Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.034%

Price spread now: Bybit against Paradex+0.033%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Bybit

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.033% dearer against Paradex than usual: you sell high and buy low, +$3 on $10k if it 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	Paradex PENDLE-USD-PERP	2.4560	0.0100	pay 0.0100% / 8h	7h 03m	$34K	$3K	10x
Short	Bybit PENDLEUSDT	2.4568	0.0100	get 0.0100% / 8h	7h 03m	$14.3M	$11.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Paradex. 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 ParadexbpFee BybitbpOrdersPrice spread, now +0.033%Rate

Funding earned: $0
Price spread: +0.033% → 0.000%: $3.34
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$11.66
Costs to cover: 0.150%
Break-even: 298904095.2 days

Slippage unknown: Paradex: no order-book sample; Bybit: live order book, 5 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 Paradex no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	2.04 bp	15.8 bp −$16	66.9 bp −$669	751.4 bp −$75.1K	doesn't fit

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 PERP	−0.3627%	1h	2.3930	−2.564%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0110%	8h	2.4541	−0.077%	$407K	$2.8M	10x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.4585	+0.104%	$162K	$934K	10x	as long as short
Binance PENDLEUSDT	−0.0078%	8h	2.4578	+0.075%	$25.7M	$46.8M	75x	as long as short
MEXC PENDLE_USDT	−0.0078%	8h	2.4598	+0.156%	$18.7M	$2.2M	125x	as long as short
BloFin PENDLE-USDT	−0.0068%	8h	2.4595	+0.143%	$1.1M	$518K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0005%	8h	2.4585	+0.103%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4546	−0.057%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4600	+0.164%	$25K	$14K	10x	as long as short
Aster PENDLEUSDT	+0.0030%	8h	2.4587	+0.110%	$50K	$179K	10x	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	+0.0064%	1h	2.4595	+0.142%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0090%	1h	2.4604	+0.179%	$3K	—	15x	as long as short
Variational Omni PENDLE	+0.0091%	8h	2.4511	−0.199%	$584K	$1.2M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4601	+0.168%	$530K	$444K	5x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.4560	long leg	$34K	$3K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4639	+0.323%	$13.0M	$6.0M	5x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4568	+0.033%	$14.3M	$11.8M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4590	+0.123%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4580	+0.082%	$779K	$997K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4606	+0.188%	$703K	$596K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4597	+0.152%	$3.9M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4585	+0.103%	—	$8.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4541	−0.078%	$23K	$371K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4544	−0.064%	$75K	$231K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4590	+0.123%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4601	+0.168%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4588	+0.116%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4640	+0.327%	$171K	$539K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0842%	1h	2.4637	+0.314%	$366K	$433K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1263%	1h	2.4572	+0.050%	$116K	$253K	20x	as long as short