Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0472%/8h= −51.7% APRpaid last 24h −0.153%

Price spread now: Bybit against Backpack−0.202%7-day average −0.176% · you buy dearer than you sell

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$510.515% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.877%−$88 on $10k

Price spread, last 4 days (all we have)+0.181%+$18 · spread now −0.202%, 7d avg −0.176%

Together, before fees−0.697%−$70 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Bybit is 0.026% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.176%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5261	0.0389	pay 0.0049% / 1h	29m 52s	$354K	$483K	15x
Short	Bybit PENDLEUSDT	2.5210	−0.0084	pay 0.0084% / 8h	6h 29m	$15.4M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Backpack. 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 BackpackbpFee BybitbpOrdersPrice spread, now −0.202%Rate

Funding earned: −$99.2
Price spread: −0.202% → −0.176%: −$2.56
Slippage, 4 orders: −$30.48
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$153.25
Costs to cover: 0.515%
Break-even: never at this rate

Slippage from Backpack: live order book, 39 min ago; Bybit: live order book, 4 min ago.

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 Backpack live order book, 39 min ago	1.57 bp	7.1 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	3.98 bp	15.9 bp −$16	48.5 bp −$485	485.0 bp −$48.5K	doesn't fit

PENDLE on 29 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	−0.4742%	1h	2.4830	−1.706%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0344%	1h	2.5218	−0.170%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0249%	1h	2.5126	−0.534%	$77K	$236K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0124%	8h	2.5140	−0.478%	$417K	$1.7M	10x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.5215	−0.181%	$168K	$566K	10x	as long as short
Binance PENDLEUSDT	−0.0119%	8h	2.5233	−0.111%	$27.2M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0118%	8h	2.5230	−0.123%	$17.4M	$1.8M	125x	as long as short
Bybit PENDLEUSDTshort	−0.0084%	8h	2.5210	−0.202%	$15.4M	$12.1M	50x
Variational Omni PENDLE	−0.0043%	8h	2.5131	−0.514%	$599K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5203	−0.230%	$20K	$16K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	−0.0008%	8h	2.5206	−0.218%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5157	−0.412%	$11K	—	5x	as long as short
Gate PENDLE_USDT	+0.0009%	8h	2.5230	−0.123%	$767K	$1.2M	75x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5199	−0.244%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0055%	1h	2.5166	−0.376%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5229	−0.127%	$537K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5132	−0.511%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5210	−0.202%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5232	−0.115%	$871K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5209	−0.206%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5217	−0.174%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5129	−0.524%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5186	−0.297%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5160	−0.400%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0101%	1h	2.5266	+0.020%	$13.0M	$6.4M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5186	−0.296%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0389%	1h	2.5261	long leg	$354K	$483K	15x
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5210	−0.202%	$146K	$472K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0863%	1h	2.5266	+0.018%	$117K	$290K	20x	as long as short