Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.061%

Price spread now: Bybit against GMX−0.009%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 Bybit

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.4724	L +0.0196% / S −0.0222%	pay 0.0024% / 1h	31m 11s	$5K	—	100x
Short	Bybit PENDLEUSDT	2.4722	0.0100	get 0.0100% / 8h	4h 31m	$14.6M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$20.09
Price spread: −0.009% → 0.000%: −$0.94
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$44.03
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	4.05 bp	20.1 bp −$20	49.7 bp −$497	324.7 bp −$32.5K	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	−1.554%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0059%	8h	2.4712	−0.050%	$1.2M	$631K	75x	as long as short
MEXC PENDLE_USDT	−0.0053%	8h	2.4733	+0.035%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0049%	8h	2.4733	+0.035%	$26.2M	$44.0M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4708	−0.066%	$159K	$574K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4726	+0.007%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0033%	8h	2.4720	−0.016%	$46K	$178K	10x	as long as short
Gate PENDLE_USDT	−0.0029%	8h	2.4700	−0.098%	$721K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4680	−0.178%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4737	+0.051%	$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
Variational Omni PENDLE	+0.0043%	8h	2.4586	−0.561%	$552K	$1.6M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4718	−0.024%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0064%	1h	2.4722	−0.008%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0089%	8h	2.4622	−0.415%	$407K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4721	−0.013%	$518K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4722	−0.010%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4722	−0.009%	$14.6M	$12.1M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4730	+0.023%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4734	+0.039%	$869K	$581K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4711	−0.054%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4719	−0.022%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4614	−0.448%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4713	−0.046%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4746	+0.088%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4749	+0.100%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0196% / S −0.0222%	1h	2.4724	long leg	$5K	—	100x
Hyperliquid PENDLE	+0.0431%	1h	2.4774	+0.201%	$12.9M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4770	+0.185%	$148K	$496K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0668%	1h	2.4743	+0.076%	$358K	$470K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1173%	1h	2.4783	+0.239%	$115K	$269K	20x	as long as short