Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h −0.037%

Price spread now: Bybit against Aevo+0.050%49s7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Bybit

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 for this trade now. Funding pays $0 a day on $10k at the current rate, and Bybit is 0.050% dearer against Aevo than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 49 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	Aevo PENDLE-PERP	2.4893	0.0088	pay 0.0011% / 1h	31m 25s	$26K	—	3x
Short	Bybit PENDLEUSDT	2.4905	0.0100	get 0.0100% / 8h	1h 31m	$15.3M	$11.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aevo. 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 AevobpFee BybitbpOrdersPrice spread, now +0.050%Rate

Funding earned: $2.52
Price spread: +0.050% → 0.000%: $5.02
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$19.46
Costs to cover: 0.270%
Break-even: 61.1 days

Slippage unknown: Aevo: no order-book sample; Bybit: live order book, 2 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 Aevo no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	4.02 bp	19.3 bp −$19	47.4 bp −$474	269.3 bp −$26.9K	doesn't fit

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	−0.3656%	1h	2.4770	−0.492%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0432%	1h	2.4898	+0.022%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0109%	1h	2.4948	+0.223%	$76K	$240K	50x	as long as short
BloFin PENDLE-USDT	−0.0001%	8h	2.4932	+0.159%	$1.3M	$740K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4929	+0.146%	$10K	—	5x	as long as short
Binance PENDLEUSDT	+0.0011%	8h	2.4914	+0.086%	$27.0M	$40.4M	75x	as long as short
MEXC PENDLE_USDT	+0.0014%	8h	2.4915	+0.090%	$16.8M	$2.1M	125x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4904	+0.045%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0023%	8h	2.4901	+0.034%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0040%	1h	2.4917	+0.097%	$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	+0.0057%	8h	2.4947	+0.219%	$552K	$2.0M	—	as long as short
Aevo PENDLE-PERPlong	+0.0088%	1h	2.4893	long leg	$26K	—	3x
GRVT PENDLE_USDT_Perp	+0.0092%	8h	2.4914	+0.086%	$419K	$1.6M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4916	+0.094%	$524K	$423K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4912	+0.078%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4955	+0.251%	$12.4M	$5.9M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4932	+0.157%	$43K	$173K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4905	+0.050%	$15.3M	$11.9M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4920	+0.110%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4890	−0.010%	$780K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4932	+0.159%	$891K	$613K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4903	+0.042%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4916	+0.094%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4935	+0.171%	$25K	$412K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4945	+0.211%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4917	+0.098%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4934	+0.168%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5010	+0.472%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0676%	1h	2.4947	+0.219%	$354K	$471K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4945	+0.210%	$134K	$290K	20x	as long as short