Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h +0.031%

Price spread now: BloFin against Reya−0.069%7-day average — · you buy dearer than you sell

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

Long on Reya Short on BloFin

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 against this trade now: funding costs −$1 a day on $10k at the current rate, and BloFin is 0.069% cheaper against Reya than usual: you would sell low and buy high (−$7 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	Reya PENDLERUSDPERP	2.4843	0.0042	pay 0.0005% / 1h	10m 39s	$4K	—	15x
Short	BloFin PENDLE-USDT	2.4826	0.0021	get 0.0021% / 8h	1h 10m	$1.3M	$731K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$4.34
Price spread: −0.069% → 0.000%: −$6.92
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$29.26
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; BloFin: live order book, 2 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 BloFin live order book, 2 min ago	0.40 bp	8.7 bp −$9	12.2 bp −$122	doesn't fit	doesn't fit

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	−0.295%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0474%	1h	2.4842	−0.005%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.4890	+0.188%	$76K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0012%	8h	2.4823	−0.083%	$26.7M	$41.1M	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.4806	−0.150%	$164K	$526K	10x	as long as short
MEXC PENDLE_USDT	−0.0007%	8h	2.4824	−0.077%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4872	+0.114%	$10K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0014%	8h	2.4846	+0.011%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDTshort	+0.0021%	8h	2.4826	−0.069%	$1.3M	$731K	75x
Reya PENDLERUSDPERPlong	+0.0042%	1h	2.4843	long leg	$4K	—	15x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0062%	8h	2.4872	+0.116%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.4869	+0.102%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4845	+0.007%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4835	−0.033%	$523K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4815	−0.114%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4861	+0.072%	$12.2M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4863	+0.081%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4810	−0.134%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4820	−0.093%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4830	−0.053%	$778K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4833	−0.041%	$886K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4793	−0.202%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4824	−0.077%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4864	+0.082%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4881	+0.152%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4859	+0.064%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4867	+0.096%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4860	+0.068%	$138K	$459K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0638%	1h	2.4883	+0.160%	$351K	$475K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0757%	1h	2.4897	+0.217%	$118K	$306K	20x	as long as short