Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0284%/8h= −31.1% APRpaid last 24h −0.042%

Price spread now: Binance against GMX−0.087%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Binance

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—needs both histories

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Binance is 0.087% cheaper against GMX than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.5140	L +0.0158% / S −0.0256%	pay 0.0020% / 1h	20m 08s	$7K	—	100x
Short	Binance PENDLEUSDT	2.5118	−0.0127	pay 0.0127% / 8h	6h 20m	$27.0M	$43.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. 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 GMXbpFee BinancebpOrdersPrice spread, now −0.087%Rate

Funding earned: −$59.69
Price spread: −0.087% → 0.000%: −$8.73
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$90.42
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 7 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Binance live order book, 7 min ago	0.60 bp	13.3 bp −$13	28.9 bp −$289	doesn't fit	doesn't fit

GMX: 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 29 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	−0.4742%	1h	2.4870	−1.074%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0665%	1h	2.5125	−0.059%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0147%	1h	2.5194	+0.215%	$77K	$235K	50x	as long as short
Extended PENDLE-USD	−0.0128%	1h	2.5107	−0.132%	$164K	$570K	10x	as long as short
Binance PENDLEUSDTshort	−0.0127%	8h	2.5118	−0.087%	$27.0M	$43.4M	75x
MEXC PENDLE_USDT	−0.0123%	8h	2.5119	−0.083%	$17.4M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0116%	8h	2.5198	+0.231%	$425K	$1.7M	10x	as long as short
Bybit PENDLEUSDT	−0.0039%	8h	2.5111	−0.115%	$15.2M	$12.1M	50x	as long as short
Variational Omni PENDLE	−0.0039%	8h	2.5145	+0.021%	$599K	$1.8M	—	as long as short
Gate PENDLE_USDT	−0.0038%	8h	2.5130	−0.040%	$764K	$1.2M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5123	−0.067%	$20K	$16K	10x	as long as short
Aster PENDLEUSDT	−0.0025%	8h	2.5151	+0.044%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5165	+0.100%	$11K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5116	−0.097%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0055%	1h	2.5119	−0.082%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5130	−0.040%	$535K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5110	−0.118%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5166	+0.104%	$12.9M	$6.4M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5120	−0.079%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5142	+0.008%	$868K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5127	−0.052%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5122	−0.071%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5194	+0.216%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5138	−0.008%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5136	−0.016%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0158% / S −0.0256%	1h	2.5140	long leg	$7K	—	100x
Backpack PENDLE_USDC_PERP	+0.0419%	1h	2.5175	+0.139%	$353K	$482K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5260	+0.478%	$145K	$474K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0866%	1h	2.5175	+0.140%	$117K	$290K	20x	as long as short