Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0168%/8h= +18.4% APRpaid last 24h +0.008%

Price spread now: edgeX against Gate−0.142%52s7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$570.572% of the position

Long on Gate Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)+0.617%+$62 · spread now −0.142%, 7d avg +0.020%

Together, before fees+0.661%+ Points / potential airdropedgeX: Active · farm board+$66 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.163% cheaper against Gate than usual: you would sell low and buy high (spread −0.142% now, against its 7-day average of +0.020%). If the spread goes back, that is −$16 on $10k: about 3.2 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.044% in total) that is about 26 days. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.4630	−0.0068	get 0.0068% / 8h	3h 54m	$715K	$1.1M	75x
Short	edgeX PENDLEUSDC	2.4595	0.0100	get 0.0050% / 4h	3h 54m	$24K	$375K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Gate. 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 GatebpFee edgeXbpOrdersPrice spread, now −0.142%Rate

Funding earned: $35.28
Price spread: −0.142% → +0.020%: −$16.28
Slippage, 4 orders: −$33.18
Fee Gate: 7.5 bp × 2 orders: −$15
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$38.18
Costs to cover: 0.572%
Break-even: 14.6 days

Slippage from Gate: live order book, 2 min ago; edgeX: live order book, 64 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 Gate live order book, 2 min ago	4.07 bp	18.3 bp −$18	138.2 bp −$1,382	doesn't fit	doesn't fit
Sell edgeX live order book, 64 min ago	2.03 bp	7.1 bp −$7	52.9 bp −$529	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	−0.4243%	1h	2.4370	−1.056%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0593%	1h	2.4620	−0.041%	$75K	$235K	50x	as long as short
Gate PENDLE_USDTlong	−0.0068%	8h	2.4630	long leg	$715K	$1.1M	75x
BloFin PENDLE-USDT	−0.0066%	8h	2.4656	+0.106%	$1.1M	$596K	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4598	−0.132%	$159K	$578K	10x	as long as short
MEXC PENDLE_USDT	−0.0061%	8h	2.4614	−0.065%	$17.4M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0060%	8h	2.4616	−0.058%	$26.1M	$43.5M	75x	as long as short
Aster PENDLEUSDT	−0.0053%	8h	2.4658	+0.115%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4656	+0.106%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4633	+0.012%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4670	+0.162%	$25K	$14K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0054%	8h	2.4595	−0.144%	$408K	$1.9M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4641	+0.045%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0067%	1h	2.4648	+0.072%	$3K	—	15x	as long as short
Variational Omni PENDLE	+0.0070%	8h	2.4586	−0.180%	$552K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4622	−0.032%	$516K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4607	−0.093%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4605	−0.102%	$14.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4630	0.000%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4649	+0.077%	$885K	$550K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4593	−0.150%	$3.7M	$2.2M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4612	−0.073%	—	$8.5M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4595	−0.142%	$24K	$375K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4669	+0.158%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4681	+0.207%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4665	+0.142%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0198%	1h	2.4661	+0.126%	$12.8M	$6.0M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0366%	1h	2.4712	+0.333%	$359K	$399K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4660	+0.122%	$147K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4717	+0.354%	$115K	$268K	20x	as long as short