Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.021%

Price spread now: Reya against SunX−0.128%7-day average — · you buy dearer than you sell

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

Long on SunX Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Reya is 0.128% cheaper against SunX than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PENDLE-USDT	2.4220	0.0100	pay 0.0100% / 8h	7h 31m	$1K	$1.8M	20x
Short	Reya PENDLERUSDPERP	2.4189	0.0088	get 0.0011% / 1h	31m 07s	$3K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.128%Rate

Funding earned: −$2.47
Price spread: −0.128% → 0.000%: −$12.82
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Reya: 3 bp × 2 orders: −$6
Net: −$29.29
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 5 min ago; Reya: no order-book sample. 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, 5 min ago	499.39 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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	−0.3627%	1h	2.3970	−1.032%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.1059%	8h	2.4241	+0.085%	$400K	$2.6M	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0287%	1h	2.4196	−0.099%	$24K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0273%	8h	2.4180	−0.165%	$767K	$992K	75x	as long as short
BloFin PENDLE-USDT	−0.0119%	8h	2.4181	−0.161%	$1.1M	$504K	75x	as long as short
Extended PENDLE-USD	−0.0104%	1h	2.4176	−0.181%	$155K	$924K	10x	as long as short
Binance PENDLEUSDT	−0.0102%	8h	2.4197	−0.095%	$25.4M	$46.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0099%	8h	2.4192	−0.116%	$17.9M	$2.1M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0099%	1h	2.4182	−0.157%	$74K	$231K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4176	−0.182%	$18K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PENDLEUSDT	−0.0013%	8h	2.4177	−0.178%	$14.1M	$11.9M	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4193	−0.113%	$10K	—	5x	as long as short
Aster PENDLEUSDT	+0.0011%	8h	2.4162	−0.240%	$47K	$169K	10x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4184	−0.147%	$25K	—	3x	as long as short
Reya PENDLERUSDPERPshort	+0.0088%	1h	2.4189	−0.128%	$3K	—	15x
Lighter PENDLE	+0.0096%	1h	2.4200	−0.083%	$521K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4176	−0.180%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4232	+0.050%	$12.7M	$6.0M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4200	−0.083%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4176	−0.182%	$684K	$598K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4195	−0.103%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4203	−0.070%	—	$8.3M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4226	+0.025%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4180	−0.166%	$24K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4210	−0.041%	$16K	$4K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.4220	long leg	$1K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4215	−0.020%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0655%	1h	2.4258	+0.157%	$358K	$432K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4230	+0.041%	$163K	$517K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1282%	1h	2.4215	−0.020%	$114K	$258K	20x	as long as short