Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0059%/8h= +6.5% APRpaid last 24h +0.035%

Price spread now: edgeX against Reya−0.233%65s7-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 edgeX

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 · edgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 0.233% cheaper against Reya than usual: you would sell low and buy high (spread −0.233% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$23 on $10k: about 13 days of funding at the current rate (+$2 a day). The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.4942	0.0041	pay 0.0005% / 1h	21m 41s	$4K	—	15x
Short	edgeX PENDLEUSDC	2.4884	0.0100	get 0.0050% / 4h	1h 21m	$25K	$396K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.233%Rate

Funding earned: $12.44
Price spread: −0.233% → 0.000%: −$23.34
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$25.89
Costs to cover: 0.150%
Break-even: 21.6 days

Slippage unknown: Reya: no order-book sample; edgeX: live order book, 62 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 edgeX live order book, 62 min ago	1.19 bp	6.1 bp −$6	62.8 bp −$628	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	−0.691%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0110%	1h	2.4964	+0.087%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0050%	1h	2.4903	−0.158%	$76K	$239K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4968	+0.104%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4961	+0.075%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4960	+0.072%	$26.9M	$40.8M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4945	+0.011%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0020%	8h	2.4948	+0.022%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0025%	8h	2.4921	−0.086%	$1.3M	$736K	75x	as long as short
Reya PENDLERUSDPERPlong	+0.0041%	1h	2.4942	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	+0.0064%	8h	2.4887	−0.223%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4945	+0.009%	$414K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4959	+0.067%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4969	+0.107%	$525K	$423K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4944	+0.005%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5008	+0.263%	$12.4M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4967	+0.100%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4952	+0.038%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4970	+0.111%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4950	+0.030%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4961	+0.075%	$892K	$614K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4939	−0.014%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4958	+0.063%	—	$36.2M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4884	−0.233%	$25K	$396K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4976	+0.135%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4964	+0.087%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4967	+0.098%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4980	+0.151%	$138K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0673%	1h	2.5009	+0.267%	$353K	$474K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.5010	+0.272%	$120K	$304K	20x	as long as short