Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.5100%/8h= −558.5% APRpaid last 24h −0.459%

Price spread now: Injective against BingX−1.828%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$153 a day on $10k at the current rate, and Injective is 1.828% cheaper against BingX than usual: you would sell low and buy high (−$183 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENDLE-USDT	2.5323	0.0100	pay 0.0100% / 8h	48m 39s	—	$35.7M	—
Short	Injective PENDLE/USDC PERP	2.4860	−0.5000	pay 0.0625% / 1h	48m 39s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.828%Rate

Funding earned: −$1,071
Price spread: −1.828% → 0.000%: −$182.84
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,263.86
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 5 min ago; Injective: no order-book sample. Net counts fees only.

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, 5 min ago	4.36 bp	12.8 bp −$13	24.7 bp −$247	207.8 bp −$20.8K	383.2 bp −$191.6K
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 PERPshort	−0.5000%	1h	2.4860	−1.828%	$2K	$54K	5.5x
ApeX Omni PENDLEUSDT	−0.0078%	1h	2.5207	−0.458%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.5349	+0.103%	$1.3M	$763K	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5321	−0.008%	$167K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.5281	−0.167%	$27.3M	$41.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.5277	−0.182%	$17.1M	$1.9M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5278	−0.178%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5382	+0.233%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0006%	8h	2.5373	+0.197%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5373	+0.198%	$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	−0.439%	$557K	$1.8M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.5230	−0.369%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5364	+0.161%	$27K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5268	−0.217%	$532K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5241	−0.322%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5371	+0.188%	$12.6M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5338	+0.060%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5240	−0.328%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5250	−0.288%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5370	+0.186%	$792K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5350	+0.107%	$904K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5228	−0.375%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.5323	long leg	—	$35.7M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5205	−0.468%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5400	+0.304%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5380	+0.225%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5388	+0.256%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0591%	1h	2.5418	+0.376%	$120K	$301K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5360	+0.146%	$141K	$459K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1202%	1h	2.5384	+0.241%	$329K	$492K	15x	as long as short