Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.037%

Price spread now: Bybit against Bitget+0.061%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$710.710% of the position

Long on Bitget Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.140%−$14 on $10k

Price spread, last 7 days−0.001%$0 · spread now +0.061%, 7d avg +0.025%

Together, before fees−0.141%−$14 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: Bybit is 0.037% dearer against Bitget than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENDLEUSDT	2.4495	0.0100	pay 0.0100% / 8h	2h 22m	$3.6M	$2.3M	75x
Short	Bybit PENDLEUSDT	2.4510	0.0100	get 0.0100% / 8h	2h 22m	$14.3M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bitget. 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 BitgetbpFee BybitbpOrdersPrice spread, now +0.061%Rate

Funding earned: $0
Price spread: +0.061% → +0.025%: $3.67
Slippage, 4 orders: −$48.01
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$67.34
Costs to cover: 0.710%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Bybit: live order book, 1 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 Bitget live order book, 1 min ago	4.90 bp	17.8 bp −$18	33.1 bp −$331	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	4.08 bp	16.8 bp −$17	52.5 bp −$525	298.5 bp −$29.8K	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	−0.3926%	1h	2.4200	−1.204%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0117%	1h	2.4502	+0.029%	$24K	$15K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4503	+0.033%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0025%	8h	2.4490	−0.020%	$719K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4476	−0.077%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0023%	8h	2.4510	+0.061%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4493	−0.007%	$157K	$577K	10x	as long as short
Binance PENDLEUSDT	+0.0026%	8h	2.4500	+0.018%	$25.8M	$44.3M	75x	as long as short
BloFin PENDLE-USDT	+0.0032%	8h	2.4483	−0.049%	$1.1M	$601K	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4507	+0.047%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4495	0.000%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4505	+0.041%	$516K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4495	−0.001%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4544	+0.200%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4500	+0.020%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4510	+0.061%	$14.3M	$12.1M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4530	+0.143%	$3.1M	$6.5M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4504	+0.037%	$864K	$555K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.4495	long leg	$3.6M	$2.3M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4501	+0.024%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4441	−0.221%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4427	−0.279%	$24K	$371K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4483	−0.049%	$405K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4429	−0.269%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4526	+0.127%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4501	+0.024%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4506	+0.047%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4570	+0.306%	$155K	$524K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0711%	1h	2.4544	+0.200%	$356K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1187%	1h	2.4575	+0.328%	$115K	$262K	20x	as long as short