Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.4743%/8h= −519.4% APRpaid last 24h −0.522%

Price spread now: Injective against SunX−1.152%61s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 −$142 a day on $10k at the current rate, and Injective is 1.152% cheaper against SunX than usual: you would sell low and buy high (−$115 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 61 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	2.5261	0.0100	pay 0.0100% / 8h	7h 20m	$2K	$1.8M	20x
Short	Injective PENDLE/USDC PERP	2.4970	−0.4643	pay 0.0580% / 1h	20m 20s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.152%Rate

Funding earned: −$996.06
Price spread: −1.152% → 0.000%: −$115.2
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,119.28
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 5 min ago; Injective: 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, 5 min ago	500.15 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.4643%	1h	2.4970	−1.152%	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0541%	1h	2.5262	+0.004%	$26K	$14K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0098%	8h	2.5295	+0.134%	$419K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0090%	8h	2.5257	−0.015%	$27.3M	$42.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0090%	8h	2.5260	−0.004%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.5253	−0.034%	$165K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0079%	8h	2.5271	+0.040%	$1.3M	$685K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0022%	8h	2.5264	+0.012%	$20K	$16K	10x	as long as short
Bybit PENDLEUSDT	−0.0017%	8h	2.5246	−0.059%	$15.5M	$11.9M	50x	as long as short
ApeX Omni PENDLEUSDT	−0.0006%	1h	2.5283	+0.087%	$77K	$238K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.5271	+0.039%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0002%	8h	2.5241	−0.080%	$608K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5265	+0.014%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5260	−0.003%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0056%	8h	2.5296	+0.140%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5265	+0.016%	$537K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5255	−0.025%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5240	−0.083%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5270	+0.036%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5282	+0.083%	$888K	$586K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5280	+0.075%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5258	−0.012%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5283	+0.087%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5273	+0.048%	$16K	$20K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.5261	long leg	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5279	+0.071%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0370%	1h	2.5320	+0.234%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0615%	1h	2.5315	+0.212%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5410	+0.590%	$141K	$444K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0882%	1h	2.5315	+0.214%	$354K	$490K	15x	as long as short