Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0055%/8h= +6.1% APRpaid last 24h +0.003%

Price spread now: edgeX against Binance+0.331%100s7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.381% of the position

Long on Binance Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 3 days (all we have)+0.080%+$8 · spread now +0.331%, 7d avg −0.019%

Together, before fees+0.149%+ Points / potential airdropedgeX: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and edgeX is 0.350% dearer against Binance than usual: you sell high and buy low: +$35 more if the spread goes back to its 7-day average of −0.019%. The two prices were read 100 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	Binance PENDLEUSDT	2.5052	0.0045	pay 0.0045% / 8h	2h 11m	$27.2M	$39.5M	75x
Short	edgeX PENDLEUSDC	2.5135	0.0100	get 0.0050% / 4h	2h 11m	$25K	$413K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Binance. 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 BinancebpFee edgeXbpOrdersPrice spread, now +0.331%Rate

Funding earned: $11.63
Price spread: +0.331% → −0.019%: $34.99
Slippage, 4 orders: −$19.11
Fee Binance: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $8.51
Costs to cover: 0.381%
Break-even: 1.9 days

Slippage from Binance: live order book, 15 min ago; edgeX: live order book, 12 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 Binance live order book, 15 min ago	0.79 bp	12.6 bp −$13	30.6 bp −$306	doesn't fit	doesn't fit
Sell edgeX live order book, 12 min ago	1.19 bp	6.1 bp −$6	62.8 bp −$628	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	−0.4806%	1h	2.4840	−0.846%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0432%	1h	2.5077	+0.100%	$149K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0029%	1h	2.5070	+0.072%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5079	+0.109%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5068	+0.064%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5062	+0.040%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5052	0.000%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDTlong	+0.0045%	8h	2.5052	long leg	$27.2M	$39.5M	75x
BloFin PENDLE-USDT	+0.0046%	8h	2.5067	+0.060%	$1.3M	$738K	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5049	−0.010%	$165K	$524K	10x	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	+0.0055%	8h	2.5174	+0.486%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0077%	1h	2.5130	+0.311%	$77K	$239K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5064	+0.049%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5065	+0.052%	$543K	$397K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5060	+0.030%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5089	+0.148%	$12.3M	$5.7M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5065	+0.053%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5040	−0.048%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5070	+0.072%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5080	+0.112%	$851K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5062	+0.040%	$891K	$606K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5062	+0.040%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5058	+0.024%	—	$36.3M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.5135	+0.331%	$25K	$413K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	+0.485%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5080	+0.112%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5074	+0.088%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5068	+0.065%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5090	+0.152%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0840%	1h	2.5121	+0.275%	$362K	$460K	15x	as long as short