Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0051%/8h= −5.5% APRpaid last 24h −0.038%

Price spread now: Gate against GMX+0.035%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Gate

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

The price spread pays, funding is against you. Gate is 0.035% dearer against GMX than usual: you sell high and buy low (spread +0.035% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.4571	L +0.0151% / S −0.0168%	pay 0.0019% / 1h	12m 10s	$5K	—	100x
Short	Gate PENDLE_USDT	2.4580	0.0100	get 0.0100% / 8h	7h 12m	$778K	$996K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.035%Rate

Funding earned: −$10.62
Price spread: +0.035% → 0.000%: $3.55
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$34.07
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Gate: live order book, 45 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 Gate live order book, 45 min ago	4.11 bp	26.2 bp −$26	134.1 bp −$1,341	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	−0.3627%	1h	2.3930	−2.610%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0284%	8h	2.4421	−0.611%	$412K	$2.7M	10x	as long as short
Binance PENDLEUSDT	−0.0089%	8h	2.4578	+0.027%	$25.7M	$46.7M	75x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.4574	+0.011%	$162K	$934K	10x	as long as short
MEXC PENDLE_USDT	−0.0088%	8h	2.4576	+0.019%	$18.3M	$2.1M	125x	as long as short
BloFin PENDLE-USDT	−0.0068%	8h	2.4462	−0.445%	$1.1M	$512K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0008%	8h	2.4575	+0.015%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4467	−0.426%	$10K	—	5x	as long as short
Aster PENDLEUSDT	+0.0021%	8h	2.4564	−0.028%	$48K	$178K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0027%	1h	2.4460	−0.453%	$74K	$231K	50x	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	+0.0056%	1h	2.4575	+0.013%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0090%	1h	2.4476	−0.389%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4576	+0.019%	$530K	$442K	5x	as long as short
Variational Omni PENDLE	+0.0099%	8h	2.4461	−0.447%	$581K	$1.2M	—	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4542	−0.121%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4622	+0.206%	$12.9M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4551	−0.083%	$14.3M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4590	+0.076%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.4580	+0.035%	$778K	$996K	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4578	+0.027%	$703K	$598K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4582	+0.044%	$3.9M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4564	−0.030%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4443	−0.523%	$23K	$372K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4570	−0.005%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4598	+0.109%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0151% / S −0.0168%	1h	2.4571	long leg	$5K	—	100x
Deribit PENDLE_USDC-PERPETUAL	+0.0197%	1h	2.4592	+0.084%	$25K	$14K	10x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4620	+0.198%	$171K	$538K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0790%	1h	2.4628	+0.231%	$366K	$431K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1263%	1h	2.4566	−0.022%	$116K	$254K	20x	as long as short