Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0492%/8h= +53.9% APRpaid last 24h +0.065%

Price spread now: Coinbase International against BingX+0.241%7-day average +0.097% · you sell dearer than you buy

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

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now +0.241%, 7d avg +0.097%

Together, before fees−0.048%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Coinbase International is 0.145% dearer against BingX than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.097%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.036% in total (about 1.9% 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	BingX PENDLE-USDT	2.4471	0.0100	pay 0.0100% / 8h	2h 43m	—	$8.4M	—
Short	Coinbase International PENDLE-PERP-INTX	2.4530	0.0592	get 0.0074% / 1h	43m 46s	$154K	$520K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.241%Rate

Funding earned: $103.32
Price spread: +0.241% → +0.097%: $14.46
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $97.78
Costs to cover: 0.200%
Break-even: 0.4 days

Slippage unknown: BingX: live order book, 4 min ago; Coinbase International: 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 BingX live order book, 4 min ago	4.08 bp	13.1 bp −$13	25.6 bp −$256	217.8 bp −$21.8K	478.5 bp −$239.3K
Sell Coinbase International live order book, 4 min ago	12.23 bp	28.2 bp −$28	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	−0.3926%	1h	2.4240	−0.944%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0051%	8h	2.4470	−0.004%	$719K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4483	+0.049%	$19K	$15K	10x	as long as short
MEXC PENDLE_USDT	−0.0013%	8h	2.4459	−0.049%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0011%	8h	2.4462	−0.037%	$25.8M	$44.3M	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.4444	−0.112%	$158K	$579K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4505	+0.139%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4487	+0.065%	$24K	$15K	10x	as long as short
BloFin PENDLE-USDT	+0.0004%	8h	2.4465	−0.025%	$1.1M	$600K	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0047%	1h	2.4479	+0.033%	$74K	$233K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0073%	1h	2.4476	+0.019%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4476	+0.020%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0088%	8h	2.4470	−0.005%	$46K	$171K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0090%	8h	2.4483	+0.047%	$413K	$2.1M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4475	+0.016%	$516K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4477	+0.023%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4504	+0.135%	$12.6M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4450	−0.086%	$14.3M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4480	+0.037%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4491	+0.082%	$862K	$555K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4459	−0.049%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.4471	long leg	—	$8.4M	—
Variational Omni PENDLE	+0.0100%	8h	2.4451	−0.083%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4469	−0.010%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4501	+0.123%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4486	+0.061%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4480	+0.038%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0566%	1h	2.4527	+0.229%	$354K	$402K	15x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0592%	1h	2.4530	+0.241%	$154K	$520K	25x
Kraken Futures PF_PENDLEUSD	+0.1190%	1h	2.4527	+0.229%	$115K	$263K	20x	as long as short