Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0492%/8h= −53.9% APRpaid last 24h +0.032%

Price spread now: Bitget against Coinbase International−0.304%7-day average −0.106% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$920.923% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 3 days (all we have)+0.124%+$12 · spread now −0.304%, 7d avg −0.106%

Together, before fees+0.107%+$11 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 Bitget is 0.197% cheaper against Coinbase International than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.106%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.016% in total (about -0.8% 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	2.5030	0.0592	pay 0.0074% / 1h	1m 52s	$139K	$462K	25x
Short	Bitget PENDLEUSDT	2.4954	0.0100	get 0.0100% / 8h	1h 01m	$3.7M	$2.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.304%Rate

Funding earned: −$103.32
Price spread: −0.304% → −0.106%: −$19.73
Slippage, 4 orders: −$70.33
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$215.38
Costs to cover: 0.923%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 16 min ago; Bitget: live order book, 1 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, 16 min ago	10.03 bp	15.0 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	5.41 bp	26.6 bp −$27	45.5 bp −$455	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	−0.3656%	1h	2.4550	−1.918%	$2K	$53K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0086%	1h	2.4893	−0.547%	$76K	$239K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0070%	1h	2.4984	−0.184%	$29K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0041%	8h	2.4965	−0.260%	$1.3M	$746K	75x	as long as short
Extended PENDLE-USD	−0.0016%	1h	2.4975	−0.220%	$164K	$526K	10x	as long as short
Binance PENDLEUSDT	−0.0013%	8h	2.4985	−0.180%	$27.0M	$41.3M	75x	as long as short
MEXC PENDLE_USDT	−0.0012%	8h	2.4974	−0.224%	$16.9M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4983	−0.187%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0011%	8h	2.4978	−0.208%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0042%	1h	2.4977	−0.211%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0058%	8h	2.4872	−0.633%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0060%	8h	2.4917	−0.451%	$414K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4985	−0.180%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4980	−0.200%	$527K	$427K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4967	−0.251%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5016	−0.056%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4985	−0.179%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4980	−0.200%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4990	−0.160%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4970	−0.240%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4992	−0.152%	$888K	$597K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.4954	−0.304%	$3.7M	$2.7M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4991	−0.156%	—	$35.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4905	−0.501%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5004	−0.104%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4994	−0.144%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4996	−0.135%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0592%	1h	2.5030	long leg	$139K	$462K	25x
Backpack PENDLE_USDC_PERP	+0.0689%	1h	2.5027	−0.012%	$356K	$477K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.5010	−0.078%	$118K	$305K	20x	as long as short