Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bitget against edgeX−0.081%104s7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$510.512% of the position

Long on edgeX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 4 days (all we have)−0.311%−$31 · spread now −0.081%, 7d avg −0.038%

Together, before fees−0.360%+ Points / potential airdropedgeX: Active · farm board−$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.044% cheaper against edgeX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.038%. The two prices were read 104 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	edgeX PENDLEUSDC	2.4521	0.0100	pay 0.0050% / 4h	3h 09m	$24K	$374K	10x
Short	Bitget PENDLEUSDT	2.4501	0.0100	get 0.0100% / 8h	3h 09m	$3.6M	$2.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.081%Rate

Funding earned: $0
Price spread: −0.081% → −0.038%: −$4.36
Slippage, 4 orders: −$30.21
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$55.57
Costs to cover: 0.512%
Break-even: never at this rate

Slippage from edgeX: live order book, 44 min ago; Bitget: live order book, 3 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, 44 min ago	1.83 bp	6.5 bp −$7	22.6 bp −$226	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.20 bp	16.5 bp −$17	40.5 bp −$405	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	−0.4243%	1h	2.4300	−0.901%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0068%	8h	2.4510	−0.045%	$719K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0060%	8h	2.4508	−0.053%	$1.1M	$594K	75x	as long as short
Binance PENDLEUSDT	−0.0050%	8h	2.4483	−0.153%	$25.9M	$44.5M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4482	−0.160%	$158K	$579K	10x	as long as short
MEXC PENDLE_USDT	−0.0047%	8h	2.4489	−0.130%	$17.4M	$2.0M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4493	−0.114%	$19K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0036%	1h	2.4519	−0.008%	$75K	$234K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4521	−0.001%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4498	−0.093%	$24K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0039%	8h	2.4553	+0.130%	$46K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0051%	8h	2.4601	+0.327%	$417K	$2.1M	10x	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4492	−0.117%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4487	−0.140%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0078%	8h	2.4500	−0.083%	$550K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4495	−0.106%	$515K	$431K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4485	−0.147%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4477	−0.179%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4500	−0.085%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4502	−0.077%	$864K	$557K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.4501	−0.081%	$3.6M	$2.3M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4497	−0.098%	—	$8.4M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4521	long leg	$24K	$374K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4517	−0.016%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4508	−0.053%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4488	−0.133%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0288%	1h	2.4532	+0.045%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4510	−0.045%	$150K	$508K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0699%	1h	2.4538	+0.070%	$356K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1186%	1h	2.4545	+0.099%	$115K	$268K	20x	as long as short