Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.4343%/8h= +475.6% APRpaid last 24h +0.818%

Price spread now: edgeX against Injective+1.053%7-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 edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.272%+$127 on $10k

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

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$130 a day on $10k at the current rate, and edgeX is 1.053% dearer against Injective than usual: you sell high and buy low: +$105 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.272% in total (about 66.3% 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	2.4370	−0.4243	get 0.0530% / 1h	52m 46s	$2K	$54K	5.5x
Short	edgeX PENDLEUSDC	2.4627	0.0100	get 0.0050% / 4h	3h 52m	$24K	$376K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +1.053%Rate

Funding earned: $912.07
Price spread: +1.053% → 0.000%: $105.3
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $1,008.34
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; edgeX: live order book, 66 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 edgeX live order book, 66 min ago	2.03 bp	7.1 bp −$7	52.9 bp −$529	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 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	−0.4243%	1h	2.4370	long leg	$2K	$54K	5.5x
ApeX Omni PENDLEUSDT	−0.0423%	1h	2.4629	+1.063%	$75K	$235K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0236%	1h	2.4675	+1.252%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0083%	8h	2.4651	+1.153%	$1.1M	$596K	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4642	+1.115%	$159K	$578K	10x	as long as short
Gate PENDLE_USDT	−0.0064%	8h	2.4640	+1.108%	$716K	$1.1M	75x	as long as short
Binance PENDLEUSDT	−0.0061%	8h	2.4649	+1.143%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0060%	8h	2.4646	+1.133%	$17.4M	$1.9M	125x	as long as short
Aster PENDLEUSDT	−0.0050%	8h	2.4685	+1.293%	$47K	$171K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4663	+1.202%	$19K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4665	+1.211%	$10K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0054%	8h	2.4595	+0.922%	$408K	$1.9M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4668	+1.223%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0067%	1h	2.4639	+1.105%	$3K	—	15x	as long as short
Variational Omni PENDLE	+0.0070%	8h	2.4586	+0.885%	$552K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4665	+1.211%	$517K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4628	+1.059%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4630	+1.067%	$14.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4670	+1.231%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4682	+1.280%	$886K	$550K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4631	+1.071%	$3.7M	$2.2M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4649	+1.145%	—	$8.5M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4627	+1.053%	$24K	$376K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4664	+1.206%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4655	+1.169%	$1K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0182%	1h	2.4692	+1.321%	$12.8M	$6.0M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4648	+1.140%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0481%	1h	2.4706	+1.379%	$359K	$399K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4660	+1.190%	$147K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4726	+1.461%	$115K	$268K	20x	as long as short