Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.003%

Price spread now: Aevo against SunX−0.108%7-day average — · you buy dearer than you sell

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

Long on SunX Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Aevo is 0.108% cheaper against SunX than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENDLE-USDT	2.4498	0.0100	pay 0.0100% / 8h	1h 03m	$2K	$1.8M	20x
Short	Aevo PENDLE-PERP	2.4472	0.0088	get 0.0011% / 1h	3m 50s	$26K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against SunX. 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 SunXbpFee AevobpOrdersPrice spread, now −0.108%Rate

Funding earned: −$2.52
Price spread: −0.108% → 0.000%: −$10.78
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$37.3
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 12 min ago; Aevo: 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 SunX live order book, 12 min ago	500.17 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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	−0.4348%	1h	2.4230	−1.094%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0566%	1h	2.4490	−0.033%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0018%	8h	2.4477	−0.086%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4524	+0.106%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0015%	8h	2.4497	−0.004%	$1.1M	$477K	75x	as long as short
MEXC PENDLE_USDT	+0.0022%	8h	2.4502	+0.016%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0022%	8h	2.4496	−0.009%	$25.9M	$45.4M	75x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4489	−0.039%	$158K	$471K	10x	as long as short
Gate PENDLE_USDT	+0.0048%	8h	2.4500	+0.008%	$788K	$1.0M	75x	as long as short
Reya PENDLERUSDPERP	+0.0081%	1h	2.4479	−0.077%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERPshort	+0.0088%	1h	2.4472	−0.108%	$26K	—	3x
Lighter PENDLE	+0.0096%	1h	2.4494	−0.016%	$519K	$417K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4483	−0.061%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4542	+0.180%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4491	−0.030%	$46K	$169K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4485	−0.053%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4510	+0.049%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4515	+0.069%	$872K	$549K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4509	+0.045%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4502	+0.016%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4496	−0.009%	$595K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4502	+0.017%	$24K	$370K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4496	−0.007%	$412K	$2.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4508	+0.041%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4500	+0.008%	$16K	$4K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.4498	long leg	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4497	−0.003%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0524%	1h	2.4551	+0.216%	$351K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4510	+0.049%	$157K	$506K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1661%	1h	2.4545	+0.190%	$115K	$260K	20x	as long as short