Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.3727%/8h= +408.1% APRpaid last 24h +1.003%

Price spread now: Bybit against Injective+2.048%108s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+1.327%+$133 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$112 a day on $10k at the current rate, and Bybit is 2.048% dearer against Injective than usual: you sell high and buy low: +$205 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 108 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.327% in total (about 69.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.3930	−0.3627	get 0.0453% / 1h	15m 31s	$2K	$55K	5.5x
Short	Bybit PENDLEUSDT	2.4420	0.0100	get 0.0100% / 8h	7h 15m	$14.2M	$11.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +2.048%Rate

Funding earned: $782.68
Price spread: +2.048% → 0.000%: $204.76
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $976.42
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	2.05 bp	16.7 bp −$17	66.5 bp −$665	297.8 bp −$29.8K	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 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 PERPlong	−0.3627%	1h	2.3930	long leg	$2K	$55K	5.5x
GRVT PENDLE_USDT_Perp	−0.0371%	8h	2.4392	+1.930%	$403K	$2.7M	10x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.4437	+2.120%	$161K	$934K	10x	as long as short
Binance PENDLEUSDT	−0.0087%	8h	2.4439	+2.128%	$25.5M	$46.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0087%	8h	2.4466	+2.240%	$18.2M	$2.1M	125x	as long as short
BloFin PENDLE-USDT	−0.0080%	8h	2.4444	+2.148%	$1.1M	$511K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0009%	8h	2.4493	+2.353%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4471	+2.262%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4510	+2.424%	$25K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0006%	1h	2.4430	+2.089%	$74K	$230K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0020%	8h	2.4463	+2.227%	$48K	$175K	10x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4484	+2.313%	$26K	—	3x	as long as short
Gate PENDLE_USDT	+0.0078%	8h	2.4480	+2.298%	$775K	$995K	75x	as long as short
Reya PENDLERUSDPERP	+0.0089%	1h	2.4451	+2.177%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4488	+2.332%	$529K	$441K	5x	as long as short
Variational Omni PENDLE	+0.0099%	8h	2.4461	+2.221%	$581K	$1.2M	—	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4457	+2.203%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4499	+2.378%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4420	+2.048%	$14.2M	$11.8M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4450	+2.173%	$3.1M	$6.8M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4470	+2.257%	$705K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4464	+2.232%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4459	+2.211%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4440	+2.130%	$23K	$372K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4480	+2.298%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4512	+2.432%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4453	+2.187%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4540	+2.549%	$171K	$536K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0787%	1h	2.4542	+2.557%	$362K	$430K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1268%	1h	2.4483	+2.310%	$115K	$254K	20x	as long as short