Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h 0.000%

Price spread now: Binance against Extended+0.051%7-day average +0.084% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$560.557% of the position

Long on Extended Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now +0.051%, 7d avg +0.084%

Together, before fees+0.013%+ Points / potential airdropExtended: Active · farm board+$1 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: Binance is 0.033% cheaper against Extended than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.4722	0.0048	pay 0.0006% / 1h	16m 18s	$159K	$577K	10x
Short	Binance PENDLEUSDT	2.4735	0.0045	get 0.0045% / 8h	2h 16m	$26.1M	$44.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Extended. 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 ExtendedbpFee BinancebpOrdersPrice spread, now +0.051%Rate

Funding earned: −$0.65
Price spread: +0.051% → +0.084%: −$3.27
Slippage, 4 orders: −$40.65
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Binance: 5 bp × 2 orders: −$10
Net: −$59.58
Costs to cover: 0.557%
Break-even: never at this rate

Slippage from Extended: live order book, 31 min ago; Binance: live order book, 11 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 Extended live order book, 31 min ago	1.02 bp	14.7 bp −$15	153.1 bp −$1,531	doesn't fit	doesn't fit
Sell Binance live order book, 11 min ago	0.61 bp	15.2 bp −$15	42.9 bp −$429	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	−0.3926%	1h	2.4410	−1.262%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0154%	1h	2.4732	+0.040%	$24K	$15K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4742	+0.081%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0013%	8h	2.4740	+0.073%	$736K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4744	+0.090%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0041%	8h	2.4741	+0.077%	$17.6M	$2.0M	125x	as long as short
Binance PENDLEUSDTshort	+0.0045%	8h	2.4735	+0.051%	$26.1M	$44.6M	75x
Extended PENDLE-USDlong	+0.0048%	1h	2.4722	long leg	$159K	$577K	10x
BloFin PENDLE-USDT	+0.0050%	8h	2.4748	+0.105%	$1.1M	$610K	75x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4749	+0.110%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4741	+0.078%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4740	+0.073%	$525K	$426K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4708	−0.057%	$35K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4783	+0.246%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4765	+0.174%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4730	+0.032%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4760	+0.153%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4757	+0.141%	$876K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4741	+0.077%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4749	+0.109%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4491	−0.936%	$551K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4507	−0.868%	$24K	$373K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4791	+0.279%	$415K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4730	+0.032%	$75K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4763	+0.166%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4722	0.000%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4730	+0.031%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4770	+0.194%	$161K	$540K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0833%	1h	2.4815	+0.376%	$357K	$404K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4787	+0.263%	$116K	$263K	20x	as long as short