Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.4379%/8h= +479.5% APRpaid last 24h +0.904%

Price spread now: Binance against Injective+1.119%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+1.291%+$129 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$131 a day on $10k at the current rate, and Binance is 1.119% dearer against Injective than usual: you sell high and buy low: +$112 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.291% in total (about 67.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.4250	−0.4348	get 0.0543% / 1h	50m 47s	$2K	$54K	5.5x
Short	Binance PENDLEUSDT	2.4521	0.0031	get 0.0031% / 8h	1h 50m	$25.8M	$45.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now +1.119%Rate

Funding earned: $919.58
Price spread: +1.119% → 0.000%: $111.95
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $1,021.51
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Binance: live order book, 6 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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 6 min ago	0.20 bp	8.6 bp −$9	23.1 bp −$231	doesn't fit	doesn't fit

Injective: 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 PERPlong	−0.4348%	1h	2.4250	long leg	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0076%	1h	2.4521	+1.118%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0034%	8h	2.4510	+1.072%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4527	+1.143%	$10K	—	5x	as long as short
Gate PENDLE_USDT	+0.0007%	8h	2.4510	+1.072%	$749K	$1.0M	75x	as long as short
BloFin PENDLE-USDT	+0.0024%	8h	2.4523	+1.126%	$1.1M	$499K	75x	as long as short
MEXC PENDLE_USDT	+0.0030%	8h	2.4521	+1.118%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDTshort	+0.0031%	8h	2.4521	+1.119%	$25.8M	$45.0M	75x
Extended PENDLE-USD	+0.0032%	1h	2.4511	+1.077%	$160K	$575K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0040%	1h	2.4504	+1.047%	$75K	$232K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0077%	1h	2.4513	+1.085%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4512	+1.078%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4521	+1.118%	$519K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4497	+1.019%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4563	+1.289%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4524	+1.131%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4520	+1.113%	$14.3M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4520	+1.113%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4522	+1.122%	$877K	$559K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4522	+1.122%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4509	+1.068%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4506	+1.055%	$565K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4486	+0.973%	$24K	$371K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4492	+0.999%	$416K	$2.3M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4533	+1.167%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4518	+1.105%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4523	+1.125%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0680%	1h	2.4571	+1.324%	$349K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4570	+1.320%	$160K	$529K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1659%	1h	2.4568	+1.312%	$115K	$262K	20x	as long as short