Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.4904%/8h= +537.0% APRpaid last 24h +1.057%

Price spread now: BloFin against Injective−1.131%7-day average — · you buy dearer than you sell

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

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+1.453%+$145 on $10k

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. BloFin is 1.131% cheaper against Injective than usual: you would sell low and buy high (spread −1.131% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$113 on $10k: about 18 hours of funding at the current rate (+$147 a day). At the pace of the last 7 days (+1.453% in total) that is about 5.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.453% in total (about 75.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.4660	−0.5000	get 0.0625% / 1h	18m 50s	$2K	$55K	5.5x
Short	BloFin PENDLE-USDT	2.4381	−0.0096	pay 0.0096% / 8h	6h 18m	$1.1M	$517K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Injective. 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 InjectivebpFee BloFinbpOrdersPrice spread, now −1.131%Rate

Funding earned: $1,029.94
Price spread: −1.131% → 0.000%: −$113.14
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: $904.79
Costs to cover: 0.120%
Break-even: 0.9 days

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 2 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 Injective no order-book sample	—	—	—	—	—
Sell BloFin live order book, 2 min ago	0.20 bp	9.8 bp −$10	18.1 bp −$181	doesn't fit	doesn't fit

Injective: 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 exchanges

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 PERPlong	−0.5000%	1h	2.4660	long leg	$2K	$55K	5.5x
BloFin PENDLE-USDTshort	−0.0096%	8h	2.4381	−1.131%	$1.1M	$517K	75x
Extended PENDLE-USD	−0.0080%	1h	2.4362	−1.208%	$162K	$936K	10x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0077%	1h	2.4405	−1.034%	$121K	$252K	20x	as long as short
MEXC PENDLE_USDT	−0.0077%	8h	2.4377	−1.148%	$18.5M	$2.2M	125x	as long as short
Binance PENDLEUSDT	−0.0076%	8h	2.4374	−1.160%	$25.5M	$46.7M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0058%	1h	2.4386	−1.111%	$74K	$231K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0001%	8h	2.4406	−1.031%	$403K	$2.9M	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4421	−0.969%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4389	−1.099%	$25K	$12K	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	+0.0009%	8h	2.4374	−1.160%	$18K	$14K	10x	as long as short
Aster PENDLEUSDT	+0.0015%	8h	2.4402	−1.047%	$50K	$167K	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4371	−1.174%	$25K	—	3x	as long as short
Variational Omni PENDLE	+0.0076%	8h	2.4355	−1.237%	$573K	$1.1M	—	as long as short
Reya PENDLERUSDPERP	+0.0094%	1h	2.4422	−0.966%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4401	−1.050%	$656K	$512K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4354	−1.239%	$34K	$1K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4354	−1.241%	$14.2M	$11.6M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4370	−1.176%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4410	−1.014%	$772K	$967K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4407	−1.026%	$685K	$502K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4385	−1.115%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4375	−1.156%	—	$8.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4388	−1.104%	$23K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4404	−1.038%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4385	−1.115%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0184% / S −0.0207%	1h	2.4380	−1.134%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0434%	1h	2.4429	−0.937%	$13.0M	$6.0M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0629%	1h	2.4426	−0.949%	$365K	$420K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.4400	−1.054%	$166K	$538K	25x	as long as short