Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0611%/8h= +66.9% APRpaid last 24h +0.136%

Price spread now: Backpack against SunX+0.176%49s7-day average +0.123% · you sell dearer than you buy

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

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.716%+$72 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now +0.176%, 7d avg +0.123%

Together, before fees+0.694%+$69 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Backpack is 0.053% dearer against SunX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.123%. 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	SunX PENDLE-USDT	2.4501	0.0100	pay 0.0100% / 8h	2h 22m	$2K	$1.8M	20x
Short	Backpack PENDLE_USDC_PERP	2.4544	0.0711	get 0.0089% / 1h	22m 12s	$356K	$401K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now +0.176%Rate

Funding earned: $128.29
Price spread: +0.176% → +0.123%: $5.26
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $115.55
Costs to cover: 0.180%
Break-even: 0.7 days

Slippage unknown: SunX: live order book, 4 min ago; Backpack: live order book, 26 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 SunX live order book, 4 min ago	500.18 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 26 min ago	1.83 bp	7.2 bp −$7	26.4 bp −$264	doesn't fit	doesn't fit

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	−0.3926%	1h	2.4200	−1.229%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0117%	1h	2.4502	+0.004%	$24K	$15K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4503	+0.008%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0025%	8h	2.4490	−0.045%	$719K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4476	−0.102%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0023%	8h	2.4510	+0.037%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4493	−0.031%	$157K	$577K	10x	as long as short
Binance PENDLEUSDT	+0.0026%	8h	2.4500	−0.006%	$25.8M	$44.3M	75x	as long as short
BloFin PENDLE-USDT	+0.0032%	8h	2.4483	−0.073%	$1.1M	$601K	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4507	+0.023%	$3K	—	15x	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	2.4495	−0.024%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4505	+0.016%	$516K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4495	−0.026%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4544	+0.176%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4500	−0.005%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4510	+0.037%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4530	+0.118%	$3.1M	$6.5M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4504	+0.012%	$864K	$555K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4495	−0.024%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4501	0.000%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4441	−0.245%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4427	−0.304%	$24K	$371K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4483	−0.073%	$405K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4429	−0.294%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4526	+0.102%	$16K	$7K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.4501	long leg	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4506	+0.022%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4570	+0.282%	$155K	$524K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0711%	1h	2.4544	+0.176%	$356K	$401K	15x
Kraken Futures PF_PENDLEUSD	+0.1187%	1h	2.4575	+0.304%	$115K	$262K	20x	as long as short