Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.4434%/8h= −485.5% APRpaid last 24h −0.764%

Price spread now: Injective against edgeX−1.120%7-day average — · you buy dearer than you sell

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

Long on edgeX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.218%−$122 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$133 a day on $10k at the current rate, and Injective is 1.120% cheaper against edgeX than usual: you would sell low and buy high (−$112 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 -1.218% in total (about -63.5% 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	edgeX PENDLEUSDC	2.4676	0.0100	pay 0.0050% / 4h	41m 19s	$24K	$376K	10x
Short	Injective PENDLE/USDC PERP	2.4400	−0.4334	pay 0.0542% / 1h	41m 19s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.120%Rate

Funding earned: −$931.13
Price spread: −1.120% → 0.000%: −$111.97
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,052.11
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 17 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 edgeX live order book, 17 min ago	2.03 bp	7.2 bp −$7	59.3 bp −$593	doesn't fit	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	−0.4334%	1h	2.4400	−1.120%	$2K	$54K	5.5x
Extended PENDLE-USD	−0.0064%	1h	2.4676	−0.002%	$159K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0061%	8h	2.4692	+0.064%	$17.3M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0060%	8h	2.4696	+0.079%	$26.2M	$44.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0057%	8h	2.4675	−0.005%	$1.2M	$627K	75x	as long as short
Aster PENDLEUSDT	−0.0039%	8h	2.4687	+0.044%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4697	+0.084%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0005%	8h	2.4680	+0.015%	$716K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4678	+0.008%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4700	+0.096%	$25K	$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	+0.0039%	8h	2.4660	−0.064%	$563K	$1.7M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4695	+0.076%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4686	+0.039%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0086%	8h	2.4668	−0.033%	$408K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4695	+0.076%	$527K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4683	+0.028%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4680	+0.015%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4700	+0.096%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4692	+0.064%	$868K	$583K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4686	+0.039%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4703	+0.108%	—	$8.6M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4676	long leg	$24K	$376K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4675	−0.005%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4714	+0.153%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4708	+0.128%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4698	+0.088%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0443%	1h	2.4739	+0.254%	$12.9M	$6.3M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0548%	1h	2.4705	+0.116%	$356K	$477K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4620	−0.228%	$148K	$492K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4692	+0.065%	$115K	$277K	20x	as long as short