Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0439%/8h= +48.1% APRpaid last 24h +0.145%

Price spread now: Backpack against Paradex+0.259%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Backpack

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 airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Backpack is 0.259% dearer against Paradex than usual: you sell high and buy low: +$26 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	Paradex PENDLE-USD-PERP	2.4494	0.0100	pay 0.0100% / 8h	1h 08m	$34K	$7K	10x
Short	Backpack PENDLE_USDC_PERP	2.4557	0.0539	get 0.0067% / 1h	8m 09s	$351K	$434K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now +0.259%Rate

Funding earned: $92.22
Price spread: +0.259% → 0.000%: $25.9
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $104.11
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Backpack: live order book, 36 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 Paradex no order-book sample	—	—	—	—	—
Sell Backpack live order book, 36 min ago	1.63 bp	9.4 bp −$9	532.7 bp −$5,327	doesn't fit	doesn't fit

Paradex: 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 PERP	−0.4348%	1h	2.4230	−1.076%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0443%	1h	2.4506	+0.051%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0017%	8h	2.4502	+0.034%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4546	+0.212%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0018%	8h	2.4505	+0.047%	$1.1M	$478K	75x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4495	+0.006%	$158K	$471K	10x	as long as short
Binance PENDLEUSDT	+0.0025%	8h	2.4495	+0.006%	$25.8M	$45.3M	75x	as long as short
MEXC PENDLE_USDT	+0.0025%	8h	2.4495	+0.006%	$17.5M	$2.0M	125x	as long as short
Gate PENDLE_USDT	+0.0043%	8h	2.4520	+0.108%	$784K	$1.0M	75x	as long as short
Reya PENDLERUSDPERP	+0.0080%	1h	2.4508	+0.060%	$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	+0.051%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4510	+0.067%	$519K	$417K	5x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.4494	long leg	$34K	$7K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4532	+0.157%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4504	+0.043%	$46K	$168K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4494	+0.002%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4510	+0.067%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4520	+0.108%	$872K	$549K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4507	+0.055%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4508	+0.059%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4490	−0.013%	$595K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4496	+0.011%	$24K	$369K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4513	+0.079%	$408K	$2.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4520	+0.108%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4530	+0.149%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4526	+0.132%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4513	+0.080%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0539%	1h	2.4557	+0.259%	$351K	$434K	15x
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4540	+0.190%	$158K	$507K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1659%	1h	2.4569	+0.307%	$115K	$260K	20x	as long as short