Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0084%/8h= +9.2% APRpaid last 24h −0.033%

Price spread now: Bybit against Extended+0.014%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$620.623% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now +0.014%, 7d avg +0.037%

Together, before fees−0.112%+ Points / potential airdropExtended: Active · farm board−$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.023% cheaper against Extended than usual: you would sell low and buy high (spread +0.014% now, against its 7-day average of +0.037%). If the spread goes back, that is −$2 on $10k: about 22 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.123%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.4887	0.0016	pay 0.0002% / 1h	31m 45s	$164K	$526K	10x
Short	Bybit PENDLEUSDT	2.4890	0.0100	get 0.0100% / 8h	1h 31m	$15.3M	$11.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now +0.014%Rate

Funding earned: $17.64
Price spread: +0.014% → +0.037%: −$2.32
Slippage, 4 orders: −$46.3
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$46.98
Costs to cover: 0.623%
Break-even: 25.6 days

Slippage from Extended: live order book, 51 min ago; Bybit: live order book, 2 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 Extended live order book, 51 min ago	0.99 bp	13.6 bp −$14	110.6 bp −$1,106	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	4.02 bp	19.3 bp −$19	47.4 bp −$474	269.3 bp −$26.9K	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	−0.3656%	1h	2.4770	−0.468%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0432%	1h	2.4898	+0.046%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0123%	1h	2.4925	+0.155%	$76K	$240K	50x	as long as short
BloFin PENDLE-USDT	−0.0001%	8h	2.4932	+0.183%	$1.3M	$740K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4929	+0.170%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0014%	8h	2.4890	+0.014%	$16.8M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0014%	8h	2.4897	+0.042%	$27.0M	$40.4M	75x	as long as short
Extended PENDLE-USDlong	+0.0016%	1h	2.4887	long leg	$164K	$526K	10x
Orderly PERP_PENDLE_USDC	+0.0023%	8h	2.4901	+0.058%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0040%	1h	2.4894	+0.031%	$4K	—	15x	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	+0.0057%	8h	2.4947	+0.244%	$552K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4893	+0.024%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0092%	8h	2.4914	+0.110%	$419K	$1.6M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4900	+0.054%	$524K	$423K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4907	+0.081%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4943	+0.227%	$12.4M	$5.9M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4920	+0.136%	$43K	$173K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4890	+0.014%	$15.3M	$11.8M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4910	+0.094%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4880	−0.026%	$780K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4921	+0.139%	$892K	$613K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4886	−0.002%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4904	+0.070%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4921	+0.138%	$25K	$411K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4930	+0.175%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4917	+0.122%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4917	+0.121%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5010	+0.496%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0676%	1h	2.4947	+0.243%	$354K	$471K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4945	+0.234%	$134K	$290K	20x	as long as short