Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0802%/8h= +87.8% APRpaid last 24h +0.022%

Price spread now: Coinbase International against Bybit+0.360%7-day average +0.112% · you sell dearer than you buy

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

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.166%+$17 on $10k

Price spread, last 3 days (all we have)−0.200%−$20 · spread now +0.360%, 7d avg +0.112%

Together, before fees−0.034%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Coinbase International is 0.248% dearer against Bybit than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of +0.112%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.166% in total (about 8.7% 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	Bybit PENDLEUSDT	2.4990	−0.0170	get 0.0170% / 8h	6h 54m	$15.3M	$12.0M	50x
Short	Coinbase International PENDLE-PERP-INTX	2.5080	0.0632	get 0.0079% / 1h	54m 44s	$144K	$464K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.360%Rate

Funding earned: $168.43
Price spread: +0.360% → +0.112%: $24.77
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $172.2
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 4 min ago; Coinbase International: live order book, 13 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 Bybit live order book, 4 min ago	3.98 bp	14.6 bp −$15	42.5 bp −$425	doesn't fit	doesn't fit
Sell Coinbase International live order book, 13 min ago	11.82 bp	436.1 bp −$436	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	−0.4742%	1h	2.4850	−0.560%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0934%	1h	2.5163	+0.692%	$77K	$237K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0906%	1h	2.5049	+0.236%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDTlong	−0.0170%	8h	2.4990	long leg	$15.3M	$12.0M	50x
GRVT PENDLE_USDT_Perp	−0.0147%	8h	2.5089	+0.396%	$420K	$1.6M	10x	as long as short
Binance PENDLEUSDT	−0.0114%	8h	2.5025	+0.141%	$27.1M	$43.1M	75x	as long as short
MEXC PENDLE_USDT	−0.0113%	8h	2.5019	+0.116%	$17.2M	$1.8M	125x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.4993	+0.012%	$163K	$565K	10x	as long as short
BloFin PENDLE-USDT	−0.0093%	8h	2.5041	+0.204%	$1.3M	$652K	75x	as long as short
Variational Omni PENDLE	−0.0035%	8h	2.5006	+0.065%	$596K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0029%	8h	2.5033	+0.172%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5060	+0.280%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0007%	8h	2.5061	+0.283%	$50K	$181K	10x	as long as short
Gate PENDLE_USDT	+0.0014%	8h	2.5020	+0.120%	$782K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.4989	−0.004%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5030	+0.159%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5044	+0.216%	$533K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4997	+0.030%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5000	+0.040%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5021	+0.124%	$850K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5016	+0.104%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5016	+0.104%	—	$33.8M	—	as long as short
Backpack PENDLE_USDC_PERP	+0.0100%	1h	2.5087	+0.388%	$352K	$485K	15x	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5136	+0.586%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5021	+0.124%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5041	+0.204%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5013	+0.094%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0205%	1h	2.5086	+0.384%	$12.9M	$6.4M	5x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0632%	1h	2.5080	+0.360%	$144K	$464K	25x
Kraken Futures PF_PENDLEUSD	+0.0868%	1h	2.5100	+0.442%	$117K	$290K	20x	as long as short