Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0459%/8h= −50.2% APRpaid last 24h −0.153%

Price spread now: Bybit against Backpack+0.107%45s7-day average −0.176% · you sell dearer than you buy

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$510.515% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.877%−$88 on $10k

Price spread, last 4 days (all we have)−0.129%−$13 · spread now +0.107%, 7d avg −0.176%

Together, before fees−1.006%−$101 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.284% dearer against Backpack than usual: you sell high and buy low (spread +0.107% now, against its 7-day average of −0.176%): +$28 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 2.1 days. The two prices were read 45 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	Backpack PENDLE_USDC_PERP	2.5173	0.0375	pay 0.0047% / 1h	30m 18s	$353K	$482K	15x
Short	Bybit PENDLEUSDT	2.5200	−0.0084	pay 0.0084% / 8h	6h 30m	$15.4M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.107%Rate

Funding earned: −$96.37
Price spread: +0.107% → −0.176%: $28.35
Slippage, 4 orders: −$30.48
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$119.5
Costs to cover: 0.515%
Break-even: never at this rate

Slippage from Backpack: live order book, 38 min ago; Bybit: live order book, 3 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, 38 min ago	1.57 bp	7.1 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	3.98 bp	15.9 bp −$16	48.5 bp −$485	485.0 bp −$48.5K	doesn't fit

PENDLE on 29 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	−0.4742%	1h	2.4830	−1.363%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0344%	1h	2.5218	+0.179%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0249%	1h	2.5126	−0.187%	$77K	$236K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0124%	8h	2.5140	−0.130%	$417K	$1.7M	10x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.5193	+0.079%	$167K	$566K	10x	as long as short
Binance PENDLEUSDT	−0.0119%	8h	2.5170	−0.012%	$27.1M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0118%	8h	2.5163	−0.040%	$17.4M	$1.8M	125x	as long as short
Bybit PENDLEUSDTshort	−0.0084%	8h	2.5200	+0.107%	$15.4M	$12.1M	50x
Variational Omni PENDLE	−0.0043%	8h	2.5131	−0.166%	$599K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5203	+0.119%	$20K	$16K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	−0.0008%	8h	2.5162	−0.043%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5157	−0.064%	$11K	—	5x	as long as short
Gate PENDLE_USDT	+0.0009%	8h	2.5160	−0.052%	$765K	$1.2M	75x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5199	+0.104%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0055%	1h	2.5166	−0.027%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5134	−0.155%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5132	−0.164%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	+0.107%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5151	−0.087%	$869K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5193	+0.079%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5187	+0.056%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5129	−0.177%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5186	+0.052%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5160	−0.052%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0105%	1h	2.5211	+0.153%	$12.9M	$6.4M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5186	+0.053%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0375%	1h	2.5173	long leg	$353K	$482K	15x
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5220	+0.187%	$146K	$472K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0863%	1h	2.5266	+0.368%	$117K	$290K	20x	as long as short