h	2.5200	+0.056%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5218	+0.128%	$150K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0147%	1h	2.5189	+0.012%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5138	−0.192%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0031%	8h	2.5104	−0.326%	$1.3M	$739K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5182	−0.016%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5174	−0.047%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5121	−0.258%	$165K	$524K	10x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.5139	−0.187%	$27.3M	$39.2M	75x	as long as short
MEXC PENDLE_USDT	+0.0044%	8h	2.5134	−0.206%	$17.0M	$2.3M	125x	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	+0.0055%	8h	2.5174	−0.048%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0075%	1h	2.5188	+0.008%	$77K	$239K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5160	−0.103%	$546K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5171	−0.060%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5090	−0.380%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5157	−0.115%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5141	−0.178%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5110	−0.302%	$15.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	−0.183%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5150	−0.143%	$849K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5141	−0.179%	$894K	$606K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.5149	−0.147%	$3.7M	$2.6M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5143	−0.171%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5193	+0.027%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	−0.050%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5185	−0.004%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5184	−0.008%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0200% / S −0.0277%	1h	2.5186	long leg	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5210	+0.095%	$116K	$419K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0847%	1h	2.5207	+0.083%	$364K	$460K	15x	as long as short