Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0012%/8h= −1.4% APRpaid last 24h −0.021%

Price spread now: Reya against SunX−0.097%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 Reya

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Reya is 0.097% cheaper against SunX than usual: you would sell low and buy high (−$10 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	2.4241	0.0100	pay 0.0100% / 8h	7h 39m	$1K	$1.8M	20x
Short	Reya PENDLERUSDPERP	2.4217	0.0088	get 0.0011% / 1h	39m 50s	$3K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.097%Rate

Funding earned: −$2.62
Price spread: −0.097% → 0.000%: −$9.71
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Reya: 3 bp × 2 orders: −$6
Net: −$26.33
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 6 min ago; Reya: 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, 6 min ago	499.30 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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	−0.3627%	1h	2.4010	−0.953%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0736%	8h	2.4270	+0.120%	$403K	$2.6M	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0410%	1h	2.4235	−0.025%	$25K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0186%	8h	2.4250	+0.037%	$769K	$991K	75x	as long as short
BloFin PENDLE-USDT	−0.0061%	8h	2.4234	−0.029%	$1.1M	$503K	75x	as long as short
Binance PENDLEUSDT	−0.0048%	8h	2.4238	−0.013%	$25.4M	$45.8M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4228	−0.054%	$156K	$924K	10x	as long as short
MEXC PENDLE_USDT	−0.0048%	8h	2.4238	−0.012%	$18.0M	$2.1M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.4226	−0.062%	$18K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0006%	1h	2.4284	+0.177%	$74K	$231K	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	2.4263	+0.091%	$10K	—	5x	as long as short
Bybit PENDLEUSDT	+0.0033%	8h	2.4232	−0.037%	$14.0M	$11.9M	50x	as long as short
Aster PENDLEUSDT	+0.0066%	8h	2.4243	+0.009%	$47K	$168K	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4219	−0.089%	$25K	—	3x	as long as short
Reya PENDLERUSDPERPshort	+0.0088%	1h	2.4217	−0.097%	$3K	—	15x
Lighter PENDLE	+0.0096%	1h	2.4244	+0.012%	$522K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4217	−0.097%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4267	+0.107%	$12.7M	$6.0M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4240	−0.004%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4254	+0.054%	$686K	$601K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4233	−0.033%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4243	+0.008%	—	$8.3M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4221	−0.082%	$564K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4278	+0.153%	$24K	$370K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4230	−0.045%	$16K	$4K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.4241	long leg	$1K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4283	+0.172%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4310	+0.285%	$163K	$516K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0745%	1h	2.4295	+0.223%	$358K	$432K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1278%	1h	2.4290	+0.201%	$115K	$256K	20x	as long as short