Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.5100%/8h= −558.4% APRpaid last 24h −0.459%

Price spread now: Injective against Paradex−1.260%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Injective

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 against this trade now: funding costs −$153 a day on $10k at the current rate, and Injective is 1.260% cheaper against Paradex than usual: you would sell low and buy high (−$126 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex PENDLE-USD-PERP	2.5258	0.0100	pay 0.0100% / 8h	28m 06s	$35K	$18K	10x
Short	Injective PENDLE/USDC PERP	2.4940	−0.5000	pay 0.0625% / 1h	28m 06s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.260%Rate

Funding earned: −$1,071
Price spread: −1.260% → 0.000%: −$126.02
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,201.04
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Injective: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—

Paradex and 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 PERPshort	−0.5000%	1h	2.4940	−1.260%	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0185%	1h	2.5283	+0.098%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5232	−0.104%	$77K	$240K	50x	as long as short
BloFin PENDLE-USDT	−0.0046%	8h	2.5256	−0.009%	$1.3M	$754K	75x	as long as short
MEXC PENDLE_USDT	−0.0033%	8h	2.5283	+0.098%	$17.1M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0032%	8h	2.5284	+0.102%	$27.3M	$42.1M	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5267	+0.035%	$166K	$528K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5287	+0.114%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5268	+0.038%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0040%	8h	2.5182	−0.302%	$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
GRVT PENDLE_USDT_Perp	+0.0044%	8h	2.5188	−0.279%	$417K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0045%	1h	2.5263	+0.019%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5281	+0.090%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5287	+0.114%	$533K	$416K	5x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.5258	long leg	$35K	$18K	10x
Aster PENDLEUSDT	+0.0100%	8h	2.5269	+0.042%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5260	+0.007%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5270	+0.046%	$3.3M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5260	+0.007%	$785K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5283	+0.098%	$890K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5259	+0.003%	$3.8M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5267	+0.034%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5230	−0.114%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5298	+0.157%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5269	+0.042%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5277	+0.075%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0311%	1h	2.5336	+0.308%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0592%	1h	2.5341	+0.327%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.323%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0790%	1h	2.5324	+0.260%	$334K	$492K	15x	as long as short