Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.3756%/8h= +411.3% APRpaid last 24h +0.405%

Price spread now: Gate against Injective+0.525%54s7-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 Gate

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 +$113 a day on $10k at the current rate, and Gate is 0.525% dearer against Injective than usual: you sell high and buy low: +$52 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 54 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	2.4770	−0.3656	get 0.0457% / 1h	34m 14s	$2K	$53K	5.5x
Short	Gate PENDLE_USDT	2.4900	0.0100	get 0.0100% / 8h	1h 34m	$782K	$1.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.525%Rate

Funding earned: $788.76
Price spread: +0.525% → 0.000%: $52.48
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $826.22
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Gate: live order book, 3 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 Gate live order book, 3 min ago	6.01 bp	22.0 bp −$22	182.1 bp −$1,821	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	−0.3656%	1h	2.4770	long leg	$2K	$53K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0511%	1h	2.4939	+0.682%	$29K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0009%	8h	2.4925	+0.626%	$1.3M	$739K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4951	+0.732%	$10K	—	5x	as long as short
Binance PENDLEUSDT	+0.0015%	8h	2.4925	+0.626%	$27.0M	$40.3M	75x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4925	+0.624%	$164K	$526K	10x	as long as short
MEXC PENDLE_USDT	+0.0018%	8h	2.4925	+0.626%	$16.8M	$2.1M	125x	as long as short
Orderly PERP_PENDLE_USDC	+0.0024%	8h	2.4931	+0.650%	$20K	$16K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0029%	1h	2.5044	+1.106%	$76K	$240K	50x	as long as short
Reya PENDLERUSDPERP	+0.0040%	1h	2.4912	+0.574%	$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	+0.0057%	8h	2.4947	+0.715%	$552K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4924	+0.620%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4939	+0.682%	$524K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4927	+0.636%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4963	+0.779%	$12.3M	$5.8M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4936	+0.670%	$42K	$173K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4917	+0.593%	$15.3M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4940	+0.686%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.4900	+0.525%	$782K	$1.1M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4925	+0.626%	$889K	$612K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4914	+0.581%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4921	+0.610%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4978	+0.839%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4990	+0.888%	$421K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4944	+0.702%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4949	+0.723%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4947	+0.715%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5010	+0.969%	$139K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0705%	1h	2.4966	+0.791%	$359K	$468K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4951	+0.731%	$136K	$289K	20x	as long as short