Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.4842%/8h= −530.2% APRpaid last 24h −0.581%

Price spread now: Injective against SunX−1.356%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 Injective

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—needs both histories

Both sides work against this trade now: funding costs −$145 a day on $10k at the current rate, and Injective is 1.356% cheaper against SunX than usual: you would sell low and buy high (−$136 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	2.5212	0.0100	pay 0.0100% / 8h	6h 22m	$2K	$1.8M	20x
Short	Injective PENDLE/USDC PERP	2.4870	−0.4742	pay 0.0593% / 1h	22m 48s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.356%Rate

Funding earned: −$1,016.75
Price spread: −1.356% → 0.000%: −$135.65
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,160.42
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 13 min ago; Injective: 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, 13 min ago	500.23 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 29 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 PERPshort	−0.4742%	1h	2.4870	−1.356%	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0464%	1h	2.5200	−0.048%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0167%	1h	2.5215	+0.012%	$77K	$236K	50x	as long as short
Binance PENDLEUSDT	−0.0121%	8h	2.5195	−0.067%	$27.1M	$43.4M	75x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.5188	−0.094%	$164K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0118%	8h	2.5199	−0.052%	$17.4M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0100%	8h	2.5216	+0.017%	$425K	$1.7M	10x	as long as short
Bybit PENDLEUSDT	−0.0054%	8h	2.5190	−0.087%	$15.3M	$12.1M	50x	as long as short
Variational Omni PENDLE	−0.0041%	8h	2.5231	+0.075%	$601K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.5194	−0.071%	$20K	$16K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	−0.0014%	8h	2.5202	−0.040%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5221	+0.036%	$11K	—	5x	as long as short
Gate PENDLE_USDT	+0.0033%	8h	2.5230	+0.071%	$767K	$1.2M	75x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5183	−0.117%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0055%	1h	2.5191	−0.082%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5195	−0.067%	$536K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5211	−0.003%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5239	+0.107%	$13.0M	$6.4M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5180	−0.127%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5201	−0.044%	$870K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5191	−0.083%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5192	−0.079%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5249	+0.146%	$25K	$378K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5212	0.000%	$16K	$20K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.5212	long leg	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5211	−0.004%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0445%	1h	2.5251	+0.155%	$354K	$482K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5260	+0.190%	$145K	$474K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0863%	1h	2.5250	+0.152%	$117K	$290K	20x	as long as short