Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.037%

Price spread now: edgeX against Bybit+0.173%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$440.438% of the position

Long on Bybit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now +0.173%, 7d avg +0.026%

Together, before fees+0.238%+ Points / potential airdropedgeX: Active · farm board+$24 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: edgeX is 0.147% dearer against Bybit than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.5287	0.0100	pay 0.0100% / 8h	7h 34m	$15.6M	$12.0M	50x
Short	edgeX PENDLEUSDC	2.5331	0.0100	get 0.0050% / 4h	3h 34m	$25K	$381K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Bybit. 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 BybitbpFee edgeXbpOrdersPrice spread, now +0.173%Rate

Funding earned: $0
Price spread: +0.173% → +0.026%: $14.69
Slippage, 4 orders: −$23.78
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$29.08
Costs to cover: 0.438%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; edgeX: live order book, 39 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 Bybit live order book, 4 min ago	1.97 bp	13.9 bp −$14	52.3 bp −$523	831.7 bp −$83.2K	doesn't fit
Sell edgeX live order book, 39 min ago	1.99 bp	7.3 bp −$7	doesn't fit	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	−0.4643%	1h	2.4970	−1.254%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0108%	8h	2.5289	+0.008%	$1.3M	$705K	75x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.5286	−0.002%	$168K	$688K	10x	as long as short
Binance PENDLEUSDT	−0.0078%	8h	2.5291	+0.016%	$27.3M	$42.8M	75x	as long as short
MEXC PENDLE_USDT	−0.0077%	8h	2.5312	+0.099%	$17.1M	$1.9M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0060%	1h	2.5347	+0.237%	$77K	$238K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0045%	8h	2.5333	+0.183%	$428K	$1.6M	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0016%	8h	2.5294	+0.028%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5343	+0.223%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5301	+0.055%	$26K	$14K	10x	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	+0.0014%	8h	2.5291	+0.016%	$609K	$1.9M	—	as long as short
Gate PENDLE_USDT	+0.0049%	8h	2.5310	+0.091%	$783K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0049%	1h	2.5299	+0.048%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5309	+0.087%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0080%	8h	2.5332	+0.179%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5292	+0.020%	$536K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5308	+0.085%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.5287	long leg	$15.6M	$12.0M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5290	+0.012%	$3.3M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5340	+0.210%	$891K	$594K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5327	+0.158%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5304	+0.067%	—	$35.7M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.5331	+0.173%	$25K	$381K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5317	+0.119%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5292	+0.020%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5303	+0.063%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0269%	1h	2.5357	+0.277%	$12.9M	$6.3M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5348	+0.241%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5330	+0.170%	$141K	$442K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0888%	1h	2.5343	+0.221%	$333K	$487K	15x	as long as short