Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.4842%/8h= +530.2% APRpaid last 24h +0.581%

Price spread now: SunX against Injective+1.503%61s7-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 SunX

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 SunX is 1.503% dearer against Injective than usual: you sell high and buy low: +$150 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 61 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	2.4750	−0.4742	get 0.0593% / 1h	46m 11s	$2K	$54K	5.5x
Short	SunX PENDLE-USDT	2.5122	0.0100	get 0.0100% / 8h	6h 46m	$2K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +1.503%Rate

Funding earned: $1,016.75
Price spread: +1.503% → 0.000%: $150.3
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee SunX: 4 bp × 2 orders: −$8
Net: $1,159.03
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; SunX: live order book, 9 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 SunX live order book, 9 min ago	500.69 bp	doesn't fit	doesn't fit	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	−0.4742%	1h	2.4750	long leg	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0585%	1h	2.5124	+1.511%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0377%	1h	2.5149	+1.612%	$77K	$237K	50x	as long as short
Bybit PENDLEUSDT	−0.0115%	8h	2.5097	+1.402%	$15.4M	$12.1M	50x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5102	+1.422%	$167K	$569K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0112%	8h	2.5146	+1.601%	$420K	$1.7M	10x	as long as short
Binance PENDLEUSDT	−0.0111%	8h	2.5120	+1.493%	$27.1M	$43.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5120	+1.495%	$17.4M	$1.8M	125x	as long as short
BloFin PENDLE-USDT	−0.0095%	8h	2.5143	+1.588%	$1.3M	$654K	75x	as long as short
Variational Omni PENDLE	−0.0038%	8h	2.5076	+1.318%	$598K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0031%	8h	2.5114	+1.471%	$20K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0014%	8h	2.5100	+1.414%	$783K	$1.2M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5141	+1.581%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0009%	8h	2.5113	+1.468%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5118	+1.488%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5116	+1.478%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5121	+1.499%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5111	+1.457%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5100	+1.414%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5126	+1.519%	$854K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5102	+1.422%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5099	+1.410%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5139	+1.572%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5136	+1.560%	$16K	$20K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.5122	+1.503%	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5147	+1.604%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0311%	1h	2.5164	+1.673%	$353K	$485K	15x	as long as short
Hyperliquid PENDLE	+0.0323%	1h	2.5160	+1.657%	$13.0M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5140	+1.576%	$145K	$469K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0866%	1h	2.5168	+1.687%	$117K	$291K	20x	as long as short