Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0058%/8h= −6.4% APRpaid last 24h −0.035%

Price spread now: Reya against Paradex+0.130%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 Reya

What this pair did over the last

the charts below follow

Funding, last 3 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 · Reya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Reya is 0.130% dearer against Paradex than usual: you sell high and buy low (spread +0.130% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex PENDLE-USD-PERP	2.4877	0.0100	pay 0.0100% / 8h	1h 09m	$35K	$20K	10x
Short	Reya PENDLERUSDPERP	2.4909	0.0042	get 0.0005% / 1h	9m 13s	$4K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.130%Rate

Funding earned: −$12.22
Price spread: +0.130% → 0.000%: $13.04
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Reya: 3 bp × 2 orders: −$6
Net: −$9.19
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Reya: 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 Reya no order-book sample	—	—	—	—	—

Paradex and Reya: 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	−0.3656%	1h	2.4770	−0.428%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0272%	1h	2.4898	+0.086%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.4890	+0.054%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0035%	8h	2.4871	−0.022%	$1.3M	$742K	75x	as long as short
Extended PENDLE-USD	−0.0016%	1h	2.4870	−0.026%	$164K	$526K	10x	as long as short
Binance PENDLEUSDT	−0.0016%	8h	2.4901	+0.098%	$26.8M	$41.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0011%	8h	2.4886	+0.038%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4853	−0.094%	$10K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0013%	8h	2.4892	+0.062%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERPshort	+0.0042%	1h	2.4909	+0.130%	$4K	—	15x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0058%	8h	2.4827	−0.201%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.4869	−0.032%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4877	+0.001%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4884	+0.030%	$525K	$426K	5x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.4877	long leg	$35K	$20K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4905	+0.114%	$12.2M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4865	−0.046%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4890	+0.054%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4890	+0.054%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4870	−0.026%	$779K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4897	+0.082%	$889K	$612K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4875	−0.006%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4880	+0.014%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4840	−0.148%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4926	+0.199%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4901	+0.098%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4911	+0.141%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4900	+0.094%	$138K	$460K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0634%	1h	2.4937	+0.243%	$352K	$475K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4942	+0.263%	$118K	$306K	20x	as long as short