Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against SunX−0.124%50s7-day average −0.064% · you buy dearer than you sell

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

Long on SunX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 3 days (all we have)+0.163%+$16 · spread now −0.124%, 7d avg −0.064%

Together, before fees+0.115%+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.059% cheaper against SunX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.064%. The two prices were read 50 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	SunX PENDLE-USDT	2.5065	0.0100	pay 0.0100% / 8h	1h 41m	$2K	$1.7M	20x
Short	Bitget PENDLEUSDT	2.5034	0.0100	get 0.0100% / 8h	1h 41m	$3.7M	$2.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.124%Rate

Funding earned: $0
Price spread: −0.124% → −0.064%: −$5.93
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$25.93
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 4 min ago; Bitget: live order book, 1 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 SunX live order book, 4 min ago	500.18 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	4.40 bp	21.4 bp −$21	54.7 bp −$547	doesn't fit	doesn't fit

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	−1.177%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0588%	1h	2.5052	−0.052%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5046	−0.075%	$11K	—	5x	as long as short
ApeX Omni PENDLEUSDT	+0.0019%	1h	2.4955	−0.439%	$76K	$240K	50x	as long as short
Orderly PERP_PENDLE_USDC	+0.0027%	8h	2.4997	−0.271%	$20K	$16K	10x	as long as short
Binance PENDLEUSDT	+0.0029%	8h	2.5006	−0.236%	$27.2M	$40.1M	75x	as long as short
MEXC PENDLE_USDT	+0.0029%	8h	2.5005	−0.239%	$16.9M	$2.1M	125x	as long as short
BloFin PENDLE-USDT	+0.0029%	8h	2.5013	−0.207%	$1.3M	$731K	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5015	−0.198%	$164K	$526K	10x	as long as short
Reya PENDLERUSDPERP	+0.0039%	1h	2.5002	−0.253%	$4K	—	15x	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	+0.0064%	8h	2.5033	−0.128%	$603K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4987	−0.310%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5036	−0.116%	$525K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5019	−0.183%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5057	−0.032%	$12.3M	$5.9M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5020	−0.181%	$42K	$175K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4992	−0.291%	$15.4M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5010	−0.219%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5040	−0.100%	$786K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5038	−0.108%	$893K	$623K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.5034	−0.124%	$3.7M	$2.7M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5024	−0.164%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5003	−0.246%	$25K	$409K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4964	−0.401%	$412K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5040	−0.100%	$16K	$19K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.5065	long leg	$2K	$1.7M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5023	−0.168%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5100	+0.140%	$139K	$461K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0751%	1h	2.5087	+0.089%	$147K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0789%	1h	2.5095	+0.120%	$357K	$461K	15x	as long as short