Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0602%/8h= −65.9% APRpaid last 24h +0.029%

Price spread now: Binance against Coinbase International−0.211%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$640.642% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 3 days (all we have)+0.086%+$9 · spread now −0.211%, 7d avg −0.054%

Together, before fees+0.049%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Binance is 0.157% cheaper against Coinbase International than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.037% 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	Coinbase International PENDLE-PERP-INTX	2.5080	0.0592	pay 0.0074% / 1h	0m 04s	$139K	$463K	25x
Short	Binance PENDLEUSDT	2.5027	−0.0010	pay 0.0010% / 8h	1h 00m	$27.0M	$41.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −0.211%Rate

Funding earned: −$126.4
Price spread: −0.211% → −0.054%: −$15.71
Slippage, 4 orders: −$44.19
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$206.29
Costs to cover: 0.642%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 18 min ago; Binance: live order book, 12 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 Coinbase International live order book, 18 min ago	10.03 bp	15.0 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	0.81 bp	11.4 bp −$11	22.9 bp −$229	93.6 bp −$9,359	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	−0.3656%	1h	2.4550	−2.113%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0189%	1h	2.5031	−0.195%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0067%	1h	2.4986	−0.375%	$76K	$239K	50x	as long as short
MEXC PENDLE_USDT	−0.0011%	8h	2.5034	−0.183%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDTshort	−0.0010%	8h	2.5027	−0.211%	$27.0M	$41.3M	75x
Extended PENDLE-USD	−0.0008%	1h	2.5004	−0.305%	$164K	$526K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5043	−0.147%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0009%	8h	2.5015	−0.259%	$1.3M	$749K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0010%	8h	2.5021	−0.235%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5017	−0.252%	$4K	—	15x	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	+0.0060%	8h	2.4917	−0.650%	$414K	$1.6M	10x	as long as short
Variational Omni PENDLE	+0.0061%	8h	2.4982	−0.392%	$552K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5023	−0.228%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5037	−0.171%	$528K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5021	−0.237%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5079	−0.004%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5032	−0.193%	$44K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5030	−0.199%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	−0.120%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5050	−0.120%	$786K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5039	−0.163%	$891K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5034	−0.183%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5038	−0.167%	—	$35.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4965	−0.457%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5046	−0.136%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5032	−0.191%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5033	−0.187%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0592%	1h	2.5080	long leg	$139K	$463K	25x
Backpack PENDLE_USDC_PERP	+0.0707%	1h	2.5092	+0.048%	$342K	$477K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0751%	1h	2.5086	+0.026%	$119K	$303K	20x	as long as short