Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0128%/8h= −14.0% APRpaid last 24h −0.004%

Price spread now: BloFin against edgeX+0.079%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$390.388% of the position

Long on edgeX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 3 days (all we have)+0.041%+$4 · spread now +0.079%, 7d avg +0.040%

Together, before fees−0.031%+ Points / potential airdropedgeX: Active · farm board−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.039% dearer against edgeX than usual: you sell high and buy low (spread +0.079% now, against its 7-day average of +0.040%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 24 hours. At the pace of the last 7 days (−0.073% in total) that is about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.5231	0.0100	pay 0.0050% / 4h	26m 47s	$25K	$381K	10x
Short	BloFin PENDLE-USDT	2.5251	−0.0028	pay 0.0028% / 8h	26m 47s	$1.3M	$739K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.079%Rate

Funding earned: −$26.88
Price spread: +0.079% → +0.040%: $3.86
Slippage, 4 orders: −$17.85
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$61.87
Costs to cover: 0.388%
Break-even: never at this rate

Slippage from edgeX: live order book, 52 min ago; BloFin: live order book, 1 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, 52 min ago	1.21 bp	6.2 bp −$6	37.7 bp −$377	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	3.96 bp	11.0 bp −$11	24.1 bp −$241	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	−1.154%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0146%	1h	2.5246	+0.059%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0040%	1h	2.5239	+0.031%	$77K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0032%	8h	2.5238	+0.026%	$27.3M	$42.1M	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5222	−0.035%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0032%	8h	2.5254	+0.091%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDTshort	−0.0028%	8h	2.5251	+0.079%	$1.3M	$739K	75x
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5237	+0.023%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5268	+0.146%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0040%	8h	2.5182	−0.194%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0044%	8h	2.5188	−0.171%	$417K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0045%	1h	2.5244	+0.051%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5243	+0.047%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5253	+0.087%	$532K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5246	+0.058%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5269	+0.150%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5222	−0.036%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5220	−0.044%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5240	+0.035%	$786K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5273	+0.166%	$895K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5225	−0.024%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5233	+0.007%	—	$35.7M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.5231	long leg	$25K	$381K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5270	+0.154%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5229	−0.008%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5238	+0.028%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0320%	1h	2.5293	+0.245%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5288	+0.225%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.432%	$141K	$453K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0803%	1h	2.5298	+0.265%	$334K	$491K	15x	as long as short