Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.4906%/8h= +537.2% APRpaid last 24h +0.298%

Price spread now: edgeX against Injective+1.069%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 edgeX

What this pair did over the last

the charts below follow

Funding, last 4 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 for this trade now. Funding pays +$147 a day on $10k at the current rate, and edgeX is 1.069% dearer against Injective than usual: you sell high and buy low: +$107 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.4970	−0.4806	get 0.0601% / 1h	56m 00s	$2K	$7K	5.5x
Short	edgeX PENDLEUSDC	2.5237	0.0100	get 0.0050% / 4h	2h 56m	$25K	$411K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +1.069%Rate

Funding earned: $1,030.3
Price spread: +1.069% → 0.000%: $106.93
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $1,128.21
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; edgeX: live order book, 32 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 edgeX live order book, 32 min ago	1.96 bp	7.4 bp −$7	doesn't fit	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	−0.4806%	1h	2.4970	long leg	$2K	$7K	5.5x
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5162	+0.767%	$159K	$258K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0108%	1h	2.5151	+0.725%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5165	+0.780%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0009%	8h	2.5225	+1.023%	$612K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0019%	8h	2.5148	+0.713%	$1.3M	$797K	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5133	+0.653%	$165K	$524K	10x	as long as short
Reya PENDLERUSDPERP	+0.0033%	1h	2.5132	+0.649%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5147	+0.709%	$23K	$8K	10x	as long as short
Binance PENDLEUSDT	+0.0036%	8h	2.5153	+0.733%	$27.5M	$38.8M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC PENDLE_USDT	+0.0037%	8h	2.5137	+0.669%	$16.9M	$2.2M	125x	as long as short
Aster PENDLEUSDT	+0.0070%	8h	2.5161	+0.766%	$41K	$176K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0073%	1h	2.5241	+1.085%	$77K	$239K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5147	+0.707%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5151	+0.725%	$550K	$375K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5120	+0.602%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5172	+0.809%	$12.4M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5140	+0.681%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	+0.761%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5150	+0.721%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5153	+0.733%	$909K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5136	+0.665%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5149	+0.717%	—	$36.4M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.5237	+1.069%	$25K	$411K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5226	+1.024%	$429K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5150	+0.721%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5167	+0.789%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0275%	1h	2.5141	+0.685%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0539%	1h	2.5200	+0.921%	$365K	$466K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5200	+0.921%	$118K	$437K	25x	as long as short