Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h +0.025%

Price spread now: Gate 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 Gate

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. Gate 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 6.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.5175	0.0047	pay 0.0006% / 1h	9m 24s	$4K	—	15x
Short	Gate PENDLE_USDT	2.5150	0.0100	get 0.0100% / 8h	9m 24s	$777K	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.098%Rate

Funding earned: $11.21
Price spread: −0.098% → 0.000%: −$9.8
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$19.59
Costs to cover: 0.210%
Break-even: 19.2 days

Slippage unknown: Reya: no order-book sample; Gate: 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 Gate live order book, 3 min ago	3.98 bp	15.6 bp −$16	156.4 bp −$1,564	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	−0.5000%	1h	2.4940	−0.932%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0505%	1h	2.5157	−0.070%	$28K	$11K	10x	as long as short
Binance PENDLEUSDT	−0.0069%	8h	2.5179	+0.017%	$27.2M	$42.2M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.5150	−0.098%	$77K	$239K	50x	as long as short
MEXC PENDLE_USDT	−0.0065%	8h	2.5168	−0.026%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.5141	−0.135%	$165K	$528K	10x	as long as short
BloFin PENDLE-USDT	−0.0047%	8h	2.5102	−0.289%	$1.3M	$707K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0009%	8h	2.5179	+0.017%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5181	+0.026%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0015%	8h	2.5107	−0.269%	$416K	$1.6M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0022%	8h	2.5081	−0.371%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERPlong	+0.0047%	1h	2.5175	long leg	$4K	—	15x
Aevo PENDLE-PERP	+0.0064%	1h	2.5180	+0.020%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5169	−0.022%	$530K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5153	−0.085%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5174	−0.004%	$47K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5170	−0.019%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5180	+0.021%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.5150	−0.098%	$777K	$1.2M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5149	−0.102%	$883K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5156	−0.074%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5158	−0.066%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5152	−0.089%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5188	+0.053%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5153	−0.086%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5195	+0.079%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0330%	1h	2.5216	+0.164%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5205	+0.122%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.657%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0665%	1h	2.5201	+0.105%	$331K	$489K	15x	as long as short