Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.4842%/8h= −530.2% APRpaid last 24h −0.581%

Price spread now: Injective against Paradex−0.672%99s7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Injective

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 against this trade now: funding costs −$145 a day on $10k at the current rate, and Injective is 0.672% cheaper against Paradex than usual: you would sell low and buy high (−$67 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex PENDLE-USD-PERP	2.5038	0.0100	pay 0.0100% / 8h	6h 01m	$35K	$16K	10x
Short	Injective PENDLE/USDC PERP	2.4870	−0.4742	pay 0.0593% / 1h	1m 34s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.672%Rate

Funding earned: −$1,016.75
Price spread: −0.672% → 0.000%: −$67.22
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,087.99
Costs to cover: 0.040%
Break-even: never at this rate

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

Paradex and 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 29 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 PERPshort	−0.4742%	1h	2.4870	−0.672%	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0904%	1h	2.5093	+0.218%	$26K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0136%	1h	2.5032	−0.024%	$163K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0133%	8h	2.5047	+0.035%	$17.3M	$1.8M	125x	as long as short
Binance PENDLEUSDT	−0.0133%	8h	2.5042	+0.016%	$26.9M	$43.4M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0117%	1h	2.5103	+0.258%	$77K	$236K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0098%	8h	2.5058	+0.079%	$421K	$1.7M	10x	as long as short
Gate PENDLE_USDT	−0.0048%	8h	2.5080	+0.167%	$759K	$1.2M	75x	as long as short
Aster PENDLEUSDT	−0.0045%	8h	2.5092	+0.216%	$50K	$181K	10x	as long as short
Variational Omni PENDLE	−0.0040%	8h	2.5086	+0.189%	$613K	$1.8M	—	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5101	+0.250%	$20K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5100	+0.248%	$11K	—	5x	as long as short
Bybit PENDLEUSDT	+0.0029%	8h	2.5040	+0.007%	$15.2M	$12.0M	50x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5095	+0.226%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0057%	1h	2.5142	+0.412%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5055	+0.067%	$534K	$416K	5x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.5038	long leg	$35K	$16K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.5094	+0.222%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5020	−0.073%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5087	+0.194%	$862K	$592K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5060	+0.087%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5044	+0.023%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5059	+0.084%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5160	+0.486%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5130	+0.366%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0182% / S −0.0299%	1h	2.5120	+0.328%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0416%	1h	2.5136	+0.390%	$352K	$433K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5170	+0.526%	$144K	$475K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0867%	1h	2.5154	+0.463%	$117K	$289K	20x	as long as short