Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0601%/8h= −65.8% APRpaid last 24h −0.128%

Price spread now: edgeX against Backpack−0.167%85s7-day average −0.152% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as 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−$300.302% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.708%−$71 on $10k

Price spread, last 4 days (all we have)+0.408%+$41 · spread now −0.167%, 7d avg −0.152%

Together, before fees−0.301%+ Points / potential airdropedgeX: Active · farm board−$30 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.152%, so right now this pair is about funding alone: −$18 a day on $10k at the current rate. The two prices were read 85 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	2.4562	0.0701	pay 0.0088% / 1h	8m 06s	$356K	$400K	15x
Short	edgeX PENDLEUSDC	2.4521	0.0100	get 0.0050% / 4h	3h 08m	$24K	$374K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.167%Rate

Funding earned: −$126.12
Price spread: −0.167% → −0.152%: −$1.52
Slippage, 4 orders: −$11.17
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$157.81
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from Backpack: live order book, 46 min ago; edgeX: live order book, 45 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, 46 min ago	1.42 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 45 min ago	1.83 bp	6.7 bp −$7	88.2 bp −$882	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	−0.4243%	1h	2.4300	−1.067%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0064%	8h	2.4470	−0.375%	$718K	$1.1M	75x	as long as short
Binance PENDLEUSDT	−0.0050%	8h	2.4508	−0.220%	$25.9M	$44.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0049%	8h	2.4517	−0.183%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4503	−0.241%	$158K	$579K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4516	−0.187%	$19K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0036%	1h	2.4519	−0.175%	$75K	$234K	50x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.4449	−0.460%	$1.1M	$592K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4483	−0.323%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4532	−0.122%	$24K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0042%	8h	2.4524	−0.155%	$46K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0051%	8h	2.4601	+0.159%	$417K	$2.1M	10x	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4512	−0.203%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4508	−0.219%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0078%	8h	2.4500	−0.251%	$550K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4518	−0.179%	$516K	$431K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4495	−0.273%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4510	−0.212%	$14.4M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4530	−0.130%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4492	−0.285%	$864K	$557K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4496	−0.269%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4508	−0.220%	—	$8.4M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4521	−0.167%	$24K	$374K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4534	−0.114%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4529	−0.134%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4513	−0.201%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0293%	1h	2.4562	0.000%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4540	−0.090%	$150K	$508K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0701%	1h	2.4562	long leg	$356K	$400K	15x
Kraken Futures PF_PENDLEUSD	+0.1184%	1h	2.4585	+0.095%	$115K	$268K	20x	as long as short