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: Paradex against GMX−0.125%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 Paradex

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 airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Paradex is 0.125% cheaper against GMX than usual: you would sell low and buy high (−$13 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]	2.5218	L +0.0199% / S −0.0256%	pay 0.0025% / 1h	52m 55s	$5K	—	100x
Short	Paradex PENDLE-USD-PERP	2.5186	0.0100	get 0.0100% / 8h	52m 55s	$35K	$18K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$20.82
Price spread: −0.125% → 0.000%: −$12.54
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$49.36
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Paradex: no order-book sample. 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 Paradex no order-book sample	—	—	—	—	—

GMX and Paradex: 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	2.4860	−1.418%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0147%	1h	2.5111	−0.422%	$77K	$239K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0067%	1h	2.5219	+0.006%	$30K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0029%	8h	2.5203	−0.058%	$1.3M	$758K	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5201	−0.067%	$165K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0006%	8h	2.5223	+0.022%	$27.3M	$41.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0005%	8h	2.5219	+0.006%	$17.1M	$1.9M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5187	−0.122%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0008%	8h	2.5218	+0.002%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5204	−0.054%	$4K	—	15x	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	+0.0059%	8h	2.5097	−0.479%	$555K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.5159	−0.232%	$420K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5202	−0.062%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5212	−0.022%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.5186	−0.125%	$35K	$18K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.5252	+0.137%	$12.4M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5221	+0.014%	$44K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5220	+0.010%	$15.5M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5220	+0.010%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.030%	$787K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5230	+0.049%	$900K	$594K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5199	−0.073%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5219	+0.006%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5147	−0.278%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5229	+0.045%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5229	+0.045%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0199% / S −0.0256%	1h	2.5218	long leg	$5K	—	100x
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5273	+0.220%	$120K	$301K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5210	−0.030%	$140K	$456K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1230%	1h	2.5252	+0.137%	$327K	$491K	15x	as long as short