Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0110%/8h= +12.0% APRpaid last 24h +0.008%

Price spread now: edgeX against Gate−1.020%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$165as in the Price arb table

costs, in and out, $10k−$610.610% of the position

Long on Gate Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)+1.292%+$129 · spread now −1.020%, 7d avg +0.019%

Together, before fees+1.336%+ Points / potential airdropedgeX: Active · farm board+$134 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 1.039% cheaper against Gate than usual: you would sell low and buy high (spread −1.020% now, against its 7-day average of +0.019%). If the spread goes back, that is −$104 on $10k: about 31 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.044% in total) that is about 6 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.4760	−0.0010	get 0.0010% / 8h	2h 16m	$736K	$1.1M	75x
Short	edgeX PENDLEUSDC	2.4507	0.0100	get 0.0050% / 4h	2h 16m	$24K	$373K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Gate. 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 GatebpFee edgeXbpOrdersPrice spread, now −1.020%Rate

Funding earned: $23.1
Price spread: −1.020% → +0.019%: −$103.87
Slippage, 4 orders: −$37.04
Fee Gate: 7.5 bp × 2 orders: −$15
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$141.81
Costs to cover: 0.610%
Break-even: 50.0 days

Slippage from Gate: live order book, 5 min ago; edgeX: live order book, 32 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 Gate live order book, 5 min ago	4.08 bp	22.4 bp −$22	125.6 bp −$1,256	doesn't fit	doesn't fit
Sell edgeX live order book, 32 min ago	1.63 bp	6.3 bp −$6	65.9 bp −$659	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	−1.414%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0154%	1h	2.4771	+0.044%	$24K	$15K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4772	+0.048%	$19K	$15K	10x	as long as short
Gate PENDLE_USDTlong	−0.0010%	8h	2.4760	long leg	$736K	$1.1M	75x
dYdX PENDLE-USD	0.0000%	1h	2.4750	−0.040%	$10K	—	5x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.4715	−0.183%	$159K	$577K	10x	as long as short
MEXC PENDLE_USDT	+0.0041%	8h	2.4724	−0.145%	$17.6M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0042%	8h	2.4707	−0.215%	$26.1M	$44.6M	75x	as long as short
BloFin PENDLE-USDT	+0.0050%	8h	2.4748	−0.048%	$1.1M	$610K	75x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4776	+0.064%	$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	2.4773	+0.053%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4767	+0.028%	$525K	$426K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4756	−0.015%	$35K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4772	+0.048%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4755	−0.018%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4710	−0.202%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4730	−0.121%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4775	+0.061%	$877K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4709	−0.206%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4749	−0.044%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4491	−1.088%	$551K	$1.4M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4507	−1.020%	$24K	$373K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4791	+0.125%	$415K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4730	−0.121%	$75K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4801	+0.166%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4758	−0.008%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4769	+0.037%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4810	+0.202%	$158K	$534K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0833%	1h	2.4815	+0.222%	$357K	$404K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4804	+0.178%	$116K	$263K	20x	as long as short