Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h +0.037%

Price spread now: SunX against Reya+0.047%7-day average — · you sell dearer than you buy

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

Long on Reya Short on SunX

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and SunX is 0.047% dearer against Reya than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.5185	0.0035	pay 0.0004% / 1h	30m 54s	$4K	—	15x
Short	SunX PENDLE-USDT	2.5197	0.0100	get 0.0100% / 8h	2h 30m	$2K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.047%Rate

Funding earned: $13.61
Price spread: +0.047% → 0.000%: $4.69
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee SunX: 4 bp × 2 orders: −$8
Net: $4.3
Costs to cover: 0.140%
Break-even: 4.8 days

Slippage unknown: Reya: no order-book sample; SunX: live order book, 4 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 SunX live order book, 4 min ago	500.15 bp	doesn't fit	doesn't fit	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	−0.4806%	1h	2.4860	−1.291%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5264	+0.311%	$150K	$279K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5179	−0.023%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5219	+0.134%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0005%	1h	2.5151	−0.136%	$77K	$240K	50x	as long as short
Variational Omni PENDLE	+0.0024%	8h	2.5124	−0.242%	$609K	$2.3M	—	as long as short
Reya PENDLERUSDPERPlong	+0.0035%	1h	2.5185	long leg	$4K	—	15x
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5213	+0.110%	$25K	$11K	10x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5225	+0.158%	$17.0M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0047%	8h	2.5224	+0.154%	$27.5M	$39.2M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0048%	1h	2.5219	+0.134%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0065%	8h	2.5205	+0.079%	$1.3M	$746K	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5232	+0.186%	$546K	$385K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5209	+0.096%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5169	−0.062%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5258	+0.289%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5221	+0.141%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5210	+0.099%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5230	+0.178%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	+0.099%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5198	+0.051%	$912K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5216	+0.122%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5221	+0.142%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5148	−0.146%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5180	−0.022%	$416K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5209	+0.095%	$16K	$19K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.5197	+0.047%	$2K	$1.7M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5204	+0.076%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5250	+0.257%	$116K	$432K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0795%	1h	2.5272	+0.345%	$366K	$465K	15x	as long as short