Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0771%/8h= +84.5% APRpaid last 24h +0.150%

Price spread now: Backpack against Paradex+0.344%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Backpack

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Backpack is 0.344% dearer against Paradex than usual: you sell high and buy low: +$34 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	Paradex PENDLE-USD-PERP	2.4229	0.0100	pay 0.0100% / 8h	7h 53m	$34K	$3K	10x
Short	Backpack PENDLE_USDC_PERP	2.4312	0.0871	get 0.0109% / 1h	53m 25s	$359K	$433K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now +0.344%Rate

Funding earned: $161.99
Price spread: +0.344% → 0.000%: $34.38
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $182.37
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Backpack: live order book, 45 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 Paradex no order-book sample	—	—	—	—	—
Sell Backpack live order book, 45 min ago	1.84 bp	10.7 bp −$11	348.0 bp −$3,480	doesn't fit	doesn't fit

Paradex: 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	−0.3627%	1h	2.4040	−0.779%	$2K	$54K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0702%	8h	2.4256	+0.111%	$402K	$2.6M	10x	as long as short
Gate PENDLE_USDT	−0.0651%	8h	2.4260	+0.129%	$767K	$990K	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0409%	1h	2.4277	+0.199%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0012%	8h	2.4262	+0.137%	$18K	$15K	10x	as long as short
Binance PENDLEUSDT	−0.0003%	8h	2.4265	+0.150%	$25.4M	$46.0M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4270	+0.170%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0004%	8h	2.4268	+0.162%	$18.0M	$2.1M	125x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4234	+0.021%	$156K	$924K	10x	as long as short
BloFin PENDLE-USDT	+0.0009%	8h	2.4230	+0.005%	$1.1M	$502K	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0032%	1h	2.4225	−0.015%	$74K	$232K	50x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4266	+0.154%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0086%	1h	2.4274	+0.189%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4249	+0.084%	$522K	$429K	5x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.4229	long leg	$34K	$3K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4299	+0.290%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4251	+0.093%	$47K	$168K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4238	+0.038%	$14.0M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4280	+0.212%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4298	+0.286%	$687K	$618K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4258	+0.121%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4257	+0.117%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4246	+0.071%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4230	+0.006%	$24K	$368K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4278	+0.203%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4283	+0.224%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4275	+0.192%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4400	+0.707%	$159K	$512K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0871%	1h	2.4312	+0.344%	$359K	$433K	15x
Kraken Futures PF_PENDLEUSD	+0.1277%	1h	2.4312	+0.342%	$115K	$259K	20x	as long as short