Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0728%/8h= +79.7% APRpaid last 24h +0.105%

Price spread now: Backpack against BingX+0.270%7-day average +0.147% · you sell dearer than you buy

Net, funding: paid 7d − costs+$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.693%+$69 on $10k

Price spread, last 4 days (all we have)−0.274%−$27 · spread now +0.270%, 7d avg +0.147%

Together, before fees+0.419%+$42 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Backpack is 0.123% dearer against BingX than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.147%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PENDLE-USDT	2.5182	0.0100	pay 0.0100% / 8h	2h 37m	—	$36.3M	—
Short	Backpack PENDLE_USDC_PERP	2.5250	0.0828	get 0.0104% / 1h	37m 08s	$366K	$465K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.270%Rate

Funding earned: $152.9
Price spread: +0.270% → +0.147%: $12.26
Slippage, 4 orders: −$23.4
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $121.75
Costs to cover: 0.434%
Break-even: 1.4 days

Slippage from BingX: live order book, 7 min ago; Backpack: live order book, 51 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 BingX live order book, 7 min ago	3.57 bp	11.2 bp −$11	21.1 bp −$211	233.1 bp −$23.3K	433.2 bp −$216.6K
Sell Backpack live order book, 51 min ago	2.53 bp	9.9 bp −$10	35.3 bp −$353	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	−0.4806%	1h	2.4860	−1.279%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5248	+0.264%	$150K	$279K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5179	−0.010%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5210	+0.111%	$30K	$10K	10x	as long as short
Variational Omni PENDLE	+0.0019%	8h	2.5180	−0.007%	$609K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0035%	1h	2.5188	+0.023%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5199	+0.068%	$23K	$8K	10x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5175	−0.028%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0042%	8h	2.5188	+0.024%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0042%	8h	2.5192	+0.040%	$27.4M	$39.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0056%	8h	2.5193	+0.044%	$1.3M	$744K	75x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5187	+0.021%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5194	+0.048%	$545K	$385K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5183	+0.005%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5221	+0.155%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5191	+0.036%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5171	−0.044%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5210	+0.111%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	+0.032%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5195	+0.052%	$913K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5183	+0.004%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.5182	long leg	—	$36.3M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5153	−0.117%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5192	+0.039%	$416K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5192	+0.040%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5214	+0.127%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5214	+0.127%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5202	+0.080%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5220	+0.151%	$117K	$431K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0828%	1h	2.5250	+0.270%	$366K	$465K	15x