Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.4836%/8h= +529.5% APRpaid last 24h +0.344%

Price spread now: BloFin against Injective+0.918%7-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 BloFin

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 +$145 a day on $10k at the current rate, and BloFin is 0.918% dearer against Injective than usual: you sell high and buy low: +$92 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.4840	−0.4806	get 0.0601% / 1h	6m 12s	$2K	$53K	5.5x
Short	BloFin PENDLE-USDT	2.5068	0.0029	get 0.0029% / 8h	2h 06m	$1.3M	$737K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.918%Rate

Funding earned: $1,015.48
Price spread: +0.918% → 0.000%: $91.79
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: $1,095.24
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 1 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 BloFin live order book, 1 min ago	0.20 bp	7.9 bp −$8	15.9 bp −$159	doesn't fit	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	2.4840	long leg	$2K	$53K	5.5x
Kraken Futures PF_PENDLEUSD	−0.0431%	1h	2.5111	+1.089%	$149K	$275K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0109%	1h	2.5068	+0.918%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5049	+0.843%	$11K	—	5x	as long as short
BloFin PENDLE-USDTshort	+0.0029%	8h	2.5068	+0.918%	$1.3M	$737K	75x
Orderly PERP_PENDLE_USDC	+0.0033%	8h	2.5054	+0.862%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5045	+0.824%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5044	+0.821%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5055	+0.866%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0043%	8h	2.5050	+0.845%	$27.2M	$39.4M	75x	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	2.5034	+0.783%	$616K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0074%	1h	2.5055	+0.866%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5061	+0.891%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5056	+0.870%	$543K	$398K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5010	+0.686%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5062	+0.894%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5049	+0.842%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5035	+0.785%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	+0.845%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5050	+0.845%	$854K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5047	+0.833%	$894K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5041	+0.809%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5043	+0.817%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5061	+0.891%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5064	+0.903%	$423K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5052	+0.853%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5073	+0.938%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5062	+0.892%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5090	+1.006%	$116K	$417K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0840%	1h	2.5115	+1.107%	$362K	$460K	15x	as long as short