Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0228%/8h= +24.9% APRpaid last 24h +0.060%

Price spread now: GMX against BloFin+0.101%7-day average — · you sell dearer than you buy

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

Long on BloFin Short on GMX

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—needs both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and GMX is 0.101% dearer against BloFin than usual: you sell high and buy low: +$10 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	BloFin PENDLE-USDT	2.4458	−0.0006	get 0.0006% / 8h	1h 03m	$1.1M	$477K	75x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.4483	L +0.0196% / S −0.0222%	get 0.0028% / 1h	3m 17s	$5K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now +0.101%Rate

Funding earned: $47.8
Price spread: +0.101% → 0.000%: $10.13
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $33.92
Costs to cover: 0.240%
Break-even: 2.0 days

Slippage unknown: BloFin: live order book, 4 min ago; GMX: 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 BloFin live order book, 4 min ago	1.43 bp	13.0 bp −$13	21.9 bp −$219	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.932%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0607%	1h	2.4470	+0.049%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0018%	8h	2.4464	+0.025%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDTlong	−0.0006%	8h	2.4458	long leg	$1.1M	$477K	75x
dYdX PENDLE-USD	0.0000%	1h	2.4524	+0.270%	$10K	—	5x	as long as short
Binance PENDLEUSDT	+0.0021%	8h	2.4465	+0.029%	$25.8M	$45.4M	75x	as long as short
MEXC PENDLE_USDT	+0.0022%	8h	2.4463	+0.020%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4460	+0.009%	$158K	$471K	10x	as long as short
Gate PENDLE_USDT	+0.0050%	8h	2.4500	+0.172%	$788K	$1.0M	75x	as long as short
Reya PENDLERUSDPERP	+0.0081%	1h	2.4479	+0.086%	$3K	—	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	2.4465	+0.027%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4482	+0.098%	$519K	$417K	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0097%	8h	2.4491	+0.133%	$412K	$2.4M	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4472	+0.055%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4521	+0.258%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4472	+0.057%	$46K	$169K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4455	−0.012%	$14.2M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4480	+0.090%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4498	+0.164%	$871K	$549K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4491	+0.135%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4488	+0.123%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4496	+0.154%	$595K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4487	+0.119%	$24K	$371K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4502	+0.180%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4509	+0.209%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4495	+0.151%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0196% / S −0.0222%	1h	2.4483	+0.101%	$5K	—	100x
Backpack PENDLE_USDC_PERP	+0.0514%	1h	2.4521	+0.258%	$350K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4510	+0.213%	$157K	$506K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1661%	1h	2.4536	+0.317%	$115K	$260K	20x	as long as short