Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.057%

Price spread now: GMX against Gate−0.061%7-day average — · you buy dearer than you sell

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

Long on Gate Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. GMX is 0.061% cheaper against Gate than usual: you would sell low and buy high (spread −0.061% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 3.0 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PENDLE_USDT	2.4490	0.0100	pay 0.0100% / 8h	7h 12m	$775K	$996K	75x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.4475	L +0.0151% / S −0.0168%	get 0.0021% / 1h	12m 57s	$5K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.061%Rate

Funding earned: $14.21
Price spread: −0.061% → 0.000%: −$6.06
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee GMX: 6 bp × 2 orders: −$12
Net: −$18.85
Costs to cover: 0.270%
Break-even: 16.3 days

Slippage unknown: Gate: live order book, 44 min ago; GMX: no order-book sample. 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 Gate live order book, 44 min ago	4.11 bp	21.9 bp −$22	136.7 bp −$1,367	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.3627%	1h	2.3930	−2.287%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0284%	8h	2.4421	−0.281%	$412K	$2.7M	10x	as long as short
Binance PENDLEUSDT	−0.0088%	8h	2.4522	+0.130%	$25.6M	$46.6M	75x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.4489	−0.005%	$161K	$934K	10x	as long as short
MEXC PENDLE_USDT	−0.0088%	8h	2.4482	−0.033%	$18.2M	$2.1M	125x	as long as short
BloFin PENDLE-USDT	−0.0068%	8h	2.4462	−0.114%	$1.1M	$512K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0008%	8h	2.4460	−0.122%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4467	−0.095%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4469	−0.086%	$25K	$14K	10x	as long as short
Aster PENDLEUSDT	+0.0020%	8h	2.4497	+0.028%	$48K	$176K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0027%	1h	2.4460	−0.122%	$74K	$231K	50x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4465	−0.104%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0090%	1h	2.4476	−0.059%	$3K	—	15x	as long as short
Bybit PENDLEUSDT	+0.0091%	8h	2.4510	+0.082%	$14.2M	$11.8M	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4473	−0.069%	$528K	$441K	5x	as long as short
Variational Omni PENDLE	+0.0099%	8h	2.4461	−0.117%	$581K	$1.2M	—	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4462	−0.115%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4526	+0.147%	$12.8M	$6.0M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4540	+0.204%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDTlong	+0.0100%	8h	2.4490	long leg	$775K	$996K	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4491	+0.004%	$700K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4489	−0.004%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4527	+0.151%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4443	−0.193%	$23K	$372K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4485	−0.020%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4484	−0.024%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0151% / S −0.0168%	1h	2.4475	−0.061%	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4540	+0.204%	$171K	$536K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0778%	1h	2.4533	+0.176%	$364K	$431K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1268%	1h	2.4475	−0.059%	$115K	$254K	20x	as long as short