Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.4574%/8h= −500.8% APRpaid last 24h −0.457%

Price spread now: Injective against Binance−1.227%7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work against this trade now: funding costs −$137 a day on $10k at the current rate, and Injective is 1.227% cheaper against Binance than usual: you would sell low and buy high (−$123 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.5250	−0.0070	get 0.0070% / 8h	7h 58m	$27.3M	$42.4M	75x
Short	Injective PENDLE/USDC PERP	2.4940	−0.4643	pay 0.0580% / 1h	58m 38s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.227%Rate

Funding earned: −$960.44
Price spread: −1.227% → 0.000%: −$122.71
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,093.17
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 13 min ago; Injective: 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, 13 min ago	0.60 bp	10.4 bp −$10	31.8 bp −$318	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.4643%	1h	2.4940	−1.227%	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.2596%	1h	2.5224	−0.102%	$28K	$11K	10x	as long as short
Bybit PENDLEUSDT	−0.1206%	8h	2.5213	−0.146%	$15.6M	$12.0M	50x	as long as short
Gate PENDLE_USDT	−0.0574%	8h	2.5240	−0.039%	$780K	$1.2M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0085%	1h	2.5129	−0.479%	$77K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5197	−0.208%	$166K	$524K	10x	as long as short
MEXC PENDLE_USDT	−0.0072%	8h	2.5242	−0.031%	$17.1M	$1.8M	125x	as long as short
Binance PENDLEUSDTlong	−0.0070%	8h	2.5250	long leg	$27.3M	$42.4M	75x
BloFin PENDLE-USDT	−0.0057%	8h	2.5275	+0.100%	$1.3M	$712K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0011%	8h	2.5292	+0.167%	$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	+0.026%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0015%	8h	2.5166	−0.332%	$426K	$1.6M	10x	as long as short
Variational Omni PENDLE	+0.0019%	8h	2.5102	−0.587%	$598K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5215	−0.136%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5279	+0.115%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5227	−0.090%	$532K	$407K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5237	−0.049%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5347	+0.383%	$12.8M	$6.2M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5292	+0.167%	$47K	$178K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	−0.197%	$3.2M	$6.0M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5291	+0.163%	$888K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5252	+0.009%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5227	−0.090%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5126	−0.490%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5226	−0.094%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5180	−0.277%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5285	+0.141%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5343	+0.368%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5270	+0.080%	$141K	$448K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1395%	1h	2.5347	+0.385%	$333K	$488K	15x	as long as short