Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0039%/8h= −4.2% APRpaid last 24h −0.005%

Price spread now: BloFin against Aevo−0.076%53s7-day average — · you buy dearer than you sell

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

Long on Aevo Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BloFin is 0.076% cheaper against Aevo than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 53 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	Aevo PENDLE-PERP	2.5077	0.0088	pay 0.0011% / 1h	10m 12s	$26K	—	3x
Short	BloFin PENDLE-USDT	2.5058	0.0049	get 0.0049% / 8h	2h 10m	$1.3M	$737K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Aevo. 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 AevobpFee BloFinbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$8.13
Price spread: −0.076% → 0.000%: −$7.58
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$43.71
Costs to cover: 0.280%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; BloFin: live order book, 7 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 Aevo no order-book sample	—	—	—	—	—
Sell BloFin live order book, 7 min ago	0.60 bp	9.8 bp −$10	20.0 bp −$200	doesn't fit	doesn't fit

Aevo: 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	−0.945%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5153	+0.302%	$149K	$275K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5079	+0.009%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5094	+0.068%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5090	+0.052%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5098	+0.084%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5083	+0.026%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0042%	8h	2.5085	+0.032%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0042%	8h	2.5083	+0.026%	$27.3M	$39.4M	75x	as long as short
BloFin PENDLE-USDTshort	+0.0049%	8h	2.5058	−0.076%	$1.3M	$737K	75x

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	−0.170%	$616K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0077%	1h	2.5130	+0.211%	$77K	$239K	50x	as long as short
Aevo PENDLE-PERPlong	+0.0088%	1h	2.5077	long leg	$26K	—	3x
Lighter PENDLE	+0.0096%	1h	2.5086	+0.036%	$544K	$397K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5081	+0.014%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5128	+0.203%	$12.3M	$5.7M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5076	−0.005%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5060	−0.068%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5090	+0.052%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5090	+0.052%	$851K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5085	+0.032%	$895K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5090	+0.052%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5073	−0.016%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5135	+0.231%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5034	−0.173%	$422K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5111	+0.136%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5113	+0.144%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5097	+0.081%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5130	+0.211%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0847%	1h	2.5146	+0.275%	$363K	$460K	15x	as long as short