Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h −0.001%

Price spread now: Extended against Binance−0.015%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$510.512% of the position

Long on Binance Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.056%−$6 · spread now −0.015%, 7d avg −0.080%

Together, before fees−0.053%+ Points / potential airdropExtended: Active · farm board−$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.065% dearer against Binance than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.4161	−0.0067	get 0.0067% / 8h	4h 09m	$24.9M	$47.3M	75x
Short	Extended PENDLE-USD	2.4157	−0.0064	pay 0.0008% / 1h	9m 53s	$155K	$938K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.015%Rate

Funding earned: $0.53
Price spread: −0.015% → −0.080%: $6.51
Slippage, 4 orders: −$36.2
Fee Binance: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$44.16
Costs to cover: 0.512%
Break-even: 588.8 days

Slippage from Binance: live order book, 10 min ago; Extended: live order book, 31 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, 10 min ago	0.21 bp	12.4 bp −$12	25.7 bp −$257	178.4 bp −$17.8K	doesn't fit
Sell Extended live order book, 31 min ago	1.03 bp	14.0 bp −$14	95.7 bp −$957	doesn't fit	doesn't fit

PENDLE on 30 exchanges

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	−0.3596%	1h	2.3930	−0.955%	$2K	$52K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0138%	1h	2.4162	+0.003%	$125K	$255K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0081%	1h	2.4134	−0.111%	$24K	$10K	10x	as long as short
Binance PENDLEUSDTlong	−0.0067%	8h	2.4161	long leg	$24.9M	$47.3M	75x
Extended PENDLE-USDshort	−0.0064%	1h	2.4157	−0.015%	$155K	$938K	10x
MEXC PENDLE_USDT	−0.0061%	8h	2.4160	−0.003%	$18.6M	$2.1M	125x	as long as short
BloFin PENDLE-USDT	−0.0041%	8h	2.4146	−0.061%	$1.1M	$523K	75x	as long as short
Aster PENDLEUSDT	−0.0030%	8h	2.4166	+0.020%	$50K	$165K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0007%	8h	2.4129	−0.131%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4182	+0.087%	$10K	—	5x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0057%	8h	2.4240	+0.329%	$408K	$3.3M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4127	−0.140%	$25K	—	3x	as long as short
Variational Omni PENDLE	+0.0087%	8h	2.4123	−0.155%	$553K	$862K	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4149	−0.049%	$641K	$538K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4134	−0.110%	$34K	—	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4152	−0.036%	$14.5M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4170	+0.038%	$3.1M	$6.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4140	−0.086%	$810K	$933K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4157	−0.016%	$635K	$503K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4162	+0.005%	$3.9M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4154	−0.028%	—	$8.1M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4251	+0.374%	$22K	$361K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4211	+0.208%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4146	−0.061%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4138	−0.094%	$2K	$1.8M	20x	as long as short
Reya PENDLERUSDPERP	+0.0104%	1h	2.4133	−0.114%	$3K	—	15x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0174% / S −0.0164%	1h	2.4137	−0.096%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0204%	1h	2.4174	+0.055%	$12.9M	$5.8M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.4250	+0.369%	$163K	$533K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1060%	1h	2.4183	+0.092%	$360K	$382K	15x	as long as short