Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0103%/8h= −11.3% APRpaid last 24h −0.025%

Price spread now: Paradex against GMX−0.143%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 Paradex

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 airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Paradex is 0.143% cheaper against GMX than usual: you would sell low and buy high (−$14 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]	2.5343	L +0.0203% / S −0.0382%	pay 0.0025% / 1h	25m 42s	$7K	—	100x
Short	Paradex PENDLE-USD-PERP	2.5307	0.0100	get 0.0100% / 8h	7h 25m	$35K	$18K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.143%Rate

Funding earned: −$21.68
Price spread: −0.143% → 0.000%: −$14.26
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$51.95
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Paradex: 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 GMX no order-book sample	—	—	—	—	—
Sell Paradex no order-book sample	—	—	—	—	—

GMX and Paradex: 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	−0.4643%	1h	2.4970	−1.471%	$2K	$54K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0128%	8h	2.5308	−0.138%	$419K	$1.6M	10x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.5305	−0.148%	$165K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0088%	8h	2.5323	−0.080%	$27.4M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0086%	8h	2.5319	−0.094%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0083%	8h	2.5292	−0.201%	$1.3M	$706K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0020%	8h	2.5331	−0.047%	$20K	$16K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0013%	1h	2.5355	+0.048%	$77K	$237K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5321	−0.086%	$11K	—	5x	as long as short
Bybit PENDLEUSDT	0.0000%	8h	2.5300	−0.169%	$15.6M	$12.0M	50x	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	2.5338	−0.019%	$26K	$14K	10x	as long as short
Variational Omni PENDLE	+0.0002%	8h	2.5301	−0.166%	$610K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0050%	1h	2.5334	−0.035%	$4K	—	15x	as long as short
Aster PENDLEUSDT	+0.0062%	8h	2.5337	−0.023%	$47K	$178K	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5332	−0.044%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5324	−0.074%	$537K	$417K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.5307	−0.143%	$35K	$18K	10x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5290	−0.209%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5310	−0.130%	$787K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5331	−0.047%	$890K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5331	−0.047%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5314	−0.114%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5345	+0.009%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5350	+0.028%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5334	−0.035%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0203% / S −0.0382%	1h	2.5343	long leg	$7K	—	100x
Hyperliquid PENDLE	+0.0366%	1h	2.5376	+0.131%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0613%	1h	2.5384	+0.161%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5410	+0.265%	$141K	$445K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0885%	1h	2.5382	+0.154%	$355K	$492K	15x	as long as short