Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0099%/8h= −10.9% APRpaid last 24h −0.025%

Price spread now: Bitget against GMX−0.310%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 Bitget

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 −$3 a day on $10k at the current rate, and Bitget is 0.310% cheaper against GMX than usual: you would sell low and buy high (−$31 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]	2.5388	L +0.0199% / S −0.0256%	pay 0.0025% / 1h	48m 54s	$5K	—	100x
Short	Bitget PENDLEUSDT	2.5309	0.0100	get 0.0100% / 8h	48m 54s	$3.8M	$2.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.310%Rate

Funding earned: −$20.82
Price spread: −0.310% → 0.000%: −$31.02
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$75.84
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 4 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 Bitget live order book, 4 min ago	3.97 bp	24.1 bp −$24	63.8 bp −$638	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 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	−0.5000%	1h	2.4860	−2.079%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0078%	1h	2.5207	−0.712%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.5349	−0.153%	$1.3M	$763K	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5321	−0.263%	$167K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0008%	8h	2.5330	−0.228%	$17.2M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.5332	−0.219%	$27.4M	$41.6M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5373	−0.058%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5382	−0.023%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0006%	8h	2.5373	−0.058%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5373	−0.057%	$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	+0.0050%	8h	2.5212	−0.693%	$557K	$1.8M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.5230	−0.623%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5364	−0.095%	$27K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5343	−0.176%	$534K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5343	−0.178%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5374	−0.054%	$12.6M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5326	−0.243%	$45K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5312	−0.298%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5320	−0.267%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5370	−0.070%	$792K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5357	−0.121%	$904K	$594K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.5309	−0.310%	$3.8M	$2.7M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5323	−0.255%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5205	−0.722%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5400	+0.048%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5380	−0.031%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0199% / S −0.0256%	1h	2.5388	long leg	$5K	—	100x
Kraken Futures PF_PENDLEUSD	+0.0591%	1h	2.5418	+0.120%	$120K	$301K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5360	−0.109%	$141K	$459K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1202%	1h	2.5384	−0.015%	$329K	$492K	15x	as long as short