Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0657%/8h= +72.0% APRpaid last 24h +0.051%

Price spread now: Coinbase International against Binance+0.065%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$660.656% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 4 days (all we have)−0.190%−$19 · spread now +0.065%, 7d avg +0.064%

Together, before fees−0.112%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.064%, so right now this pair is about funding alone: +$20 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.078% in total (about 4.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PENDLEUSDT	2.4754	−0.0049	get 0.0049% / 8h	4h 30m	$26.2M	$44.0M	75x
Short	Coinbase International PENDLE-PERP-INTX	2.4770	0.0608	get 0.0076% / 1h	30m 51s	$148K	$496K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now +0.065%Rate

Funding earned: $138.04
Price spread: +0.065% → +0.064%: $0.02
Slippage, 4 orders: −$45.57
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $72.49
Costs to cover: 0.656%
Break-even: 3.3 days

Slippage from Binance: live order book, 11 min ago; Coinbase International: live order book, 27 min ago.

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 Binance live order book, 11 min ago	0.20 bp	9.5 bp −$10	26.6 bp −$266	doesn't fit	doesn't fit
Sell Coinbase International live order book, 27 min ago	8.11 bp	24.9 bp −$25	doesn't fit	doesn't fit	doesn't fit

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	2.4340	−1.672%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0059%	8h	2.4712	−0.170%	$1.2M	$631K	75x	as long as short
MEXC PENDLE_USDT	−0.0053%	8h	2.4760	+0.024%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDTlong	−0.0049%	8h	2.4754	long leg	$26.2M	$44.0M	75x
Extended PENDLE-USD	−0.0048%	1h	2.4741	−0.054%	$159K	$574K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4726	−0.113%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0033%	8h	2.4724	−0.120%	$46K	$178K	10x	as long as short
Gate PENDLE_USDT	−0.0029%	8h	2.4750	−0.016%	$723K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4680	−0.298%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4737	−0.069%	$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	+0.0049%	8h	2.4696	−0.236%	$554K	$1.5M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4718	−0.144%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0064%	1h	2.4722	−0.128%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0089%	8h	2.4622	−0.534%	$407K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4721	−0.133%	$518K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4722	−0.130%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4753	−0.004%	$14.6M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4760	+0.024%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4747	−0.028%	$870K	$581K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4740	−0.057%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4750	−0.016%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4614	−0.567%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4713	−0.166%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4746	−0.032%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4749	−0.020%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4724	−0.120%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0431%	1h	2.4777	+0.093%	$12.9M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0608%	1h	2.4770	+0.065%	$148K	$496K	25x
Backpack PENDLE_USDC_PERP	+0.0696%	1h	2.4784	+0.121%	$358K	$470K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1173%	1h	2.4783	+0.119%	$115K	$269K	20x	as long as short