Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.024%

Price spread now: SunX against GMX+0.030%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on SunX

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 pays, funding is against you. SunX is 0.030% dearer against GMX than usual: you sell high and buy low (spread +0.030% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.4542	L +0.0196% / S −0.0222%	pay 0.0024% / 1h	11m 31s	$5K	—	100x
Short	SunX PENDLE-USDT	2.4549	0.0100	get 0.0100% / 8h	3h 11m	$2K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$20.09
Price spread: +0.030% → 0.000%: $3.01
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$37.08
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: 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 SunX live order book, 4 min ago	500.13 bp	doesn't fit	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	−0.4243%	1h	2.4280	−1.066%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0065%	8h	2.4570	+0.116%	$721K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0059%	8h	2.4604	+0.254%	$1.1M	$596K	75x	as long as short
MEXC PENDLE_USDT	−0.0050%	8h	2.4527	−0.060%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4516	−0.104%	$158K	$579K	10x	as long as short
Binance PENDLEUSDT	−0.0047%	8h	2.4524	−0.071%	$25.9M	$44.5M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4544	+0.010%	$19K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0036%	1h	2.4519	−0.092%	$75K	$234K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4546	+0.016%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4537	−0.019%	$24K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0035%	8h	2.4602	+0.247%	$47K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0051%	8h	2.4601	+0.242%	$417K	$2.1M	10x	as long as short
Variational Omni PENDLE	+0.0069%	8h	2.4496	−0.187%	$549K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4513	−0.117%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4533	−0.037%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4546	+0.018%	$516K	$431K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4525	−0.067%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4530	−0.047%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4530	−0.047%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4552	+0.042%	$866K	$557K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4508	−0.137%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4548	+0.026%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4521	−0.084%	$24K	$374K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4540	−0.007%	$16K	$7K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.4549	+0.030%	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0196% / S −0.0222%	1h	2.4542	long leg	$5K	—	100x
Hyperliquid PENDLE	+0.0279%	1h	2.4580	+0.157%	$12.7M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4610	+0.279%	$150K	$509K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0710%	1h	2.4575	+0.136%	$357K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1185%	1h	2.4577	+0.143%	$115K	$268K	20x	as long as short