Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0035%/8h= +3.9% APRpaid last 24h +0.028%

Price spread now: Paradex against Reya−0.067%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 Paradex

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 · Paradex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.067% cheaper against Reya than usual: you would sell low and buy high (spread −0.067% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 6.2 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	2.4667	0.0065	pay 0.0008% / 1h	25m 51s	$3K	—	15x
Short	Paradex PENDLE-USD-PERP	2.4650	0.0100	get 0.0100% / 8h	4h 25m	$34K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.067%Rate

Funding earned: $7.45
Price spread: −0.067% → 0.000%: −$6.65
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$9.2
Costs to cover: 0.100%
Break-even: 15.6 days

Slippage unknown: Reya: no order-book sample; Paradex: no order-book sample. 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 Paradex no order-book sample	—	—	—	—	—

Reya and Paradex: 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	−0.4334%	1h	2.4340	−1.324%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0155%	1h	2.4678	+0.046%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0071%	8h	2.4684	+0.071%	$1.1M	$606K	75x	as long as short
Gate PENDLE_USDT	−0.0050%	8h	2.4670	+0.014%	$720K	$1.1M	75x	as long as short
Binance PENDLEUSDT	−0.0048%	8h	2.4626	−0.164%	$26.1M	$43.7M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4623	−0.175%	$159K	$574K	10x	as long as short
MEXC PENDLE_USDT	−0.0044%	8h	2.4634	−0.132%	$17.2M	$2.0M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4676	+0.038%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0033%	8h	2.4681	+0.057%	$47K	$179K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4665	−0.005%	$10K	—	5x	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	+0.0048%	8h	2.4650	−0.065%	$553K	$1.5M	—	as long as short
Reya PENDLERUSDPERPlong	+0.0065%	1h	2.4667	long leg	$3K	—	15x
Aevo PENDLE-PERP	+0.0072%	1h	2.4659	−0.031%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4654	−0.051%	$517K	$424K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.4650	−0.067%	$34K	$13K	10x
Bybit PENDLEUSDT	+0.0100%	8h	2.4620	−0.189%	$14.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4640	−0.108%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4648	−0.075%	$866K	$578K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4635	−0.128%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4619	−0.193%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4713	+0.187%	$24K	$378K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4727	+0.245%	$414K	$1.9M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4768	+0.411%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4688	+0.087%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4690	+0.095%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4677	+0.043%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0405%	1h	2.4663	−0.015%	$12.7M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+0.622%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0739%	1h	2.4698	+0.127%	$357K	$468K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4681	+0.058%	$115K	$269K	20x	as long as short