Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.5100%/8h= +558.5% APRpaid last 24h +0.459%

Price spread now: SunX against Injective+1.034%61s7-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 SunX

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—needs both histories

Both sides work for this trade now. Funding pays +$153 a day on $10k at the current rate, and SunX is 1.034% dearer against Injective than usual: you sell high and buy low: +$103 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.4940	−0.5000	get 0.0625% / 1h	29m 52s	$2K	$54K	5.5x
Short	SunX PENDLE-USDT	2.5198	0.0100	get 0.0100% / 8h	29m 52s	$2K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +1.034%Rate

Funding earned: $1,071
Price spread: +1.034% → 0.000%: $103.45
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee SunX: 4 bp × 2 orders: −$8
Net: $1,166.43
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; SunX: live order book, 5 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 SunX live order book, 5 min ago	500.17 bp	doesn't fit	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	−0.5000%	1h	2.4940	long leg	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0266%	1h	2.5203	+1.055%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5232	+1.171%	$77K	$240K	50x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5190	+1.004%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0031%	8h	2.5199	+1.038%	$27.2M	$42.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0029%	8h	2.5200	+1.043%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0019%	8h	2.5189	+0.998%	$1.3M	$752K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0002%	8h	2.5200	+1.043%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5217	+1.111%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0040%	8h	2.5182	+0.971%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0045%	1h	2.5199	+1.039%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0047%	8h	2.5223	+1.134%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5199	+1.039%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5199	+1.038%	$531K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5179	+0.960%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5193	+1.014%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5180	+0.962%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5190	+1.002%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5180	+0.962%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5228	+1.155%	$893K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5192	+1.010%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5197	+1.030%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5230	+1.161%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5224	+1.139%	$16K	$20K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.5198	+1.034%	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5215	+1.103%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0281%	1h	2.5255	+1.263%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5239	+1.197%	$119K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+1.604%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0776%	1h	2.5241	+1.207%	$333K	$492K	15x	as long as short