Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.4389%/8h= +480.6% APRpaid last 24h +0.913%

Price spread now: Gate against Injective+1.197%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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+1.332%+$133 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 +$132 a day on $10k at the current rate, and Gate is 1.197% dearer against Injective than usual: you sell high and buy low: +$120 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 1.332% in total (about 69.4% 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	2.4230	−0.4348	get 0.0543% / 1h	8m 47s	$2K	$54K	5.5x
Short	Gate PENDLE_USDT	2.4520	0.0041	get 0.0041% / 8h	1h 08m	$784K	$1.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +1.197%Rate

Funding earned: $921.68
Price spread: +1.197% → 0.000%: $119.69
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $1,026.34
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Gate: live order book, 3 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 Gate live order book, 3 min ago	4.08 bp	18.8 bp −$19	125.6 bp −$1,256	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	2.4230	long leg	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0158%	1h	2.4520	+1.197%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0018%	8h	2.4510	+1.156%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4546	+1.302%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0018%	8h	2.4505	+1.135%	$1.1M	$478K	75x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4494	+1.091%	$158K	$473K	10x	as long as short
MEXC PENDLE_USDT	+0.0025%	8h	2.4495	+1.094%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0026%	8h	2.4497	+1.102%	$25.8M	$45.3M	75x	as long as short
Gate PENDLE_USDTshort	+0.0041%	8h	2.4520	+1.197%	$784K	$1.0M	75x
Reya PENDLERUSDPERP	+0.0080%	1h	2.4522	+1.204%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4506	+1.139%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4518	+1.189%	$520K	$417K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4498	+1.105%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4535	+1.259%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4504	+1.131%	$46K	$168K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4490	+1.073%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4510	+1.156%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4516	+1.180%	$872K	$549K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4508	+1.147%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4509	+1.151%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4490	+1.075%	$595K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4496	+1.099%	$24K	$369K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4513	+1.168%	$408K	$2.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4520	+1.197%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4540	+1.279%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4543	+1.292%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4530	+1.238%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0541%	1h	2.4560	+1.362%	$351K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4540	+1.279%	$158K	$507K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1659%	1h	2.4562	+1.372%	$115K	$260K	20x	as long as short