Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0583%/8h= +63.8% APRpaid last 24h +0.143%

Price spread now: Backpack against Bybit+0.250%7-day average +0.166% · you sell dearer than you buy

Net, funding: paid 7d − costs+$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$460.461% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.861%+$86 on $10k

Price spread, last 4 days (all we have)−0.228%−$23 · spread now +0.250%, 7d avg +0.166%

Together, before fees+0.632%+$63 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Backpack is 0.084% dearer against Bybit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.166%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.5150	0.0100	pay 0.0100% / 8h	3m 39s	$15.5M	$12.0M	50x
Short	Backpack PENDLE_USDC_PERP	2.5213	0.0683	get 0.0085% / 1h	3m 39s	$331K	$489K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.250%Rate

Funding earned: $122.42
Price spread: +0.250% → +0.166%: $8.42
Slippage, 4 orders: −$25.14
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $84.7
Costs to cover: 0.461%
Break-even: 2.2 days

Slippage from Bybit: live order book, 5 min ago; Backpack: live order book, 10 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 Bybit live order book, 5 min ago	3.98 bp	12.6 bp −$13	46.8 bp −$468	287.5 bp −$28.8K	doesn't fit
Sell Backpack live order book, 10 min ago	1.39 bp	10.2 bp −$10	44.5 bp −$445	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	−0.5000%	1h	2.4940	−0.835%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0090%	1h	2.5119	−0.123%	$77K	$239K	50x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.5155	+0.020%	$17.0M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0072%	8h	2.5136	−0.056%	$27.1M	$42.3M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5149	−0.003%	$165K	$528K	10x	as long as short
BloFin PENDLE-USDT	−0.0055%	8h	2.5103	−0.187%	$1.3M	$707K	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0028%	1h	2.5181	+0.123%	$28K	$11K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.5167	+0.068%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5143	−0.027%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5177	+0.107%	$417K	$1.6M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0021%	8h	2.5077	−0.292%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5157	+0.029%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5158	+0.032%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5141	−0.036%	$530K	$416K	5x	as long as short
Aster PENDLEUSDT	+0.0098%	8h	2.5147	−0.011%	$47K	$178K	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5144	−0.024%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.5150	long leg	$15.5M	$12.0M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5150	0.000%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5130	−0.080%	$775K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5149	−0.004%	$884K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5135	−0.060%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5149	−0.004%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5130	−0.081%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5178	+0.111%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5171	+0.083%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5182	+0.129%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0285%	1h	2.5184	+0.135%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5216	+0.261%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.755%	$141K	$449K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0683%	1h	2.5213	+0.250%	$331K	$489K	15x