Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0193%/8h= +21.1% APRpaid last 24h +0.005%

Price spread now: Reya against BloFin+0.204%46s7-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 Reya

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Reya is 0.204% dearer against BloFin than usual: you sell high and buy low: +$20 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 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	BloFin PENDLE-USDT	2.4342	−0.0104	get 0.0104% / 8h	7h 22m	$1.1M	$508K	75x
Short	Reya PENDLERUSDPERP	2.4392	0.0089	get 0.0011% / 1h	22m 05s	$3K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.204%Rate

Funding earned: $40.49
Price spread: +0.204% → 0.000%: $20.39
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $42.88
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: BloFin: live order book, 5 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 BloFin live order book, 5 min ago	0.83 bp	9.2 bp −$9	16.6 bp −$166	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	−0.3627%	1h	2.3970	−1.528%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0638%	8h	2.4168	−0.714%	$407K	$2.7M	10x	as long as short
BloFin PENDLE-USDTlong	−0.0104%	8h	2.4342	long leg	$1.1M	$508K	75x
MEXC PENDLE_USDT	−0.0099%	8h	2.4384	+0.173%	$18.1M	$2.1M	125x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.4383	+0.170%	$161K	$934K	10x	as long as short
Binance PENDLEUSDT	−0.0095%	8h	2.4385	+0.175%	$25.6M	$46.3M	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0078%	1h	2.4405	+0.259%	$25K	$14K	10x	as long as short
Gate PENDLE_USDT	−0.0070%	8h	2.4400	+0.238%	$773K	$994K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0064%	1h	2.4177	−0.678%	$74K	$231K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0013%	8h	2.4385	+0.177%	$18K	$15K	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	2.4419	+0.316%	$10K	—	5x	as long as short
Aster PENDLEUSDT	+0.0017%	8h	2.4400	+0.237%	$48K	$172K	10x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4406	+0.262%	$26K	—	3x	as long as short
Reya PENDLERUSDPERPshort	+0.0089%	1h	2.4392	+0.204%	$3K	—	15x
Lighter PENDLE	+0.0096%	1h	2.4390	+0.197%	$526K	$440K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4406	+0.263%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4416	+0.304%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4366	+0.099%	$14.2M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4390	+0.197%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4410	+0.279%	$703K	$601K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4401	+0.242%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4394	+0.214%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4110	−0.952%	$562K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4162	−0.740%	$22K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4410	+0.279%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4409	+0.275%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4357	+0.061%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4410	+0.279%	$168K	$527K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0733%	1h	2.4440	+0.403%	$361K	$431K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1273%	1h	2.4378	+0.147%	$115K	$255K	20x	as long as short