Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0027%/8h= +3.0% APRpaid last 24h −0.012%

Price spread now: Bybit against Reya−0.098%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 Bybit

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

Funding pays, the price is against you. Bybit is 0.098% cheaper against Reya than usual: you would sell low and buy high (spread −0.098% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 12 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.4435	0.0073	pay 0.0009% / 1h	41m 16s	$3K	—	15x
Short	Bybit PENDLEUSDT	2.4411	0.0100	get 0.0100% / 8h	2h 41m	$14.3M	$12.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.098%Rate

Funding earned: $5.68
Price spread: −0.098% → 0.000%: −$9.78
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$21.1
Costs to cover: 0.170%
Break-even: 33.0 days

Slippage unknown: Reya: no order-book sample; Bybit: 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 Bybit live order book, 2 min ago	2.05 bp	15.2 bp −$15	44.9 bp −$449	292.9 bp −$29.3K	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	−0.3926%	1h	2.4240	−0.798%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0053%	8h	2.4430	−0.020%	$717K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4427	−0.032%	$19K	$15K	10x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.4410	−0.102%	$157K	$579K	10x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.4408	−0.109%	$25.7M	$44.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.4428	−0.028%	$17.3M	$2.0M	125x	as long as short
BloFin PENDLE-USDT	−0.0003%	8h	2.4420	−0.061%	$1.1M	$599K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4466	+0.129%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4431	−0.016%	$24K	$15K	10x	as long as short
Reya PENDLERUSDPERPlong	+0.0073%	1h	2.4435	long leg	$3K	—	15x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4420	−0.061%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0092%	8h	2.4432	−0.010%	$46K	$171K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0094%	8h	2.4470	+0.144%	$405K	$2.1M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4433	−0.008%	$515K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4419	−0.063%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4473	+0.156%	$12.6M	$6.1M	5x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4411	−0.098%	$14.3M	$12.0M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4440	+0.021%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4445	+0.041%	$861K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4427	−0.032%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4431	−0.016%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4451	+0.065%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4457	+0.090%	$24K	$373K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4466	+0.127%	$74K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4459	+0.099%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4423	−0.049%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4427	−0.031%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0538%	1h	2.4498	+0.258%	$353K	$402K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4530	+0.389%	$154K	$520K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1192%	1h	2.4469	+0.139%	$115K	$263K	20x	as long as short