Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.4448%/8h= −487.0% APRpaid last 24h −0.884%

Price spread now: Injective against Bybit−0.968%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.187%−$119 on $10k

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 −$133 a day on $10k at the current rate, and Injective is 0.968% cheaper against Bybit than usual: you would sell low and buy high (−$97 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.187% in total (about -61.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.4487	0.0100	pay 0.0100% / 8h	1h 30m	$14.3M	$12.2M	50x
Short	Injective PENDLE/USDC PERP	2.4250	−0.4348	pay 0.0543% / 1h	30m 50s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.968%Rate

Funding earned: −$934.07
Price spread: −0.968% → 0.000%: −$96.79
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,041.87
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 7 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 Bybit live order book, 7 min ago	2.04 bp	17.7 bp −$18	51.4 bp −$514	325.8 bp −$32.6K	doesn't fit
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	−0.4348%	1h	2.4250	−0.968%	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0117%	1h	2.4514	+0.110%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0027%	8h	2.4509	+0.090%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4510	+0.094%	$10K	—	5x	as long as short
Gate PENDLE_USDT	+0.0013%	8h	2.4520	+0.135%	$755K	$1.0M	75x	as long as short
BloFin PENDLE-USDT	+0.0031%	8h	2.4496	+0.037%	$1.1M	$498K	75x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.4498	+0.045%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.4496	+0.035%	$25.9M	$45.2M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.4494	+0.030%	$158K	$478K	10x	as long as short
Reya PENDLERUSDPERP	+0.0079%	1h	2.4515	+0.116%	$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	2.4508	+0.085%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4505	+0.074%	$519K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4490	+0.013%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4533	+0.188%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4500	+0.053%	$47K	$169K	10x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.4487	long leg	$14.3M	$12.2M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4500	+0.053%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4513	+0.106%	$874K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4505	+0.074%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4502	+0.061%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4486	−0.005%	$590K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4487	0.000%	$24K	$372K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4497	+0.039%	$412K	$2.3M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4498	+0.045%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4536	+0.200%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4532	+0.184%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4511	+0.100%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0557%	1h	2.4560	+0.298%	$352K	$433K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4540	+0.216%	$159K	$504K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1659%	1h	2.4563	+0.311%	$115K	$262K	20x	as long as short