Funding arb · Price arb /

PENDLE

all PENDLE markets

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: SunX against Injective+0.909%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 SunX

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—needs both histories

Both sides work for this trade now. Funding pays +$130 a day on $10k at the current rate, and SunX is 0.909% dearer against Injective than usual: you sell high and buy low: +$91 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	2.4320	−0.4243	get 0.0530% / 1h	29m 10s	$2K	$54K	5.5x
Short	SunX PENDLE-USDT	2.4541	0.0100	get 0.0100% / 8h	3h 29m	$2K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.909%Rate

Funding earned: $912.07
Price spread: +0.909% → 0.000%: $90.87
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee SunX: 4 bp × 2 orders: −$8
Net: $994.92
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; SunX: live order book, 6 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 SunX live order book, 6 min ago	500.07 bp	doesn't fit	doesn't fit	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	2.4320	long leg	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0524%	1h	2.4527	+0.851%	$25K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0129%	1h	2.4570	+1.028%	$75K	$234K	50x	as long as short
BloFin PENDLE-USDT	−0.0065%	8h	2.4525	+0.843%	$1.1M	$595K	75x	as long as short
Gate PENDLE_USDT	−0.0061%	8h	2.4550	+0.946%	$718K	$1.1M	75x	as long as short
Binance PENDLEUSDT	−0.0057%	8h	2.4545	+0.925%	$26.0M	$44.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0057%	8h	2.4550	+0.946%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4513	+0.792%	$158K	$581K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4523	+0.835%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0001%	8h	2.4619	+1.228%	$47K	$172K	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	2.4601	+1.154%	$10K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0042%	8h	2.4598	+1.145%	$406K	$2.0M	10x	as long as short
Variational Omni PENDLE	+0.0063%	8h	2.4581	+1.072%	$551K	$1.4M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4520	+0.824%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0069%	1h	2.4540	+0.906%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4550	+0.946%	$515K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4559	+0.984%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4538	+0.896%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4570	+1.028%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4577	+1.057%	$888K	$552K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4540	+0.905%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4549	+0.942%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4567	+1.014%	$24K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4564	+1.003%	$16K	$7K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.4541	+0.909%	$2K	$1.8M	20x
Hyperliquid PENDLE	+0.0155%	1h	2.4593	+1.123%	$12.7M	$6.1M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4535	+0.883%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4560	+0.987%	$146K	$499K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0713%	1h	2.4594	+1.127%	$357K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1183%	1h	2.4603	+1.165%	$115K	$269K	20x	as long as short