Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.002%

Price spread now: Aevo against SunX−0.080%7-day average — · you buy dearer than you sell

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

Long on SunX Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Aevo is 0.080% cheaper against SunX than usual: you would sell low and buy high (−$8 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	SunX PENDLE-USDT	2.4667	0.0100	pay 0.0100% / 8h	4h 44m	$2K	$1.8M	20x
Short	Aevo PENDLE-PERP	2.4647	0.0064	get 0.0008% / 1h	44m 57s	$26K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against SunX. 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 SunXbpFee AevobpOrdersPrice spread, now −0.080%Rate

Funding earned: −$7.56
Price spread: −0.080% → 0.000%: −$8
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$39.56
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 11 min ago; Aevo: 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 SunX live order book, 11 min ago	496.45 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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	−0.4334%	1h	2.4400	−1.082%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0089%	8h	2.4662	−0.020%	$1.3M	$627K	75x	as long as short
MEXC PENDLE_USDT	−0.0068%	8h	2.4659	−0.032%	$17.3M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0066%	8h	2.4658	−0.035%	$26.2M	$43.9M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4659	−0.033%	$161K	$570K	10x	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.4670	+0.012%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4667	0.000%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0026%	8h	2.4660	−0.028%	$716K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4690	+0.092%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4675	+0.032%	$25K	$14K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0039%	8h	2.4660	−0.027%	$563K	$1.7M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4670	+0.011%	$3K	—	15x	as long as short
Aevo PENDLE-PERPshort	+0.0064%	1h	2.4647	−0.080%	$26K	—	3x
GRVT PENDLE_USDT_Perp	+0.0075%	8h	2.4640	−0.109%	$413K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4663	−0.016%	$527K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4648	−0.077%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4660	−0.028%	$14.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4660	−0.028%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4678	+0.045%	$868K	$583K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4649	−0.073%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4667	0.000%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4669	+0.009%	$24K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4684	+0.069%	$75K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4689	+0.089%	$16K	$8K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.4667	long leg	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4670	+0.013%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0420%	1h	2.4711	+0.178%	$12.6M	$6.1M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0500%	1h	2.4711	+0.178%	$356K	$477K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4710	+0.174%	$147K	$492K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4710	+0.173%	$115K	$278K	20x	as long as short