Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0090%/8h= −9.9% APRpaid last 24h −0.024%

Price spread now: edgeX against GMX−0.320%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 edgeX

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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and edgeX is 0.320% cheaper against GMX than usual: you would sell low and buy high (−$32 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]	2.4863	L +0.0190% / S −0.0314%	pay 0.0024% / 1h	42m 49s	$7K	—	100x
Short	edgeX PENDLEUSDC	2.4783	0.0100	get 0.0050% / 4h	1h 42m	$24K	$380K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.320%Rate

Funding earned: −$18.98
Price spread: −0.320% → 0.000%: −$31.99
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$71.97
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; edgeX: live order book, 21 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 edgeX live order book, 21 min ago	2.39 bp	7.3 bp −$7	doesn't fit	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	−0.4938%	1h	2.4490	−1.499%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0127%	8h	2.4874	+0.046%	$1.3M	$646K	75x	as long as short
MEXC PENDLE_USDT	−0.0125%	8h	2.4885	+0.090%	$17.2M	$1.8M	125x	as long as short
Binance PENDLEUSDT	−0.0122%	8h	2.4886	+0.095%	$26.7M	$43.0M	75x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.4874	+0.046%	$163K	$568K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0068%	8h	2.4733	−0.521%	$410K	$1.7M	10x	as long as short
Aster PENDLEUSDT	−0.0059%	8h	2.4875	+0.049%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4862	−0.002%	$19K	$15K	10x	as long as short
Variational Omni PENDLE	−0.0019%	8h	2.4691	−0.691%	$544K	$1.8M	—	as long as short
ApeX Omni PENDLEUSDT	−0.0010%	1h	2.4790	−0.292%	$75K	$235K	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	2.4815	−0.190%	$10K	—	5x	as long as short
Gate PENDLE_USDT	0.0000%	8h	2.4850	−0.051%	$724K	$1.1M	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	+0.0031%	1h	2.4876	+0.054%	$26K	$14K	10x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4866	+0.012%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0058%	1h	2.4855	−0.030%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4871	+0.034%	$530K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4850	−0.051%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4922	+0.239%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4887	+0.098%	$15.0M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4880	+0.070%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4876	+0.054%	$850K	$578K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4875	+0.050%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4887	+0.098%	—	$33.6M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4783	−0.320%	$24K	$380K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4866	+0.014%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4883	+0.082%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0190% / S −0.0314%	1h	2.4863	long leg	$7K	—	100x
Backpack PENDLE_USDC_PERP	+0.0430%	1h	2.4922	+0.239%	$353K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4900	+0.151%	$149K	$491K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0752%	1h	2.4911	+0.193%	$116K	$283K	20x	as long as short