Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0164%/8h= −18.0% APRpaid last 24h −0.014%

Price spread now: Extended against edgeX−0.019%7-day average −0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

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

costs, in and out, $10k−$430.433% of the position

Long on edgeX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.559%−$56 · spread now −0.019%, 7d avg −0.068%

Together, before fees−0.634%+ Points / potential airdropedgeX: Active · Extended: Active · farm board−$63 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.049% dearer against edgeX than usual: you sell high and buy low (spread −0.019% now, against its 7-day average of −0.068%): +$5 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 24 hours. At the pace of the last 7 days (−0.074% in total) that is about 4.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.4669	0.0100	pay 0.0050% / 4h	43m 10s	$24K	$379K	10x
Short	Extended PENDLE-USD	2.4665	−0.0064	pay 0.0008% / 1h	43m 10s	$161K	$570K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$34.44
Price spread: −0.019% → −0.068%: $4.94
Slippage, 4 orders: −$29.28
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$72.78
Costs to cover: 0.433%
Break-even: never at this rate

Slippage from edgeX: live order book, 15 min ago; Extended: live order book, 15 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, 15 min ago	2.03 bp	7.2 bp −$7	59.3 bp −$593	doesn't fit	doesn't fit
Sell Extended live order book, 15 min ago	0.81 bp	14.0 bp −$14	122.7 bp −$1,227	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	2.4400	−1.091%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0155%	1h	2.4689	+0.080%	$25K	$14K	10x	as long as short
MEXC PENDLE_USDT	−0.0065%	8h	2.4678	+0.036%	$17.4M	$1.9M	125x	as long as short
Extended PENDLE-USDshort	−0.0064%	1h	2.4665	−0.019%	$161K	$570K	10x
Binance PENDLEUSDT	−0.0063%	8h	2.4677	+0.033%	$26.2M	$44.0M	75x	as long as short
BloFin PENDLE-USDT	−0.0057%	8h	2.4675	+0.023%	$1.2M	$627K	75x	as long as short
Aster PENDLEUSDT	−0.0040%	8h	2.4698	+0.116%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4687	+0.072%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0016%	8h	2.4680	+0.044%	$717K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4690	+0.083%	$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	+0.0039%	8h	2.4660	−0.036%	$563K	$1.7M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4686	+0.068%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4683	+0.056%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0086%	8h	2.4668	−0.004%	$408K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4689	+0.080%	$527K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4685	+0.064%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4681	+0.048%	$14.7M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4670	+0.003%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4703	+0.137%	$869K	$583K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4651	−0.074%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4679	+0.040%	—	$8.6M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4669	long leg	$24K	$379K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4675	+0.023%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4717	+0.194%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4688	+0.076%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4690	+0.084%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0397%	1h	2.4722	+0.214%	$12.6M	$6.1M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0541%	1h	2.4732	+0.254%	$356K	$477K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4740	+0.287%	$147K	$493K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4699	+0.121%	$115K	$278K	20x	as long as short