Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h −0.018%

Price spread now: BloFin against edgeX+0.203%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on edgeX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 4 days (all we have)−0.160%−$16 · spread now +0.203%, 7d avg +0.024%

Together, before fees−0.245%+ Points / potential airdropedgeX: Active · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.179% dearer against edgeX than usual: you sell high and buy low (spread +0.203% now, against its 7-day average of +0.024%): +$18 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.2 days. At the pace of the last 7 days (−0.086% in total) that is about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.4183	0.0100	pay 0.0050% / 4h	19m 03s	$24K	$369K	10x
Short	BloFin PENDLE-USDT	2.4232	0.0017	get 0.0017% / 8h	19m 03s	$1.1M	$502K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against edgeX. 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 edgeXbpFee BloFinbpOrdersPrice spread, now +0.203%Rate

Funding earned: −$17.37
Price spread: +0.203% → +0.024%: $17.93
Slippage, 4 orders: −$14.65
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$35.09
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from edgeX: live order book, 19 min ago; BloFin: live order book, 3 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 edgeX live order book, 19 min ago	1.23 bp	6.5 bp −$7	14.2 bp −$142	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.62 bp	11.1 bp −$11	17.0 bp −$170	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	−0.4810%	1h	2.3940	−1.004%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0204%	1h	2.4244	+0.253%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4236	+0.220%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4227	+0.182%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4230	+0.195%	$18.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0007%	8h	2.4230	+0.195%	$25.5M	$46.0M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4226	+0.178%	$157K	$927K	10x	as long as short
BloFin PENDLE-USDTshort	+0.0017%	8h	2.4232	+0.203%	$1.1M	$502K	75x
ApeX Omni PENDLEUSDT	+0.0062%	1h	2.4193	+0.042%	$74K	$231K	50x	as long as short
Gate PENDLE_USDT	+0.0073%	8h	2.4230	+0.195%	$759K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0076%	8h	2.4191	+0.033%	$404K	$2.5M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4239	+0.230%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0084%	1h	2.4239	+0.231%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4243	+0.249%	$522K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4235	+0.214%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4272	+0.369%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4238	+0.228%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4234	+0.212%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4250	+0.278%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4228	+0.187%	$720K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4237	+0.224%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4248	+0.269%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4181	−0.009%	$562K	$1.3M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4183	long leg	$24K	$369K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4272	+0.369%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4263	+0.331%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4246	+0.260%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0626%	1h	2.4301	+0.489%	$351K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4290	+0.443%	$156K	$507K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1526%	1h	2.4290	+0.442%	$115K	$263K	20x	as long as short