Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0013%/8h= −1.4% APRpaid last 24h −0.021%

Price spread now: Reya against Bitget−0.035%7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Reya

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Reya is 0.035% cheaper against Bitget than usual: you would sell low and buy high (−$4 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	Bitget PENDLEUSDT	2.4297	0.0100	pay 0.0100% / 8h	7h 44m	$3.8M	$2.4M	75x
Short	Reya PENDLERUSDPERP	2.4288	0.0087	get 0.0011% / 1h	44m 49s	$3K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.035%Rate

Funding earned: −$2.71
Price spread: −0.035% → 0.000%: −$3.5
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: −$24.21
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 3 min ago; Reya: 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 Bitget live order book, 3 min ago	4.11 bp	13.0 bp −$13	21.3 bp −$213	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 PERP	−0.3627%	1h	2.4010	−1.181%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0693%	8h	2.4295	−0.008%	$405K	$2.6M	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0326%	1h	2.4294	−0.012%	$25K	$16K	10x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.4302	+0.022%	$156K	$924K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0032%	1h	2.4309	+0.049%	$74K	$231K	50x	as long as short
Binance PENDLEUSDT	−0.0031%	8h	2.4294	−0.011%	$25.4M	$45.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0025%	8h	2.4298	+0.004%	$18.0M	$2.1M	125x	as long as short
BloFin PENDLE-USDT	−0.0018%	8h	2.4284	−0.054%	$1.1M	$505K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.4288	−0.037%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4321	+0.098%	$10K	—	5x	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	+0.0072%	1h	2.4286	−0.046%	$25K	—	3x	as long as short
Aster PENDLEUSDT	+0.0080%	8h	2.4293	−0.015%	$47K	$168K	10x	as long as short
Reya PENDLERUSDPERPshort	+0.0087%	1h	2.4288	−0.035%	$3K	—	15x
Lighter PENDLE	+0.0096%	1h	2.4300	+0.012%	$523K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4275	−0.092%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4322	+0.103%	$12.7M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4290	−0.029%	$14.1M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4310	+0.054%	$3.1M	$6.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4310	+0.054%	$769K	$990K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4308	+0.045%	$688K	$604K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.4297	long leg	$3.8M	$2.4M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4310	+0.054%	—	$8.3M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4256	−0.169%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4287	−0.040%	$24K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4305	+0.033%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4324	+0.111%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4297	+0.002%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4340	+0.177%	$164K	$516K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0880%	1h	2.4355	+0.239%	$359K	$432K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1275%	1h	2.4350	+0.216%	$115K	$258K	20x	as long as short