Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1176%/8h= +128.7% APRpaid last 24h +0.106%

Price spread now: Backpack against BingX+0.254%7-day average +0.150% · you sell dearer than you buy

Net, funding: paid 7d − costs+$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$420.418% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.702%+$70 on $10k

Price spread, last 4 days (all we have)−0.236%−$24 · spread now +0.254%, 7d avg +0.150%

Together, before fees+0.466%+$47 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$35 a day on $10k at the current rate, and Backpack is 0.105% dearer against BingX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.150%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.702% in total (about 36.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENDLE-USDT	2.5148	0.0100	pay 0.0100% / 8h	55m 57s	—	$35.7M	—
Short	Backpack PENDLE_USDC_PERP	2.5212	0.1276	get 0.0159% / 1h	55m 57s	$327K	$492K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.254%Rate

Funding earned: $246.89
Price spread: +0.254% → +0.150%: $10.49
Slippage, 4 orders: −$21.75
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $215.62
Costs to cover: 0.418%
Break-even: 0.9 days

Slippage from BingX: live order book, 8 min ago; Backpack: live order book, 23 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 BingX live order book, 8 min ago	3.81 bp	11.7 bp −$12	26.5 bp −$265	229.1 bp −$22.9K	421.4 bp −$210.7K
Sell Backpack live order book, 23 min ago	2.00 bp	8.4 bp −$8	30.5 bp −$305	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	−0.5000%	1h	2.4740	−1.622%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0049%	1h	2.5046	−0.406%	$76K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5139	−0.035%	$165K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0008%	8h	2.5160	+0.048%	$17.0M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.5164	+0.064%	$27.2M	$41.5M	75x	as long as short
BloFin PENDLE-USDT	−0.0007%	8h	2.5102	−0.183%	$1.3M	$755K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5106	−0.166%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5165	+0.068%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0009%	8h	2.5151	+0.012%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5148	0.000%	$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	+0.0061%	8h	2.4982	−0.662%	$552K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0065%	8h	2.5031	−0.465%	$416K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5147	−0.004%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5160	+0.048%	$530K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5106	−0.166%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5207	+0.235%	$12.4M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5157	+0.035%	$44K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5160	+0.048%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5170	+0.087%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5160	+0.048%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5177	+0.115%	$895K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5154	+0.024%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.5148	long leg	—	$35.7M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5027	−0.481%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5165	+0.068%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5174	+0.103%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5161	+0.050%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5212	+0.255%	$119K	$303K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5140	−0.032%	$140K	$457K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.1276%	1h	2.5212	+0.254%	$327K	$492K	15x