Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0646%/8h= +70.7% APRpaid last 24h −0.021%

Price spread now: Coinbase International against BloFin+0.333%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$710.712% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$4 on $10k

Price spread, last 3 days (all we have)−0.283%−$28 · spread now +0.333%, 7d avg +0.056%

Together, before fees−0.239%−$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Coinbase International is 0.277% dearer against BloFin than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of +0.056%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.045% in total (about 2.3% 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	BloFin PENDLE-USDT	2.5256	−0.0046	get 0.0046% / 8h	29m 03s	$1.3M	$754K	75x
Short	Coinbase International PENDLE-PERP-INTX	2.5340	0.0600	get 0.0075% / 1h	29m 03s	$141K	$458K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now +0.333%Rate

Funding earned: $135.56
Price spread: +0.333% → +0.056%: $27.67
Slippage, 4 orders: −$49.18
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $92.05
Costs to cover: 0.712%
Break-even: 2.2 days

Slippage from BloFin: live order book, 3 min ago; Coinbase International: live order book, 49 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 BloFin live order book, 3 min ago	0.40 bp	15.7 bp −$16	27.6 bp −$276	doesn't fit	doesn't fit
Sell Coinbase International live order book, 49 min ago	10.03 bp	29.4 bp −$29	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	−0.5000%	1h	2.4940	−1.251%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5232	−0.095%	$77K	$240K	50x	as long as short
BloFin PENDLE-USDTlong	−0.0046%	8h	2.5256	long leg	$1.3M	$754K	75x
Binance PENDLEUSDT	−0.0034%	8h	2.5275	+0.077%	$27.3M	$42.0M	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5260	+0.016%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0031%	8h	2.5278	+0.087%	$17.1M	$1.9M	125x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0027%	1h	2.5273	+0.067%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5272	+0.063%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5217	−0.155%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0040%	8h	2.5182	−0.293%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0044%	8h	2.5188	−0.270%	$417K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0045%	1h	2.5255	−0.002%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5258	+0.008%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5261	+0.020%	$532K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5196	−0.239%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5247	−0.037%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5260	+0.016%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5260	+0.016%	$3.3M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.182%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5267	+0.044%	$895K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5256	0.000%	$3.8M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5269	+0.051%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5230	−0.105%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5266	+0.040%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5254	−0.008%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5276	+0.080%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0300%	1h	2.5330	+0.293%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0593%	1h	2.5324	+0.271%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0600%	1h	2.5340	+0.333%	$141K	$458K	25x
Backpack PENDLE_USDC_PERP	+0.0771%	1h	2.5319	+0.249%	$334K	$492K	15x	as long as short