Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0656%/8h= −71.8% APRpaid last 24h −0.108%

Price spread now: Binance against Backpack−0.197%7-day average −0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$370.369% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.734%−$73 on $10k

Price spread, last 4 days (all we have)+0.249%+$25 · spread now −0.197%, 7d avg −0.117%

Together, before fees−0.485%−$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Binance is 0.080% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.117%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.4894	0.0648	pay 0.0081% / 1h	11m 47s	$351K	$475K	15x
Short	Binance PENDLEUSDT	2.4845	−0.0008	pay 0.0008% / 8h	1h 11m	$26.8M	$41.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.197%Rate

Funding earned: −$137.77
Price spread: −0.197% → −0.117%: −$8
Slippage, 4 orders: −$16.94
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$182.71
Costs to cover: 0.369%
Break-even: never at this rate

Slippage from Backpack: live order book, 7 min ago; Binance: live order book, 15 min ago.

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 Backpack live order book, 7 min ago	2.00 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	0.40 bp	8.3 bp −$8	10.3 bp −$103	84.3 bp −$8,433	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	−0.3656%	1h	2.4770	−0.498%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0433%	1h	2.4870	−0.096%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0070%	1h	2.4903	+0.036%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0028%	8h	2.4860	−0.137%	$1.3M	$732K	75x	as long as short
Binance PENDLEUSDTshort	−0.0008%	8h	2.4845	−0.197%	$26.8M	$41.0M	75x
MEXC PENDLE_USDT	−0.0003%	8h	2.4851	−0.173%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4872	−0.090%	$10K	—	5x	as long as short
Extended PENDLE-USD	0.0000%	1h	2.4841	−0.213%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0015%	8h	2.4861	−0.133%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0042%	1h	2.4863	−0.126%	$4K	—	15x	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	+0.0062%	8h	2.4872	−0.089%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4885	−0.038%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4851	−0.175%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4858	−0.145%	$523K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4845	−0.198%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4898	+0.016%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4885	−0.036%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4840	−0.217%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4850	−0.177%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4850	−0.177%	$779K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4850	−0.177%	$887K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4832	−0.249%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4845	−0.197%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4872	−0.088%	$25K	$398K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4892	−0.008%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4882	−0.048%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4882	−0.048%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5020	+0.506%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0648%	1h	2.4894	long leg	$351K	$475K	15x
Kraken Futures PF_PENDLEUSD	+0.0756%	1h	2.4922	+0.111%	$118K	$306K	20x	as long as short