Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0532%/8h= +58.3% APRpaid last 24h 0.000%

Price spread now: Coinbase International against Bitget+0.710%7-day average +0.115% · you sell dearer than you buy

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

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 3 days (all we have)−0.504%−$50 · spread now +0.710%, 7d avg +0.115%

Together, before fees−0.473%−$47 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Coinbase International is 0.595% dearer against Bitget than usual: you sell high and buy low: +$59 more if the spread goes back to its 7-day average of +0.115%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.032% in total (about 1.6% 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	Bitget PENDLEUSDT	2.5082	0.0100	pay 0.0100% / 8h	6h 10m	$3.8M	$2.5M	75x
Short	Coinbase International PENDLE-PERP-INTX	2.5260	0.0632	get 0.0079% / 1h	10m 59s	$145K	$473K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now +0.710%Rate

Funding earned: $111.72
Price spread: +0.710% → +0.115%: $59.47
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $149.19
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Bitget: live order book, 2 min ago; Coinbase International: live order book, 57 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 Bitget live order book, 2 min ago	4.39 bp	16.7 bp −$17	36.4 bp −$364	doesn't fit	doesn't fit
Sell Coinbase International live order book, 57 min ago	11.82 bp	436.1 bp −$436	doesn't fit	doesn't fit	doesn't fit

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 PERP	−0.4742%	1h	2.4870	−0.845%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0427%	1h	2.5087	+0.020%	$26K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0132%	8h	2.5077	−0.020%	$27.0M	$43.4M	75x	as long as short
Extended PENDLE-USD	−0.0128%	1h	2.5067	−0.059%	$163K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0128%	8h	2.5087	+0.020%	$17.4M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0121%	8h	2.5086	+0.017%	$422K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0097%	1h	2.5098	+0.064%	$77K	$236K	50x	as long as short
Variational Omni PENDLE	−0.0044%	8h	2.5046	−0.145%	$612K	$1.8M	—	as long as short
Gate PENDLE_USDT	−0.0040%	8h	2.5080	−0.008%	$762K	$1.2M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5084	+0.008%	$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	−0.0037%	8h	2.5109	+0.109%	$50K	$181K	10x	as long as short
Bybit PENDLEUSDT	−0.0022%	8h	2.5066	−0.064%	$15.2M	$12.0M	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5120	+0.152%	$11K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5079	−0.013%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0056%	1h	2.5067	−0.061%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5096	+0.056%	$534K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5071	−0.045%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5133	+0.203%	$12.9M	$6.4M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5060	−0.088%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5098	+0.064%	$867K	$593K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.5082	long leg	$3.8M	$2.5M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5087	+0.020%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5110	+0.111%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5094	+0.048%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5078	−0.016%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5085	+0.013%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0399%	1h	2.5133	+0.203%	$352K	$481K	15x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0632%	1h	2.5260	+0.710%	$145K	$473K	25x
Kraken Futures PF_PENDLEUSD	+0.0867%	1h	2.5134	+0.207%	$117K	$289K	20x	as long as short