Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h +0.009%

Price spread now: SunX against Extended+0.005%7-day average +0.101% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Extended Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 3 days (all we have)+0.069%+$7 · spread now +0.005%, 7d avg +0.101%

Together, before fees+0.139%+ Points / potential airdropExtended: Active · farm board+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.096% cheaper against Extended than usual: you would sell low and buy high (spread +0.005% now, against its 7-day average of +0.101%). If the spread goes back, that is −$10 on $10k: about 34 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.071% in total) that is about 9.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.071% in total (about 3.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.5135	−0.0128	get 0.0016% / 1h	20m 02s	$164K	$570K	10x
Short	SunX PENDLE-USDT	2.5136	0.0100	get 0.0100% / 8h	6h 20m	$2K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.005%Rate

Funding earned: $47.88
Price spread: +0.005% → +0.101%: −$9.62
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee SunX: 4 bp × 2 orders: −$8
Net: $25.26
Costs to cover: 0.130%
Break-even: 3.3 days

Slippage unknown: Extended: live order book, 48 min ago; SunX: live order book, 5 min ago. Net counts fees only.

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, 48 min ago	0.99 bp	14.3 bp −$14	128.8 bp −$1,288	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	500.14 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

PENDLE on 29 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	−0.4742%	1h	2.4870	−1.053%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0665%	1h	2.5125	−0.039%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0147%	1h	2.5194	+0.236%	$77K	$235K	50x	as long as short
Extended PENDLE-USDlong	−0.0128%	1h	2.5135	long leg	$164K	$570K	10x
Binance PENDLEUSDT	−0.0127%	8h	2.5146	+0.045%	$27.1M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0123%	8h	2.5145	+0.041%	$17.4M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0116%	8h	2.5198	+0.252%	$425K	$1.7M	10x	as long as short
Bybit PENDLEUSDT	−0.0039%	8h	2.5150	+0.061%	$15.2M	$12.1M	50x	as long as short
Variational Omni PENDLE	−0.0039%	8h	2.5145	+0.042%	$599K	$1.8M	—	as long as short
Gate PENDLE_USDT	−0.0038%	8h	2.5130	−0.019%	$764K	$1.2M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5123	−0.047%	$20K	$16K	10x	as long as short
Aster PENDLEUSDT	−0.0025%	8h	2.5151	+0.064%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5165	+0.120%	$11K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5116	−0.077%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0055%	1h	2.5119	−0.061%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5130	−0.019%	$535K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5110	−0.098%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5166	+0.124%	$12.9M	$6.4M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5130	−0.019%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5142	+0.029%	$868K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5127	−0.031%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5138	+0.013%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5194	+0.236%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5138	+0.013%	$16K	$20K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.5136	+0.005%	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5140	+0.021%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0419%	1h	2.5175	+0.160%	$353K	$482K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5260	+0.498%	$145K	$474K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0866%	1h	2.5175	+0.161%	$117K	$290K	20x	as long as short