Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0477%/8h= −52.3% APRpaid last 24h −0.162%

Price spread now: BloFin against Backpack−0.257%7-day average −0.151% · you buy dearer than you sell

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.810%−$81 on $10k

Price spread, last 4 days (all we have)+0.228%+$23 · spread now −0.257%, 7d avg −0.151%

Together, before fees−0.582%−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and BloFin is 0.106% cheaper against Backpack than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.151%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.4551	0.0520	pay 0.0065% / 1h	36m 10s	$351K	$434K	15x
Short	BloFin PENDLE-USDT	2.4488	0.0042	get 0.0042% / 8h	1h 36m	$1.1M	$498K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.257%Rate

Funding earned: −$100.25
Price spread: −0.257% → −0.151%: −$10.58
Slippage, 4 orders: −$20.06
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$152.89
Costs to cover: 0.421%
Break-even: never at this rate

Slippage from Backpack: live order book, 8 min ago; BloFin: live order book, 1 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, 8 min ago	1.63 bp	7.3 bp −$7	22.1 bp −$221	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	1.23 bp	13.8 bp −$14	23.1 bp −$231	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	−0.4348%	1h	2.4250	−1.226%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0321%	1h	2.4498	−0.216%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0029%	8h	2.4490	−0.248%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4510	−0.167%	$10K	—	5x	as long as short
Gate PENDLE_USDT	+0.0004%	8h	2.4500	−0.208%	$747K	$1.0M	75x	as long as short
MEXC PENDLE_USDT	+0.0038%	8h	2.4502	−0.200%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0040%	8h	2.4495	−0.228%	$25.9M	$45.2M	75x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.4486	−0.265%	$160K	$546K	10x	as long as short
BloFin PENDLE-USDTshort	+0.0042%	8h	2.4488	−0.257%	$1.1M	$498K	75x
Reya PENDLERUSDPERP	+0.0078%	1h	2.4493	−0.236%	$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	2.4487	−0.261%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4500	−0.208%	$518K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4490	−0.249%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4536	−0.061%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4500	−0.208%	$47K	$169K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4491	−0.244%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4510	−0.167%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4515	−0.147%	$873K	$561K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4506	−0.183%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4504	−0.191%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4471	−0.327%	$565K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4497	−0.219%	$24K	$371K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4490	−0.248%	$404K	$2.3M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4503	−0.196%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4520	−0.126%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4507	−0.179%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4497	−0.222%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0520%	1h	2.4551	long leg	$351K	$434K	15x
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4560	+0.037%	$159K	$509K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1659%	1h	2.4570	+0.077%	$115K	$262K	20x	as long as short