Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h 0.000%

Price spread now: Bybit against Reya−0.079%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 Bybit

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. Bybit is 0.079% cheaper against Reya than usual: you would sell low and buy high (spread −0.079% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 4.2 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.5067	0.0037	pay 0.0005% / 1h	7m 54s	$4K	—	15x
Short	Bybit PENDLEUSDT	2.5047	0.0100	get 0.0100% / 8h	2h 07m	$15.5M	$12.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.079%Rate

Funding earned: $13.22
Price spread: −0.079% → 0.000%: −$7.88
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$11.66
Costs to cover: 0.170%
Break-even: 13.2 days

Slippage unknown: Reya: no order-book sample; Bybit: live order book, just now. 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 Bybit live order book, just now	2.00 bp	22.4 bp −$22	54.2 bp −$542	292.8 bp −$29.3K	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	−0.4806%	1h	2.4840	−0.905%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0432%	1h	2.5065	−0.007%	$149K	$275K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5079	+0.050%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5079	+0.049%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0033%	8h	2.5069	+0.009%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERPlong	+0.0037%	1h	2.5067	long leg	$4K	—	15x
Extended PENDLE-USD	+0.0040%	1h	2.5054	−0.050%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0041%	8h	2.5053	−0.055%	$1.3M	$737K	75x	as long as short
MEXC PENDLE_USDT	+0.0042%	8h	2.5061	−0.023%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.5060	−0.027%	$27.2M	$39.3M	75x	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	+0.0050%	8h	2.5034	−0.129%	$616K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0069%	1h	2.5059	−0.031%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5070	+0.014%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5070	+0.013%	$544K	$397K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5066	−0.002%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5097	+0.121%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5074	+0.030%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.5047	−0.079%	$15.5M	$12.0M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5080	+0.053%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5070	+0.013%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5083	+0.065%	$895K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5053	−0.055%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5063	−0.015%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5052	−0.060%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5073	+0.024%	$423K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5093	+0.105%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5083	+0.065%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5074	+0.030%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5130	+0.252%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0845%	1h	2.5122	+0.220%	$362K	$460K	15x	as long as short