Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.031%

Price spread now: BloFin against Reya−0.075%7-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 BloFin

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

Funding pays, the price is against you. BloFin is 0.075% cheaper against Reya than usual: you would sell low and buy high (spread −0.075% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 11 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.5018	0.0039	pay 0.0005% / 1h	48m 47s	$4K	—	15x
Short	BloFin PENDLE-USDT	2.4999	0.0062	get 0.0062% / 8h	1h 48m	$1.3M	$730K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.075%Rate

Funding earned: $4.97
Price spread: −0.075% → 0.000%: −$7.47
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$20.5
Costs to cover: 0.180%
Break-even: 35.9 days

Slippage unknown: Reya: no order-book sample; BloFin: 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 BloFin live order book, 4 min ago	1.20 bp	12.8 bp −$13	24.8 bp −$248	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	−0.3656%	1h	2.4770	−0.990%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0668%	1h	2.5018	+0.001%	$29K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5012	−0.022%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0030%	8h	2.5011	−0.027%	$20K	$16K	10x	as long as short
Binance PENDLEUSDT	+0.0035%	8h	2.5019	+0.005%	$27.2M	$39.8M	75x	as long as short
MEXC PENDLE_USDT	+0.0037%	8h	2.5007	−0.043%	$16.9M	$2.1M	125x	as long as short
Reya PENDLERUSDPERPlong	+0.0039%	1h	2.5018	long leg	$4K	—	15x
Extended PENDLE-USD	+0.0040%	1h	2.4983	−0.139%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDTshort	+0.0062%	8h	2.4999	−0.075%	$1.3M	$730K	75x
Variational Omni PENDLE	+0.0065%	8h	2.5028	+0.041%	$604K	$2.1M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.5008	−0.039%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5011	−0.027%	$525K	$421K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5037	+0.077%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5001	−0.067%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5020	+0.009%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5020	+0.009%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4990	−0.111%	$853K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5006	−0.047%	$892K	$606K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4960	−0.231%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5001	−0.067%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5030	+0.051%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5028	+0.041%	$422K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5072	+0.217%	$76K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5035	+0.069%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5023	+0.021%	$2K	$1.7M	20x	as long as short
Hyperliquid PENDLE	+0.0120%	1h	2.5040	+0.089%	$12.4M	$5.6M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5022	+0.019%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5070	+0.209%	$117K	$414K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.5011	−0.028%	$149K	$273K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0823%	1h	2.5043	+0.101%	$355K	$462K	15x	as long as short