Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h +0.027%

Price spread now: Bitget against Reya−0.006%49s7-day average — · you buy dearer than you sell

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

Long on Reya Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 49 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	Reya PENDLERUSDPERP	2.4540	0.0069	pay 0.0009% / 1h	28m 37s	$3K	—	15x
Short	Bitget PENDLEUSDT	2.4539	0.0100	get 0.0100% / 8h	3h 28m	$3.7M	$2.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Reya. 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 ReyabpFee BitgetbpOrdersPrice spread, now −0.006%Rate

Funding earned: $6.49
Price spread: −0.006% → 0.000%: −$0.56
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$12.07
Costs to cover: 0.180%
Break-even: 20.0 days

Slippage unknown: Reya: no order-book sample; Bitget: live order book, 4 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 Reya no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	4.48 bp	19.7 bp −$20	38.4 bp −$384	doesn't fit	doesn't fit

Reya: 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	−0.4243%	1h	2.4320	−0.898%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0524%	1h	2.4527	−0.055%	$25K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0129%	1h	2.4570	+0.121%	$75K	$234K	50x	as long as short
BloFin PENDLE-USDT	−0.0065%	8h	2.4525	−0.063%	$1.1M	$595K	75x	as long as short
Gate PENDLE_USDT	−0.0062%	8h	2.4550	+0.039%	$718K	$1.1M	75x	as long as short
Binance PENDLEUSDT	−0.0057%	8h	2.4547	+0.027%	$26.0M	$44.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0057%	8h	2.4546	+0.023%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4540	−0.002%	$158K	$581K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4523	−0.071%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4563	+0.090%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0002%	8h	2.4611	+0.289%	$47K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0042%	8h	2.4598	+0.236%	$406K	$2.0M	10x	as long as short
Variational Omni PENDLE	+0.0063%	8h	2.4581	+0.164%	$551K	$1.4M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4520	−0.081%	$26K	—	3x	as long as short
Reya PENDLERUSDPERPlong	+0.0069%	1h	2.4540	long leg	$3K	—	15x
Lighter PENDLE	+0.0096%	1h	2.4554	+0.056%	$515K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4544	+0.015%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4530	−0.042%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4570	+0.121%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4573	+0.133%	$888K	$552K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.4539	−0.006%	$3.7M	$2.3M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4547	+0.027%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4567	+0.107%	$24K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4564	+0.096%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4541	+0.003%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0161%	1h	2.4598	+0.235%	$12.7M	$6.1M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4535	−0.023%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4560	+0.080%	$146K	$499K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0713%	1h	2.4594	+0.219%	$357K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1183%	1h	2.4603	+0.257%	$115K	$269K	20x	as long as short