Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0045%/8h= −5.0% APRpaid last 24h +0.021%

Price spread now: Gate against Reya−0.099%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 Gate

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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.099% cheaper against Reya than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.4875	0.0059	pay 0.0007% / 1h	32m 33s	$4K	—	15x
Short	Gate PENDLE_USDT	2.4850	0.0014	get 0.0014% / 8h	5h 32m	$721K	$1.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.099%Rate

Funding earned: −$9.5
Price spread: −0.099% → 0.000%: −$9.86
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$40.35
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Gate: live order book, 4 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 Gate live order book, 4 min ago	6.05 bp	20.4 bp −$20	155.7 bp −$1,557	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	−0.4938%	1h	2.4490	−1.546%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0107%	8h	2.4889	+0.058%	$1.3M	$649K	75x	as long as short
Extended PENDLE-USD	−0.0104%	1h	2.4866	−0.035%	$161K	$573K	10x	as long as short
MEXC PENDLE_USDT	−0.0103%	8h	2.4871	−0.014%	$17.3M	$1.8M	125x	as long as short
Binance PENDLEUSDT	−0.0100%	8h	2.4871	−0.015%	$26.7M	$43.3M	75x	as long as short
Aster PENDLEUSDT	−0.0046%	8h	2.4878	+0.014%	$47K	$177K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4875	+0.002%	$19K	$15K	10x	as long as short
Variational Omni PENDLE	−0.0006%	8h	2.4820	−0.219%	$546K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4880	+0.022%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4892	+0.070%	$26K	$14K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0007%	8h	2.4852	−0.092%	$412K	$1.7M	10x	as long as short
Gate PENDLE_USDTshort	+0.0014%	8h	2.4850	−0.099%	$721K	$1.1M	75x
Aevo PENDLE-PERP	+0.0056%	1h	2.4873	−0.005%	$26K	—	3x	as long as short
Reya PENDLERUSDPERPlong	+0.0059%	1h	2.4875	long leg	$4K	—	15x
Lighter PENDLE	+0.0096%	1h	2.4880	+0.022%	$531K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4869	−0.022%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4911	+0.147%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4865	−0.038%	$14.9M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4880	+0.022%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4865	−0.038%	$850K	$577K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4871	−0.014%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4887	+0.050%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4833	−0.169%	$25K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4842	−0.131%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4894	+0.078%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4876	+0.006%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4864	−0.044%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4910	+0.143%	$148K	$491K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0617%	1h	2.4936	+0.247%	$352K	$483K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0752%	1h	2.4923	+0.195%	$116K	$281K	20x	as long as short