Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.5038%/8h= +551.6% APRpaid last 24h +0.702%

Price spread now: BingX against Injective+1.388%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 BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.122%+$112 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 +$151 a day on $10k at the current rate, and BingX is 1.388% dearer against Injective than usual: you sell high and buy low: +$139 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 1.122% in total (about 58.5% 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	2.4490	−0.4938	get 0.0617% / 1h	44m 43s	$2K	$54K	5.5x
Short	BingX PENDLE-USDT	2.4830	0.0100	get 0.0100% / 8h	5h 44m	—	$33.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +1.388%Rate

Funding earned: $1,057.94
Price spread: +1.388% → 0.000%: $138.83
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: $1,186.75
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BingX: live order book, 9 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 BingX live order book, 9 min ago	2.61 bp	9.1 bp −$9	22.8 bp −$228	138.2 bp −$13.8K	379.6 bp −$189.8K

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	−0.4938%	1h	2.4490	long leg	$2K	$54K	5.5x
Extended PENDLE-USD	−0.0128%	1h	2.4809	+1.304%	$163K	$568K	10x	as long as short
MEXC PENDLE_USDT	−0.0127%	8h	2.4830	+1.388%	$17.2M	$1.8M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0126%	1h	2.4850	+1.470%	$76K	$235K	50x	as long as short
Binance PENDLEUSDT	−0.0126%	8h	2.4833	+1.400%	$26.7M	$43.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0104%	8h	2.4809	+1.303%	—	$645K	75x	as long as short
GRVT PENDLE_USDT_Perp	−0.0068%	8h	2.4733	+0.993%	$410K	$1.7M	10x	as long as short
Aster PENDLEUSDT	−0.0065%	8h	2.4806	+1.290%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4811	+1.311%	$19K	$15K	10x	as long as short
Variational Omni PENDLE	−0.0019%	8h	2.4691	+0.819%	$544K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	−0.0015%	8h	2.4800	+1.266%	$723K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4818	+1.338%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4820	+1.347%	$25K	$14K	10x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4786	+1.208%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0058%	1h	2.4803	+1.277%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4833	+1.401%	$529K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4768	+1.135%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4858	+1.503%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4820	+1.347%	$14.9M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4820	+1.347%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4815	+1.327%	$844K	$575K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4837	+1.417%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.4830	+1.388%	—	$33.6M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4747	+1.050%	$24K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4838	+1.421%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4843	+1.441%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0190% / S −0.0312%	1h	2.4814	+1.325%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0327%	1h	2.4858	+1.503%	$354K	$481K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4790	+1.225%	$149K	$489K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.4878	+1.585%	$116K	$283K	20x	as long as short