Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0320%/8h= +35.1% APRpaid last 24h +0.124%

Price spread now: Backpack against edgeX+0.018%7-day average +0.154% · you sell dearer than you buy

Net, funding: paid 7d − costs+$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.701%+$70 on $10k

Price spread, last 4 days (all we have)−0.343%−$34 · spread now +0.018%, 7d avg +0.154%

Together, before fees+0.358%+ Points / potential airdropedgeX: Active · farm board+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.136% cheaper against edgeX than usual: you would sell low and buy high (spread +0.018% now, against its 7-day average of +0.154%). If the spread goes back, that is −$14 on $10k: about 34 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.4687	0.0100	pay 0.0050% / 4h	50m 33s	$24K	$377K	10x
Short	Backpack PENDLE_USDC_PERP	2.4691	0.0420	get 0.0053% / 1h	50m 33s	$355K	$477K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now +0.018%Rate

Funding earned: $67.24
Price spread: +0.018% → +0.154%: −$13.58
Slippage, 4 orders: −$13.44
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $21.22
Costs to cover: 0.324%
Break-even: 4.8 days

Slippage from edgeX: live order book, 8 min ago; Backpack: live order book, 8 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 edgeX live order book, 8 min ago	2.03 bp	7.2 bp −$7	59.3 bp −$593	doesn't fit	doesn't fit
Sell Backpack live order book, 8 min ago	1.62 bp	8.4 bp −$8	581.2 bp −$5,812	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	−0.4334%	1h	2.4430	−1.039%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0237%	1h	2.4644	−0.172%	$25K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4633	−0.219%	$161K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0071%	8h	2.4646	−0.164%	$26.2M	$43.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0070%	8h	2.4651	−0.144%	$17.3M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0058%	8h	2.4635	−0.209%	$1.3M	$650K	75x	as long as short
Aster PENDLEUSDT	−0.0046%	8h	2.4692	+0.021%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4641	−0.185%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0026%	8h	2.4660	−0.108%	$716K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4666	−0.085%	$10K	—	5x	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	+0.0034%	8h	2.4626	−0.247%	$563K	$1.7M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4649	−0.150%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4630	−0.229%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4685	−0.007%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4645	−0.168%	$526K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4644	−0.173%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4640	−0.189%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4670	−0.067%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4658	−0.116%	$873K	$580K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4657	−0.120%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4658	−0.116%	—	$8.6M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4687	long leg	$24K	$377K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4674	−0.051%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4672	−0.059%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4655	−0.128%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4651	−0.145%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0290%	1h	2.4712	+0.104%	$12.6M	$6.1M	5x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0420%	1h	2.4691	+0.018%	$355K	$477K	15x
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	+0.298%	$147K	$493K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4693	+0.025%	$115K	$278K	20x	as long as short