Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0026%/8h= +2.8% APRpaid last 24h +0.025%

Price spread now: edgeX against Reya−0.149%65s7-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 edgeX

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 · edgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 0.149% cheaper against Reya than usual: you would sell low and buy high (spread −0.149% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 19 days of funding at the current rate (+$1 a day). The two prices were read 65 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	Reya PENDLERUSDPERP	2.4429	0.0074	pay 0.0009% / 1h	28m 08s	$3K	—	15x
Short	edgeX PENDLEUSDC	2.4392	0.0100	get 0.0050% / 4h	2h 28m	$24K	$375K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.149%Rate

Funding earned: $5.46
Price spread: −0.149% → 0.000%: −$14.91
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$24.45
Costs to cover: 0.150%
Break-even: 38.4 days

Slippage unknown: Reya: no order-book sample; edgeX: live order book, 20 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 edgeX live order book, 20 min ago	1.63 bp	6.3 bp −$6	65.9 bp −$659	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	−0.3926%	1h	2.4160	−1.100%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0404%	1h	2.4434	+0.022%	$24K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0039%	8h	2.4440	+0.046%	$717K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4432	+0.014%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4461	+0.133%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0012%	8h	2.4456	+0.112%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0015%	8h	2.4445	+0.068%	$25.8M	$44.3M	75x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4413	−0.064%	$157K	$582K	10x	as long as short
BloFin PENDLE-USDT	+0.0027%	8h	2.4441	+0.051%	$1.1M	$600K	75x	as long as short
Reya PENDLERUSDPERPlong	+0.0074%	1h	2.4429	long leg	$3K	—	15x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4423	−0.023%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4458	+0.120%	$515K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4428	−0.002%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4501	+0.296%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4443	+0.059%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4442	+0.055%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4490	+0.251%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4456	+0.112%	$862K	$555K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4438	+0.038%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4462	+0.137%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4386	−0.174%	$548K	$1.4M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4392	−0.149%	$24K	$375K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4400	−0.118%	$407K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4389	−0.162%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4454	+0.104%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4437	+0.034%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4440	+0.046%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.456%	$155K	$523K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0671%	1h	2.4501	+0.296%	$355K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1192%	1h	2.4467	+0.157%	$115K	$262K	20x	as long as short