Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.025%

Price spread now: SunX against GMX+0.116%7-day average — · you sell dearer than you buy

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

Long on GMX Short on SunX

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

The price spread pays, funding is against you. SunX is 0.116% dearer against GMX than usual: you sell high and buy low (spread +0.116% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.5516	L +0.0200% / S −0.0273%	pay 0.0025% / 1h	38m 04s	$5K	—	100x
Short	SunX PENDLE-USDT	2.5546	0.0100	get 0.0100% / 8h	3h 38m	$1K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.116%Rate

Funding earned: −$20.96
Price spread: +0.116% → 0.000%: $11.64
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$29.32
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: 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 SunX live order book, 7 min ago	498.10 bp	doesn't fit	doesn't fit	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	−0.4037%	1h	2.5100	−1.632%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0286%	1h	2.5523	+0.028%	$159K	$248K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0024%	1h	2.5523	+0.026%	$30K	$11K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0014%	1h	2.5339	−0.695%	$77K	$239K	50x	as long as short
Variational Omni PENDLE	−0.0008%	8h	2.5350	−0.651%	$667K	$2.2M	—	as long as short
Aster PENDLEUSDT	−0.0002%	8h	2.5506	−0.040%	$52K	$140K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5449	−0.263%	$11K	—	5x	as long as short
Reya PENDLERUSDPERP	+0.0030%	1h	2.5492	−0.097%	$4K	—	15x	as long as short
BloFin PENDLE-USDT	+0.0031%	8h	2.5445	−0.279%	$1.4M	$824K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0039%	8h	2.5520	+0.015%	$23K	$8K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC PENDLE_USDT	+0.0054%	8h	2.5531	+0.058%	$17.1M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0054%	8h	2.5514	−0.008%	$27.9M	$37.3M	75x	as long as short
Extended PENDLE-USD	+0.0056%	1h	2.5521	+0.017%	$168K	$524K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5524	+0.030%	$557K	$376K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5520	+0.016%	$27K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5449	−0.263%	$36K	$24K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5557	+0.160%	$12.5M	$5.4M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5500	−0.064%	$15.9M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5500	−0.064%	$3.3M	$5.5M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5480	−0.142%	$815K	$1.0M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5494	−0.087%	$936K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5510	−0.025%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5507	−0.036%	—	$34.9M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5344	−0.674%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5352	−0.644%	$429K	$1.5M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5508	−0.033%	$16K	$19K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.5546	+0.116%	$1K	$1.6M	20x
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0200% / S −0.0273%	1h	2.5516	long leg	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5540	+0.093%	$119K	$440K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1056%	1h	2.5579	+0.246%	$378K	$457K	15x	as long as short