Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0410%/8h= −44.9% APRpaid last 24h −0.062%

Price spread now: Bybit against GMX−0.286%7-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 Bybit

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 −$12 a day on $10k at the current rate, and Bybit is 0.286% cheaper against GMX than usual: you would sell low and buy high (−$29 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.5468	L +0.0203% / S −0.0382%	pay 0.0025% / 1h	9m 05s	$7K	—	100x
Short	Bybit PENDLEUSDT	2.5395	−0.0207	pay 0.0207% / 8h	7h 09m	$15.6M	$12.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.286%Rate

Funding earned: −$86.18
Price spread: −0.286% → 0.000%: −$28.63
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$137.8
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	3.95 bp	14.6 bp −$15	41.9 bp −$419	284.4 bp −$28.4K	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	−0.4643%	1h	2.5030	−1.719%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0417%	1h	2.5456	−0.047%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDTshort	−0.0207%	8h	2.5395	−0.286%	$15.6M	$12.0M	50x
GRVT PENDLE_USDT_Perp	−0.0133%	8h	2.5346	−0.479%	$419K	$1.7M	10x	as long as short
Binance PENDLEUSDT	−0.0098%	8h	2.5421	−0.186%	$27.5M	$42.8M	75x	as long as short
MEXC PENDLE_USDT	−0.0097%	8h	2.5422	−0.180%	$17.2M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.5439	−0.114%	$165K	$565K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0081%	1h	2.5358	−0.432%	$77K	$237K	50x	as long as short
BloFin PENDLE-USDT	−0.0080%	8h	2.5430	−0.149%	$1.3M	$677K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0025%	8h	2.5453	−0.059%	$20K	$16K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	−0.0024%	8h	2.5356	−0.440%	$611K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5455	−0.050%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0046%	8h	2.5449	−0.073%	$48K	$174K	10x	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5450	−0.071%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5448	−0.080%	$27K	—	3x	as long as short
Gate PENDLE_USDT	+0.0089%	8h	2.5430	−0.149%	$792K	$1.2M	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5444	−0.094%	$541K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5428	−0.158%	$36K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5400	−0.267%	$3.3M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5465	−0.011%	$884K	$589K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5396	−0.282%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5397	−0.278%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5355	−0.444%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5470	+0.008%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5452	−0.062%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0203% / S −0.0382%	1h	2.5468	long leg	$7K	—	100x
Hyperliquid PENDLE	+0.0361%	1h	2.5463	−0.019%	$13.1M	$6.3M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0611%	1h	2.5498	+0.120%	$119K	$292K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5440	−0.110%	$144K	$463K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0906%	1h	2.5471	+0.012%	$357K	$488K	15x	as long as short