Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0132%/8h= +14.4% APRpaid last 24h −0.020%

Price spread now: Reya against Gate−0.083%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Funding pays, the price is against you. Reya is 0.083% cheaper against Gate than usual: you would sell low and buy high (spread −0.083% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 2.1 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.4660	−0.0067	get 0.0067% / 8h	4h 22m	$719K	$1.1M	75x
Short	Reya PENDLERUSDPERP	2.4639	0.0065	get 0.0008% / 1h	22m 58s	$3K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.083%Rate

Funding earned: $27.67
Price spread: −0.083% → 0.000%: −$8.33
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Reya: 3 bp × 2 orders: −$6
Net: −$1.66
Costs to cover: 0.210%
Break-even: 7.4 days

Slippage unknown: Gate: live order book, 4 min ago; Reya: 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 Gate live order book, 4 min ago	4.05 bp	20.0 bp −$20	135.2 bp −$1,352	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 PERP	−0.4334%	1h	2.4340	−1.298%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDTlong	−0.0067%	8h	2.4660	long leg	$719K	$1.1M	75x
BloFin PENDLE-USDT	−0.0062%	8h	2.4628	−0.130%	$1.1M	$604K	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4623	−0.148%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0054%	8h	2.4636	−0.096%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0054%	8h	2.4637	−0.093%	$17.4M	$2.0M	125x	as long as short
Aster PENDLEUSDT	−0.0040%	8h	2.4659	−0.006%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4637	−0.093%	$19K	$15K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0034%	1h	2.4648	−0.049%	$25K	$14K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	−0.062%	$10K	—	5x	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	+0.0048%	8h	2.4650	−0.039%	$553K	$1.5M	—	as long as short
Reya PENDLERUSDPERPshort	+0.0065%	1h	2.4639	−0.083%	$3K	—	15x
Aevo PENDLE-PERP	+0.0072%	1h	2.4630	−0.120%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4647	−0.053%	$517K	$424K	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0096%	8h	2.4681	+0.084%	$408K	$1.9M	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4628	−0.129%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4630	−0.122%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4640	−0.081%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4647	−0.053%	$866K	$576K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4624	−0.146%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4631	−0.118%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4644	−0.067%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4642	−0.073%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4660	0.000%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4661	+0.004%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4647	−0.054%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0382%	1h	2.4680	+0.081%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+0.649%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0729%	1h	2.4691	+0.126%	$357K	$467K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4682	+0.088%	$115K	$269K	20x	as long as short