Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.4862%/8h= +532.4% APRpaid last 24h +0.346%

Price spread now: Binance against Injective+1.060%107s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 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 for this trade now. Funding pays +$146 a day on $10k at the current rate, and Binance is 1.060% dearer against Injective than usual: you sell high and buy low: +$106 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.4990	−0.4806	get 0.0601% / 1h	21m 32s	$2K	$7K	5.5x
Short	Binance PENDLEUSDT	2.5255	0.0056	get 0.0056% / 8h	2h 21m	$27.5M	$39.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now +1.060%Rate

Funding earned: $1,021.05
Price spread: +1.060% → 0.000%: $106.03
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $1,117.06
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Binance: live order book, 5 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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 5 min ago	0.79 bp	13.0 bp −$13	31.1 bp −$311	158.0 bp −$15.8K	doesn't fit

Injective: 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 PERPlong	−0.4806%	1h	2.4990	long leg	$2K	$7K	5.5x
Kraken Futures PF_PENDLEUSD	−0.0427%	1h	2.5355	+1.459%	$151K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0224%	1h	2.5300	+1.240%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5278	+1.151%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5303	+1.253%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5244	+1.016%	$4K	—	15x	as long as short
BloFin PENDLE-USDT	+0.0037%	8h	2.5265	+1.100%	$1.3M	$748K	75x	as long as short
Variational Omni PENDLE	+0.0043%	8h	2.5289	+1.197%	$611K	$2.3M	—	as long as short
Binance PENDLEUSDTshort	+0.0056%	8h	2.5255	+1.060%	$27.5M	$39.3M	75x
Extended PENDLE-USD	+0.0056%	1h	2.5252	+1.049%	$166K	$524K	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	+0.0057%	8h	2.5260	+1.080%	$17.1M	$2.3M	125x	as long as short
ApeX Omni PENDLEUSDT	+0.0094%	1h	2.5272	+1.128%	$77K	$240K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5266	+1.104%	$549K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5288	+1.193%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5257	+1.067%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5279	+1.156%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5276	+1.145%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5238	+0.992%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5260	+1.080%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5260	+1.080%	$843K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5284	+1.176%	$915K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5263	+1.092%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5252	+1.048%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5273	+1.134%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5266	+1.106%	$426K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5276	+1.144%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5304	+1.257%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5306	+1.264%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+1.481%	$117K	$434K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0849%	1h	2.5348	+1.433%	$367K	$465K	15x	as long as short