Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h −0.006%

Price spread now: Reya against Binance+0.053%7-day average — · you sell dearer than you buy

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

Long on Binance Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Reya is 0.053% dearer against Binance than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.4501	0.0024	pay 0.0024% / 8h	1h 06m	$25.8M	$45.4M	75x
Short	Reya PENDLERUSDPERP	2.4514	0.0081	get 0.0010% / 1h	6m 01s	$3K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.053%Rate

Funding earned: $11.89
Price spread: +0.053% → 0.000%: $5.29
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: $1.18
Costs to cover: 0.160%
Break-even: 6.3 days

Slippage unknown: Binance: live order book, 6 min ago; Reya: 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, 6 min ago	0.20 bp	9.2 bp −$9	31.9 bp −$319	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.4348%	1h	2.4230	−1.108%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0239%	1h	2.4512	+0.043%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0017%	8h	2.4499	−0.010%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4546	+0.180%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0020%	8h	2.4513	+0.047%	$1.1M	$478K	75x	as long as short
MEXC PENDLE_USDT	+0.0023%	8h	2.4504	+0.010%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDTlong	+0.0024%	8h	2.4501	long leg	$25.8M	$45.4M	75x
Extended PENDLE-USD	+0.0024%	1h	2.4504	+0.009%	$158K	$471K	10x	as long as short
Gate PENDLE_USDT	+0.0046%	8h	2.4520	+0.076%	$784K	$1.0M	75x	as long as short
Reya PENDLERUSDPERPshort	+0.0081%	1h	2.4514	+0.053%	$3K	—	15x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4494	−0.031%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4508	+0.027%	$519K	$417K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4488	−0.056%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4540	+0.157%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4504	+0.010%	$46K	$168K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4500	−0.006%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4530	+0.116%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4521	+0.080%	$872K	$549K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4519	+0.072%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4503	+0.006%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4490	−0.045%	$595K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4502	+0.003%	$24K	$370K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4496	−0.021%	$412K	$2.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4508	+0.027%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4536	+0.141%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4523	+0.088%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4524	+0.091%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0534%	1h	2.4556	+0.223%	$351K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4550	+0.198%	$158K	$507K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1659%	1h	2.4567	+0.269%	$115K	$260K	20x	as long as short