Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h +0.021%

Price spread now: Paradex against Reya−0.127%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 Paradex

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 airdropReya: Active · Paradex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.127% cheaper against Reya than usual: you would sell low and buy high (spread −0.127% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 33 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.4285	0.0087	pay 0.0011% / 1h	42m 13s	$3K	—	15x
Short	Paradex PENDLE-USD-PERP	2.4254	0.0100	get 0.0100% / 8h	7h 42m	$34K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.127%Rate

Funding earned: $2.66
Price spread: −0.127% → 0.000%: −$12.68
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$20.02
Costs to cover: 0.100%
Break-even: 59.7 days

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

Reya and 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	2.4010	−1.131%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0744%	8h	2.4291	+0.026%	$405K	$2.6M	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0326%	1h	2.4271	−0.057%	$25K	$16K	10x	as long as short
Binance PENDLEUSDT	−0.0042%	8h	2.4265	−0.082%	$25.4M	$45.8M	75x	as long as short
BloFin PENDLE-USDT	−0.0041%	8h	2.4268	−0.069%	$1.1M	$504K	75x	as long as short
Extended PENDLE-USD	−0.0040%	1h	2.4268	−0.068%	$156K	$924K	10x	as long as short
MEXC PENDLE_USDT	−0.0036%	8h	2.4268	−0.069%	$18.0M	$2.1M	125x	as long as short
Gate PENDLE_USDT	−0.0017%	8h	2.4270	−0.061%	$769K	$991K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.4271	−0.057%	$18K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0006%	1h	2.4284	−0.003%	$74K	$231K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4294	+0.038%	$10K	—	5x	as long as short
Aster PENDLEUSDT	+0.0072%	8h	2.4260	−0.102%	$47K	$168K	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4263	−0.089%	$25K	—	3x	as long as short
Bybit PENDLEUSDT	+0.0080%	8h	2.4260	−0.102%	$14.0M	$11.9M	50x	as long as short
Reya PENDLERUSDPERPlong	+0.0087%	1h	2.4285	long leg	$3K	—	15x
Lighter PENDLE	+0.0096%	1h	2.4275	−0.040%	$523K	$429K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.4254	−0.127%	$34K	$3K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4299	+0.059%	$12.7M	$6.1M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4270	−0.061%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4290	+0.022%	$687K	$601K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4279	−0.024%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4272	−0.052%	—	$8.3M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4256	−0.118%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4278	−0.028%	$24K	$370K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4280	−0.019%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4301	+0.067%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4283	−0.009%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4310	+0.104%	$163K	$516K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0811%	1h	2.4321	+0.149%	$359K	$431K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1276%	1h	2.4327	+0.172%	$115K	$256K	20x	as long as short