Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0500%/8h= −54.7% APRpaid last 24h +0.025%

Price spread now: BingX against Coinbase International−0.517%7-day average −0.088% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$710.708% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 3 days (all we have)+0.360%+$36 · spread now −0.517%, 7d avg −0.088%

Together, before fees+0.350%+$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and BingX is 0.429% cheaper against Coinbase International than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of −0.088%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.010% in total (about -0.5% 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	2.5340	0.0600	pay 0.0075% / 1h	34m 28s	$141K	$458K	25x
Short	BingX PENDLE-USDT	2.5209	0.0100	get 0.0100% / 8h	34m 28s	—	$35.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.517%Rate

Funding earned: −$105
Price spread: −0.517% → −0.088%: −$42.89
Slippage, 4 orders: −$50.75
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$218.65
Costs to cover: 0.708%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 44 min ago; BingX: live order book, 4 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, 44 min ago	10.03 bp	15.0 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	4.36 bp	14.0 bp −$14	25.0 bp −$250	136.1 bp −$13.6K	372.9 bp −$186.4K

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	−1.579%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0503%	1h	2.5223	−0.462%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0090%	1h	2.5215	−0.493%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0054%	8h	2.5198	−0.560%	$1.3M	$752K	75x	as long as short
Binance PENDLEUSDT	−0.0027%	8h	2.5211	−0.509%	$27.3M	$41.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0026%	8h	2.5210	−0.513%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0024%	1h	2.5198	−0.562%	$166K	$528K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5242	−0.388%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	0.0000%	8h	2.5214	−0.497%	$20K	$16K	10x	as long as short
Variational Omni PENDLE	+0.0043%	8h	2.5187	−0.603%	$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
Reya PENDLERUSDPERP	+0.0045%	1h	2.5207	−0.523%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0050%	8h	2.5225	−0.455%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5215	−0.493%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5219	−0.478%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5212	−0.504%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5240	−0.396%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5198	−0.560%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	−0.552%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.513%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5245	−0.375%	$893K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5206	−0.529%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.5209	−0.517%	—	$35.7M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5204	−0.538%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5238	−0.403%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5210	−0.513%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5229	−0.437%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0227%	1h	2.5269	−0.280%	$12.7M	$6.1M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5277	−0.251%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0600%	1h	2.5340	long leg	$141K	$458K	25x
Backpack PENDLE_USDC_PERP	+0.0835%	1h	2.5267	−0.288%	$329K	$491K	15x	as long as short