Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h −0.019%

Price spread now: Bybit against Extended−0.483%7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$620.624% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 4 days (all we have)+0.507%+$51 · spread now −0.483%, 7d avg +0.037%

Together, before fees+0.395%+ Points / potential airdropExtended: Active · farm board+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.520% cheaper against Extended than usual: you would sell low and buy high (spread −0.483% now, against its 7-day average of +0.037%). If the spread goes back, that is −$52 on $10k: about 29 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.112%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.4830	0.0040	pay 0.0005% / 1h	18m 02s	$159K	$577K	10x
Short	Bybit PENDLEUSDT	2.4710	0.0100	get 0.0100% / 8h	2h 18m	$14.4M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.483%Rate

Funding earned: $12.6
Price spread: −0.483% → +0.037%: −$52
Slippage, 4 orders: −$46.41
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$101.82
Costs to cover: 0.624%
Break-even: 63.6 days

Slippage from Extended: live order book, 30 min ago; Bybit: live order book, 5 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, 30 min ago	1.02 bp	14.7 bp −$15	153.1 bp −$1,531	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	4.08 bp	16.8 bp −$17	52.5 bp −$525	298.5 bp −$29.8K	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	2.4200	−2.537%	$2K	$54K	5.5x	as long as short
Orderly PERP_PENDLE_USDC	−0.0034%	8h	2.4853	+0.093%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0013%	8h	2.4810	−0.080%	$733K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4793	−0.150%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4858	+0.113%	$24K	$15K	10x	as long as short
BloFin PENDLE-USDT	+0.0011%	8h	2.4787	−0.173%	$1.1M	$609K	75x	as long as short
MEXC PENDLE_USDT	+0.0035%	8h	2.4771	−0.237%	$17.6M	$2.0M	125x	as long as short
Extended PENDLE-USDlong	+0.0040%	1h	2.4830	long leg	$159K	$577K	10x
Binance PENDLEUSDT	+0.0042%	8h	2.4755	−0.300%	$26.2M	$44.5M	75x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4862	+0.130%	$4K	—	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	2.4843	+0.054%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4860	+0.121%	$527K	$426K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4826	−0.015%	$35K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4788	−0.168%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4757	−0.295%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4710	−0.483%	$14.4M	$12.1M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4720	−0.443%	$3.2M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4841	+0.045%	$879K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4744	−0.346%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4747	−0.334%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4491	−1.366%	$551K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4507	−1.299%	$24K	$373K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4500	−1.328%	$410K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4490	−1.369%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4876	+0.186%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4846	+0.065%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4853	+0.092%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4860	+0.121%	$157K	$531K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0834%	1h	2.4812	−0.072%	$360K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1173%	1h	2.4878	+0.195%	$116K	$262K	20x	as long as short