Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.009%

Price spread now: Gate against Bitget+0.139%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$870.874% of the position

Long on Bitget Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.139%, 7d avg +0.018%

Together, before fees−0.077%−$8 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: Gate is 0.121% dearer against Bitget than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENDLEUSDT	2.5115	0.0100	pay 0.0100% / 8h	55m 44s	$3.7M	$2.7M	75x
Short	Gate PENDLE_USDT	2.5150	0.0100	get 0.0100% / 8h	55m 44s	$782K	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.139%Rate

Funding earned: $0
Price spread: +0.139% → +0.018%: $12.09
Slippage, 4 orders: −$60.43
Fee Bitget: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$75.34
Costs to cover: 0.874%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Gate: 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, 2 min ago	4.38 bp	16.4 bp −$16	27.2 bp −$272	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	3.98 bp	22.6 bp −$23	179.7 bp −$1,797	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	−1.493%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0049%	1h	2.5046	−0.275%	$76K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5125	+0.040%	$165K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.5135	+0.081%	$27.2M	$41.5M	75x	as long as short
BloFin PENDLE-USDT	−0.0007%	8h	2.5102	−0.052%	$1.3M	$755K	75x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.5144	+0.115%	$17.0M	$1.9M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5152	+0.146%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5165	+0.199%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0009%	8h	2.5151	+0.143%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5148	+0.131%	$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	−0.531%	$552K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0065%	8h	2.5031	−0.334%	$416K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5147	+0.127%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5145	+0.119%	$530K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5117	+0.007%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5175	+0.239%	$12.4M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5157	+0.168%	$44K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5116	+0.004%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5120	+0.020%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.5150	+0.139%	$782K	$1.2M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5163	+0.191%	$895K	$597K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.5115	long leg	$3.7M	$2.7M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5135	+0.080%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5027	−0.351%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5165	+0.199%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5174	+0.235%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5161	+0.182%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5212	+0.386%	$119K	$303K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5140	+0.100%	$140K	$457K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1276%	1h	2.5212	+0.386%	$327K	$492K	15x	as long as short