Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0108%/8h= −11.8% APRpaid last 24h −0.005%

Price spread now: Extended against BingX−0.038%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

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

costs, in and out, $10k−$560.558% of the position

Long on BingX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 4 days (all we have)+0.026%+$3 · spread now −0.038%, 7d avg −0.053%

Together, before fees−0.003%+ Points / potential airdropExtended: Active · farm board$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.053%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENDLE-USDT	2.5370	0.0100	pay 0.0100% / 8h	49m 21s	—	$35.7M	—
Short	Extended PENDLE-USD	2.5360	−0.0008	pay 0.0001% / 1h	49m 21s	$167K	$528K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$22.68
Price spread: −0.038% → −0.053%: $1.5
Slippage, 4 orders: −$40.83
Fee BingX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$77.01
Costs to cover: 0.558%
Break-even: never at this rate

Slippage from BingX: live order book, 4 min ago; Extended: live order book, 28 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, 4 min ago	4.36 bp	12.8 bp −$13	24.7 bp −$247	207.8 bp −$20.8K	383.2 bp −$191.6K
Sell Extended live order book, 28 min ago	1.00 bp	13.9 bp −$14	102.2 bp −$1,022	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	2.4860	−2.010%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0145%	1h	2.5318	−0.205%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0078%	1h	2.5207	−0.642%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0014%	8h	2.5197	−0.682%	$1.3M	$758K	75x	as long as short
Extended PENDLE-USDshort	−0.0008%	1h	2.5360	−0.038%	$167K	$528K	10x
MEXC PENDLE_USDT	−0.0008%	8h	2.5380	+0.039%	$17.2M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.5371	+0.004%	$27.4M	$41.6M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5373	+0.012%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0006%	8h	2.5373	+0.012%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5373	+0.013%	$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	+0.0050%	8h	2.5212	−0.623%	$557K	$1.8M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.5230	−0.554%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5313	−0.225%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5360	−0.039%	$534K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5343	−0.108%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5426	+0.221%	$12.6M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5333	−0.144%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5360	−0.039%	$15.7M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5370	0.000%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5370	0.000%	$792K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5391	+0.083%	$905K	$594K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5364	−0.024%	$3.8M	$2.7M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.5370	long leg	—	$35.7M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5205	−0.652%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5400	+0.118%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5316	−0.213%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5388	+0.070%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0592%	1h	2.5377	+0.028%	$120K	$301K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5250	−0.473%	$141K	$456K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1179%	1h	2.5364	−0.024%	$329K	$492K	15x	as long as short