Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0134%/8h= +14.6% APRpaid last 24h +0.003%

Price spread now: Aevo against Binance−0.083%48s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Aevo

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

Funding pays, the price is against you. Aevo is 0.083% cheaper against Binance than usual: you would sell low and buy high (spread −0.083% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 2.1 days of funding at the current rate (+$4 a day). The two prices were read 48 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	Binance PENDLEUSDT	2.5223	−0.0070	get 0.0070% / 8h	7h 57m	$27.3M	$42.4M	75x
Short	Aevo PENDLE-PERP	2.5202	0.0064	get 0.0008% / 1h	57m 37s	$26K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Binance. 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 BinancebpFee AevobpOrdersPrice spread, now −0.083%Rate

Funding earned: $28.06
Price spread: −0.083% → 0.000%: −$8.26
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$6.21
Costs to cover: 0.260%
Break-even: 8.5 days

Slippage unknown: Binance: live order book, 14 min ago; Aevo: no order-book sample. 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 Binance live order book, 14 min ago	0.60 bp	10.4 bp −$10	31.8 bp −$318	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

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	−0.4643%	1h	2.4940	−1.122%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.1175%	1h	2.5224	+0.004%	$28K	$11K	10x	as long as short
Gate PENDLE_USDT	−0.0567%	8h	2.5240	+0.067%	$780K	$1.2M	75x	as long as short
Bybit PENDLEUSDT	−0.0420%	8h	2.5220	−0.012%	$15.6M	$12.0M	50x	as long as short
ApeX Omni PENDLEUSDT	−0.0085%	1h	2.5129	−0.373%	$77K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5201	−0.089%	$166K	$524K	10x	as long as short
Binance PENDLEUSDTlong	−0.0070%	8h	2.5223	long leg	$27.3M	$42.4M	75x
MEXC PENDLE_USDT	−0.0069%	8h	2.5193	−0.119%	$17.1M	$1.8M	125x	as long as short
BloFin PENDLE-USDT	−0.0057%	8h	2.5275	+0.206%	$1.3M	$712K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0011%	8h	2.5221	−0.008%	$20K	$16K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.5256	+0.133%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0015%	8h	2.5166	−0.226%	$426K	$1.6M	10x	as long as short
Variational Omni PENDLE	+0.0019%	8h	2.5102	−0.481%	$598K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5239	+0.063%	$4K	—	15x	as long as short
Aevo PENDLE-PERPshort	+0.0064%	1h	2.5202	−0.083%	$26K	—	3x
Lighter PENDLE	+0.0096%	1h	2.5206	−0.067%	$531K	$407K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5185	−0.149%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5273	+0.198%	$12.8M	$6.2M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5230	+0.028%	$47K	$178K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5190	−0.131%	$3.2M	$6.0M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5244	+0.083%	$886K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5191	−0.127%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5197	−0.103%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5212	−0.043%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5257	+0.135%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5217	−0.024%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5236	+0.053%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0616%	1h	2.5271	+0.191%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5270	+0.186%	$141K	$449K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1147%	1h	2.5273	+0.198%	$332K	$488K	15x	as long as short