Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0203%/8h= −22.2% APRpaid last 24h −0.042%

Price spread now: BloFin against GMX−0.070%51s7-day average — · you buy dearer than you sell

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and BloFin is 0.070% cheaper against GMX than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.4413	L +0.0196% / S −0.0222%	pay 0.0024% / 1h	31m 32s	$5K	—	100x
Short	BloFin PENDLE-USDT	2.4396	−0.0007	pay 0.0007% / 8h	2h 31m	$1.1M	$599K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against GMX. 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 GMXbpFee BloFinbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$42.66
Price spread: −0.070% → 0.000%: −$7.03
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$73.69
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 1 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 GMX no order-book sample	—	—	—	—	—
Sell BloFin live order book, 1 min ago	0.82 bp	14.0 bp −$14	23.8 bp −$238	doesn't fit	doesn't fit

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	−0.3926%	1h	2.4150	−1.078%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0200%	1h	2.4407	−0.025%	$24K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0041%	8h	2.4400	−0.054%	$716K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4410	−0.013%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDTshort	−0.0007%	8h	2.4396	−0.070%	$1.1M	$599K	75x
dYdX PENDLE-USD	0.0000%	1h	2.4416	+0.010%	$10K	—	5x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4389	−0.100%	$157K	$582K	10x	as long as short
MEXC PENDLE_USDT	+0.0008%	8h	2.4403	−0.042%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0009%	8h	2.4398	−0.064%	$25.7M	$44.3M	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4397	−0.065%	$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	+0.0080%	1h	2.4407	−0.026%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4410	−0.013%	$514K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4390	−0.094%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4435	+0.089%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4413	0.000%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4391	−0.091%	$14.2M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4410	−0.013%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4408	−0.021%	$859K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4388	−0.103%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4408	−0.021%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4431	+0.074%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4392	−0.086%	$24K	$375K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4410	−0.013%	$408K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4389	−0.099%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4419	+0.024%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4427	+0.057%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0196% / S −0.0222%	1h	2.4413	long leg	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.520%	$155K	$522K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0658%	1h	2.4441	+0.114%	$354K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1194%	1h	2.4432	+0.079%	$114K	$262K	20x	as long as short