Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.003%

Price spread now: BingX against Extended+0.130%7-day average +0.053% · you sell dearer than you buy

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

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

costs, in and out, $10k−$540.539% of the position

Long on Extended Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 4 days (all we have)−0.135%−$13 · spread now +0.130%, 7d avg +0.053%

Together, before fees−0.108%+ Points / potential airdropExtended: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BingX is 0.076% dearer against Extended than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.5269	0.0056	pay 0.0007% / 1h	24m 09s	$166K	$524K	10x
Short	BingX PENDLE-USDT	2.5302	0.0100	get 0.0100% / 8h	2h 24m	—	$36.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.130%Rate

Funding earned: $9.24
Price spread: +0.130% → +0.053%: $7.63
Slippage, 4 orders: −$38.91
Fee Extended: 2.5 bp × 2 orders: −$5
Fee BingX: 5 bp × 2 orders: −$10
Net: −$37.04
Costs to cover: 0.539%
Break-even: 35.1 days

Slippage from Extended: live order book, 63 min ago; BingX: live order book, 10 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, 63 min ago	1.18 bp	13.8 bp −$14	123.9 bp −$1,239	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	3.78 bp	12.1 bp −$12	20.8 bp −$208	97.5 bp −$9,746	357.7 bp −$178.8K

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	−0.4806%	1h	2.4990	−1.105%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0427%	1h	2.5350	+0.321%	$151K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0303%	1h	2.5290	+0.082%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5330	+0.239%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5298	+0.114%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5279	+0.040%	$4K	—	15x	as long as short
Variational Omni PENDLE	+0.0043%	8h	2.5289	+0.079%	$611K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0044%	8h	2.5327	+0.229%	$1.3M	$750K	75x	as long as short
Extended PENDLE-USDlong	+0.0056%	1h	2.5269	long leg	$166K	$524K	10x
MEXC PENDLE_USDT	+0.0057%	8h	2.5282	+0.051%	$17.0M	$2.2M	125x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENDLEUSDT	+0.0059%	8h	2.5279	+0.039%	$27.5M	$39.3M	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0084%	1h	2.5265	−0.017%	$77K	$240K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5289	+0.078%	$549K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5283	+0.054%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5307	+0.151%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5308	+0.153%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5303	+0.135%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5278	+0.035%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5290	+0.082%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5300	+0.122%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5314	+0.177%	$916K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5315	+0.181%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.5302	+0.130%	—	$36.4M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5266	−0.014%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5275	+0.024%	$426K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5299	+0.118%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5300	+0.122%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5300	+0.121%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.359%	$117K	$434K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0847%	1h	2.5343	+0.292%	$367K	$465K	15x	as long as short