Funding arb · Price arb /

PENDLE

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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 −0.009%

Price spread now: Gate against SunX+0.076%7-day average −0.051% · you sell dearer than you buy

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

Long on SunX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now +0.076%, 7d avg −0.051%

Together, before fees−0.079%−$8 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: Gate is 0.127% dearer against SunX than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENDLE-USDT	2.5021	0.0100	pay 0.0100% / 8h	1h 41m	$2K	$1.7M	20x
Short	Gate PENDLE_USDT	2.5040	0.0100	get 0.0100% / 8h	1h 41m	$786K	$1.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.076%Rate

Funding earned: $0
Price spread: +0.076% → −0.051%: $12.67
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$10.33
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 4 min ago; Gate: 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 Gate live order book, 1 min ago	4.00 bp	25.3 bp −$25	203.1 bp −$2,031	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	−1.003%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0669%	1h	2.4994	−0.108%	$29K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5046	+0.101%	$11K	—	5x	as long as short
ApeX Omni PENDLEUSDT	+0.0019%	1h	2.4955	−0.264%	$76K	$240K	50x	as long as short
Orderly PERP_PENDLE_USDC	+0.0027%	8h	2.4997	−0.096%	$20K	$16K	10x	as long as short
Binance PENDLEUSDT	+0.0029%	8h	2.5005	−0.063%	$27.2M	$40.1M	75x	as long as short
MEXC PENDLE_USDT	+0.0029%	8h	2.4997	−0.096%	$16.9M	$2.1M	125x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.4982	−0.156%	$164K	$526K	10x	as long as short
Reya PENDLERUSDPERP	+0.0039%	1h	2.5002	−0.077%	$4K	—	15x	as long as short
BloFin PENDLE-USDT	+0.0050%	8h	2.4979	−0.168%	$1.3M	$730K	75x	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	+0.047%	$603K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4987	−0.134%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5010	−0.044%	$525K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5019	−0.008%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5057	+0.144%	$12.3M	$5.9M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5017	−0.014%	$42K	$175K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4990	−0.124%	$15.4M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4990	−0.124%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.5040	+0.076%	$786K	$1.1M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5033	+0.048%	$893K	$623K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5034	+0.052%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5024	+0.012%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5003	−0.071%	$25K	$409K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4964	−0.226%	$412K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5040	+0.076%	$16K	$19K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.5021	long leg	$2K	$1.7M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5023	+0.007%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5100	+0.316%	$139K	$461K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.5027	+0.026%	$147K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0789%	1h	2.5095	+0.296%	$357K	$461K	15x	as long as short