Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0039%/8h= +4.3% APRpaid last 24h +0.030%

Price spread now: BingX against Reya+0.033%7-day average — · you sell dearer than you buy

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

Long on Reya Short on BingX

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 airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BingX is 0.033% dearer against Reya than usual: you sell high and buy low: +$3 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	Reya PENDLERUSDPERP	2.5014	0.0061	pay 0.0008% / 1h	15m 33s	$4K	—	15x
Short	BingX PENDLE-USDT	2.5022	0.0100	get 0.0100% / 8h	5h 15m	—	$33.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Reya. 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 ReyabpFee BingXbpOrdersPrice spread, now +0.033%Rate

Funding earned: $8.28
Price spread: +0.033% → 0.000%: $3.28
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee BingX: 5 bp × 2 orders: −$10
Net: −$4.45
Costs to cover: 0.160%
Break-even: 10.8 days

Slippage unknown: Reya: no order-book sample; BingX: live order book, 3 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 Reya no order-book sample	—	—	—	—	—
Sell BingX live order book, 3 min ago	3.79 bp	13.4 bp −$13	26.9 bp −$269	164.7 bp −$16.5K	436.2 bp −$218.1K

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	−0.4938%	1h	2.4720	−1.175%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0096%	8h	2.5093	+0.317%	$1.3M	$655K	75x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.5015	+0.005%	$26.7M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.5008	−0.023%	$17.5M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5001	−0.053%	$163K	$570K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0069%	1h	2.5032	+0.073%	$26K	$14K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5036	+0.089%	$20K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0023%	8h	2.5020	+0.026%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5028	+0.057%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0017%	8h	2.5015	+0.005%	$563K	$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	+0.0042%	8h	2.5020	+0.025%	$725K	$1.1M	75x	as long as short
Reya PENDLERUSDPERPlong	+0.0061%	1h	2.5014	long leg	$4K	—	15x
Aevo PENDLE-PERP	+0.0064%	1h	2.5019	+0.021%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0084%	8h	2.5085	+0.285%	$415K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5014	+0.001%	$534K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5003	−0.043%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5065	+0.205%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5002	−0.047%	$15.0M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5010	−0.015%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5033	+0.077%	$855K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5007	−0.027%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.5022	+0.033%	—	$33.6M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5077	+0.251%	$25K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5085	+0.285%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5036	+0.089%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5024	+0.041%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.5037	+0.092%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5100	+0.345%	$148K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0747%	1h	2.5079	+0.263%	$117K	$277K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0783%	1h	2.5067	+0.213%	$362K	$488K	15x	as long as short