Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.4448%/8h= +487.0% APRpaid last 24h +0.872%

Price spread now: Paradex against Injective+0.725%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 Paradex

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$133 a day on $10k at the current rate, and Paradex is 0.725% dearer against Injective than usual: you sell high and buy low: +$73 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.4340	−0.4348	get 0.0543% / 1h	56m 42s	$2K	$54K	5.5x
Short	Paradex PENDLE-USD-PERP	2.4517	0.0100	get 0.0100% / 8h	1h 56m	$34K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.725%Rate

Funding earned: $934.07
Price spread: +0.725% → 0.000%: $72.53
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: $1,002.58
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Paradex: no order-book sample. 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 Paradex no order-book sample	—	—	—	—	—

Injective and Paradex: 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	−0.4348%	1h	2.4340	long leg	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0564%	1h	2.4543	+0.834%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0034%	8h	2.4546	+0.846%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4587	+1.015%	$10K	—	5x	as long as short
Gate PENDLE_USDT	+0.0006%	8h	2.4560	+0.904%	$751K	$1.0M	75x	as long as short
BloFin PENDLE-USDT	+0.0022%	8h	2.4524	+0.756%	$1.1M	$505K	75x	as long as short
MEXC PENDLE_USDT	+0.0038%	8h	2.4516	+0.723%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0040%	8h	2.4509	+0.694%	$25.8M	$44.9M	75x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.4523	+0.751%	$160K	$570K	10x	as long as short
Reya PENDLERUSDPERP	+0.0076%	1h	2.4565	+0.923%	$3K	—	15x	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	+0.0088%	1h	2.4536	+0.805%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4530	+0.781%	$519K	$415K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.4517	+0.725%	$34K	$7K	10x
Aster PENDLEUSDT	+0.0100%	8h	2.4552	+0.873%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4512	+0.707%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4540	+0.822%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4579	+0.982%	$879K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4540	+0.822%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4547	+0.850%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4560	+0.906%	$562K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4566	+0.927%	$24K	$370K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4575	+0.965%	$410K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4582	+0.994%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4584	+1.002%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4547	+0.850%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4572	+0.954%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0227%	1h	2.4567	+0.933%	$12.7M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4710	+1.520%	$161K	$539K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1202%	1h	2.4590	+1.027%	$352K	$432K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1658%	1h	2.4584	+1.003%	$115K	$263K	20x	as long as short