Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0004%/8h= −0.5% APRpaid last 24h +0.014%

Price spread now: Reya against Bybit+0.073%7-day average — · you sell dearer than you buy

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

Long on Bybit 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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Reya is 0.073% dearer against Bybit than usual: you sell high and buy low, +$7 on $10k if it 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	Bybit PENDLEUSDT	2.4447	0.0100	pay 0.0100% / 8h	6h 00m	$14.3M	$11.6M	50x
Short	Reya PENDLERUSDPERP	2.4465	0.0096	get 0.0012% / 1h	0m 14s	$3K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.073%Rate

Funding earned: −$0.93
Price spread: +0.073% → 0.000%: $7.34
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: −$10.59
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	4.09 bp	15.3 bp −$15	47.6 bp −$476	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 exchanges

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	2.4660	+0.871%	$2K	$55K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0077%	1h	2.4454	+0.030%	$122K	$252K	20x	as long as short
Binance PENDLEUSDT	−0.0076%	8h	2.4456	+0.036%	$25.5M	$46.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0075%	8h	2.4466	+0.078%	$18.6M	$2.2M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4452	+0.020%	$158K	$940K	10x	as long as short
BloFin PENDLE-USDT	−0.0059%	8h	2.4451	+0.016%	$1.1M	$522K	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0036%	1h	2.4467	+0.082%	$25K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4479	+0.132%	$10K	—	5x	as long as short
Aster PENDLEUSDT	+0.0008%	8h	2.4478	+0.126%	$51K	$167K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0014%	8h	2.4456	+0.037%	$18K	$14K	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0033%	8h	2.4479	+0.129%	$417K	$3.0M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0042%	1h	2.4534	+0.356%	$75K	$230K	50x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4415	−0.132%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0069%	8h	2.4444	−0.011%	$575K	$1.0M	—	as long as short
Reya PENDLERUSDPERPshort	+0.0096%	1h	2.4465	+0.073%	$3K	—	15x
Lighter PENDLE	+0.0096%	1h	2.4469	+0.090%	$677K	$531K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4455	+0.031%	$34K	—	10x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.4447	long leg	$14.3M	$11.6M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4440	−0.029%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4460	+0.053%	$777K	$977K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4472	+0.102%	$688K	$498K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4472	+0.102%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4461	+0.057%	—	$8.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4509	+0.252%	$23K	$368K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4492	+0.184%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4484	+0.151%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0184% / S −0.0207%	1h	2.4466	+0.076%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0427%	1h	2.4505	+0.237%	$13.1M	$6.0M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0693%	1h	2.4507	+0.245%	$366K	$418K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.4550	+0.421%	$168K	$538K	25x	as long as short