Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: edgeX against Bitget−0.896%94s7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as 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−$500.502% of the position

Long on Bitget Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.048%+$5 on $10k

Price spread, last 4 days (all we have)+1.205%+$120 · spread now −0.896%, 7d avg +0.035%

Together, before fees+1.253%+ Points / potential airdropedgeX: Active · farm board+$125 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: edgeX is 0.931% cheaper against Bitget than usual: you would sell low and buy high, −$93 on $10k if it goes back to its 7-day average of +0.035%. The two prices were read 94 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	Bitget PENDLEUSDT	2.4729	0.0100	pay 0.0100% / 8h	2h 17m	$3.7M	$2.4M	75x
Short	edgeX PENDLEUSDC	2.4507	0.0100	get 0.0050% / 4h	2h 17m	$24K	$373K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Bitget. 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 BitgetbpFee edgeXbpOrdersPrice spread, now −0.896%Rate

Funding earned: $0
Price spread: −0.896% → +0.035%: −$93.14
Slippage, 4 orders: −$29.2
Fee Bitget: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$143.34
Costs to cover: 0.502%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; edgeX: live order book, 30 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 Bitget live order book, 5 min ago	4.90 bp	17.8 bp −$18	33.1 bp −$331	doesn't fit	doesn't fit
Sell edgeX live order book, 30 min ago	1.63 bp	6.3 bp −$6	65.9 bp −$659	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	−0.3926%	1h	2.4200	−2.139%	$2K	$54K	5.5x	as long as short
Orderly PERP_PENDLE_USDC	−0.0034%	8h	2.4853	+0.501%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0013%	8h	2.4730	+0.004%	$731K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4793	+0.258%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4858	+0.522%	$24K	$15K	10x	as long as short
BloFin PENDLE-USDT	+0.0011%	8h	2.4787	+0.235%	$1.1M	$609K	75x	as long as short
MEXC PENDLE_USDT	+0.0035%	8h	2.4715	−0.057%	$17.6M	$2.0M	125x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.4711	−0.074%	$159K	$577K	10x	as long as short
Binance PENDLEUSDT	+0.0042%	8h	2.4728	−0.003%	$26.1M	$44.5M	75x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4862	+0.538%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4843	+0.462%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4860	+0.530%	$527K	$426K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4826	+0.393%	$35K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4788	+0.239%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4730	+0.003%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4714	−0.061%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4750	+0.085%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4753	+0.097%	$876K	$558K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.4729	long leg	$3.7M	$2.4M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4735	+0.024%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4491	−0.964%	$551K	$1.4M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4507	−0.896%	$24K	$373K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4500	−0.925%	$410K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4490	−0.966%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4876	+0.594%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4846	+0.473%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4853	+0.500%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4860	+0.530%	$157K	$531K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0834%	1h	2.4812	+0.336%	$360K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1173%	1h	2.4878	+0.604%	$116K	$262K	20x	as long as short