Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.032%

Price spread now: edgeX against Reya+0.045%65s7-day average — · you sell dearer than you buy

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

Long on Reya Short on edgeX

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 · edgeX: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and edgeX is 0.045% dearer against Reya than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 65 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	2.5334	0.0050	pay 0.0006% / 1h	26m 28s	$4K	—	15x
Short	edgeX PENDLEUSDC	2.5345	0.0100	get 0.0050% / 4h	3h 26m	$25K	$379K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.045%Rate

Funding earned: $10.49
Price spread: +0.045% → 0.000%: $4.46
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$0.05
Costs to cover: 0.150%
Break-even: 7.0 days

Slippage unknown: Reya: no order-book sample; edgeX: live order book, 47 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 edgeX live order book, 47 min ago	1.99 bp	7.3 bp −$7	doesn't fit	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	−0.4643%	1h	2.4970	−1.436%	$2K	$54K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0128%	8h	2.5308	−0.103%	$419K	$1.6M	10x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.5311	−0.092%	$165K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0086%	8h	2.5325	−0.035%	$27.4M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0086%	8h	2.5332	−0.007%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0083%	8h	2.5292	−0.165%	$1.3M	$706K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0020%	8h	2.5331	−0.011%	$20K	$16K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0013%	1h	2.5355	+0.083%	$77K	$237K	50x	as long as short
Bybit PENDLEUSDT	−0.0009%	8h	2.5310	−0.094%	$15.6M	$12.0M	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5291	−0.168%	$11K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5310	−0.094%	$26K	$14K	10x	as long as short
Variational Omni PENDLE	+0.0002%	8h	2.5301	−0.131%	$610K	$1.8M	—	as long as short
Reya PENDLERUSDPERPlong	+0.0050%	1h	2.5334	long leg	$4K	—	15x
Aevo PENDLE-PERP	+0.0064%	1h	2.5332	−0.009%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0066%	8h	2.5341	+0.028%	$47K	$178K	10x	as long as short
Gate PENDLE_USDT	+0.0080%	8h	2.5320	−0.055%	$787K	$1.2M	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5309	−0.098%	$537K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5319	−0.058%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5330	−0.015%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5331	−0.011%	$890K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5330	−0.015%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5321	−0.051%	—	$35.7M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.5345	+0.045%	$25K	$379K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5350	+0.064%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5316	−0.071%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5343	+0.035%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0364%	1h	2.5396	+0.245%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5380	+0.181%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5410	+0.300%	$141K	$445K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0880%	1h	2.5353	+0.075%	$333K	$485K	15x	as long as short