Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0188%/8h= −20.6% APRpaid last 24h −0.011%

Price spread now: Extended against Gate+0.076%7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$780.782% of the position

Long on Gate Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.055%−$6 on $10k

Price spread, last 4 days (all we have)+0.090%+$9 · spread now +0.076%, 7d avg −0.045%

Together, before fees+0.035%+ Points / potential airdropExtended: Active · farm board+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.121% dearer against Gate than usual: you sell high and buy low (spread +0.076% now, against its 7-day average of −0.045%): +$12 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 7 days (−0.055% in total) that is about 15 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.055% in total (about -2.9% 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	Gate PENDLE_USDT	2.4470	0.0100	pay 0.0100% / 8h	7h 13m	$775K	$996K	75x
Short	Extended PENDLE-USD	2.4489	−0.0088	pay 0.0011% / 1h	13m 01s	$161K	$934K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now +0.076%Rate

Funding earned: −$39.48
Price spread: +0.076% → −0.045%: $12.13
Slippage, 4 orders: −$58.16
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$105.51
Costs to cover: 0.782%
Break-even: never at this rate

Slippage from Gate: live order book, 44 min ago; Extended: live order book, 20 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, 44 min ago	4.11 bp	21.9 bp −$22	136.7 bp −$1,367	doesn't fit	doesn't fit
Sell Extended live order book, 20 min ago	1.03 bp	14.8 bp −$15	154.4 bp −$1,544	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	−0.3627%	1h	2.3930	−2.207%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0284%	8h	2.4421	−0.200%	$412K	$2.7M	10x	as long as short
Binance PENDLEUSDT	−0.0088%	8h	2.4482	+0.049%	$25.6M	$46.6M	75x	as long as short
Extended PENDLE-USDshort	−0.0088%	1h	2.4489	+0.076%	$161K	$934K	10x
MEXC PENDLE_USDT	−0.0088%	8h	2.4478	+0.033%	$18.2M	$2.1M	125x	as long as short
BloFin PENDLE-USDT	−0.0068%	8h	2.4462	−0.033%	$1.1M	$512K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0008%	8h	2.4460	−0.041%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4467	−0.014%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4469	−0.004%	$25K	$14K	10x	as long as short
Aster PENDLEUSDT	+0.0020%	8h	2.4466	−0.018%	$48K	$176K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0027%	1h	2.4460	−0.041%	$74K	$231K	50x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4465	−0.022%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0090%	1h	2.4476	+0.023%	$3K	—	15x	as long as short
Bybit PENDLEUSDT	+0.0091%	8h	2.4460	−0.041%	$14.2M	$11.8M	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4473	+0.012%	$528K	$441K	5x	as long as short
Variational Omni PENDLE	+0.0099%	8h	2.4461	−0.035%	$581K	$1.2M	—	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4462	−0.033%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4526	+0.229%	$12.8M	$6.0M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4490	+0.082%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDTlong	+0.0100%	8h	2.4470	long leg	$775K	$996K	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4474	+0.016%	$700K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4480	+0.041%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4471	+0.004%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4443	−0.112%	$23K	$372K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4485	+0.061%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4484	+0.057%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4475	+0.021%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4540	+0.286%	$171K	$536K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0778%	1h	2.4533	+0.257%	$364K	$431K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1268%	1h	2.4475	+0.022%	$115K	$254K	20x	as long as short