Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.037%

Price spread now: Bybit against Paradex+0.074%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 Bybit

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.074% dearer against Paradex than usual: you sell high and buy low, +$7 on $10k if it 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	2.5082	0.0100	pay 0.0100% / 8h	5h 17m	$35K	$15K	10x
Short	Bybit PENDLEUSDT	2.5100	0.0100	get 0.0100% / 8h	5h 17m	$15.0M	$12.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.074%Rate

Funding earned: $0
Price spread: +0.074% → 0.000%: $7.37
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$7.63
Costs to cover: 0.150%
Break-even: 19592174.2 days

Slippage unknown: Paradex: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	3.99 bp	15.2 bp −$15	46.5 bp −$465	268.0 bp −$26.8K	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	−0.4938%	1h	2.4520	−2.239%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0109%	1h	2.5047	−0.138%	$26K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0075%	8h	2.5090	+0.034%	$26.8M	$43.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0075%	8h	2.5096	+0.058%	$17.5M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5091	+0.038%	$163K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0054%	8h	2.5058	−0.094%	$1.3M	$653K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.5057	−0.098%	$20K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0021%	8h	2.5090	+0.032%	$48K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5100	+0.075%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.4945	−0.543%	$561K	$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	+0.0045%	8h	2.5060	−0.086%	$726K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0060%	1h	2.5102	+0.081%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5039	−0.169%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.5069	−0.051%	$418K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5100	+0.074%	$536K	$418K	5x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.5082	long leg	$35K	$15K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.5142	+0.241%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.5100	+0.074%	$15.0M	$12.2M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5110	+0.114%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5104	+0.090%	$857K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5093	+0.046%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5106	+0.098%	—	$33.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5019	−0.249%	$25K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4958	−0.492%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5116	+0.138%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5031	−0.201%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.5060	−0.085%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5120	+0.153%	$148K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0747%	1h	2.5079	−0.010%	$117K	$280K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0759%	1h	2.5093	+0.046%	$363K	$488K	15x	as long as short