Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.028%

Price spread now: Bitget against Reya−0.063%7-day average — · you buy dearer than you sell

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

Long on Reya Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Funding pays, the price is against you. Bitget is 0.063% cheaper against Reya than usual: you would sell low and buy high (spread −0.063% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 6.4 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.4599	0.0067	pay 0.0008% / 1h	54m 27s	$3K	—	15x
Short	Bitget PENDLEUSDT	2.4584	0.0100	get 0.0100% / 8h	3h 54m	$3.7M	$2.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Reya. 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 ReyabpFee BitgetbpOrdersPrice spread, now −0.063%Rate

Funding earned: $6.91
Price spread: −0.063% → 0.000%: −$6.28
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$17.37
Costs to cover: 0.180%
Break-even: 24.6 days

Slippage unknown: Reya: no order-book sample; Bitget: live order book, 3 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 Reya no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	3.66 bp	18.1 bp −$18	36.3 bp −$363	doesn't fit	doesn't fit

Reya: 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	−0.4243%	1h	2.4370	−0.933%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0593%	1h	2.4620	+0.084%	$75K	$235K	50x	as long as short
Gate PENDLE_USDT	−0.0068%	8h	2.4630	+0.124%	$715K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0066%	8h	2.4656	+0.230%	$1.1M	$596K	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4598	−0.007%	$159K	$578K	10x	as long as short
MEXC PENDLE_USDT	−0.0061%	8h	2.4596	−0.014%	$17.4M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0060%	8h	2.4602	+0.012%	$26.0M	$43.6M	75x	as long as short
Aster PENDLEUSDT	−0.0053%	8h	2.4640	+0.166%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4656	+0.230%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4633	+0.136%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4670	+0.287%	$25K	$14K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0054%	8h	2.4595	−0.020%	$408K	$1.9M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4641	+0.169%	$26K	—	3x	as long as short
Reya PENDLERUSDPERPlong	+0.0067%	1h	2.4599	long leg	$3K	—	15x
Variational Omni PENDLE	+0.0070%	8h	2.4586	−0.056%	$552K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4622	+0.092%	$516K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4607	+0.032%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4605	+0.023%	$14.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4630	+0.124%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4640	+0.165%	$885K	$550K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.4584	−0.063%	$3.7M	$2.2M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4612	+0.051%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4595	−0.018%	$24K	$375K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4625	+0.104%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4681	+0.332%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4665	+0.266%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0201%	1h	2.4643	+0.178%	$12.7M	$6.0M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0366%	1h	2.4712	+0.458%	$359K	$399K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4660	+0.246%	$147K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4717	+0.478%	$115K	$268K	20x	as long as short