Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0595%/8h= −65.1% APRpaid last 24h −0.083%

Price spread now: BloFin against Coinbase International−0.041%58s7-day average −0.078% · you buy dearer than you sell

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

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 4 days (all we have)−0.008%−$1 · spread now −0.041%, 7d avg −0.078%

Together, before fees−0.097%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.037% dearer against Coinbase International than usual: you sell high and buy low (spread −0.041% now, against its 7-day average of −0.078%): +$4 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.088% in total) that is about 3.0 days. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.088% in total (about -4.6% 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	2.4430	0.0592	pay 0.0074% / 1h	39m 40s	$153K	$518K	25x
Short	BloFin PENDLE-USDT	2.4420	−0.0003	pay 0.0003% / 8h	2h 39m	$1.1M	$599K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$124.86
Price spread: −0.041% → −0.078%: $3.74
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$143.12
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 8 min ago; BloFin: live order book, 3 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 Coinbase International live order book, 8 min ago	12.23 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.82 bp	14.8 bp −$15	27.3 bp −$273	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	−0.3926%	1h	2.4240	−0.778%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0051%	8h	2.4360	−0.287%	$714K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4398	−0.131%	$19K	$15K	10x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.4359	−0.291%	$157K	$581K	10x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.4371	−0.242%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0005%	8h	2.4367	−0.258%	$25.7M	$44.2M	75x	as long as short
BloFin PENDLE-USDTshort	−0.0003%	8h	2.4420	−0.041%	$1.1M	$599K	75x
dYdX PENDLE-USD	0.0000%	1h	2.4376	−0.220%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4407	−0.094%	$24K	$15K	10x	as long as short
Reya PENDLERUSDPERP	+0.0073%	1h	2.4391	−0.158%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4400	−0.125%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0094%	8h	2.4470	+0.164%	$405K	$2.1M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4390	−0.164%	$514K	$415K	5x	as long as short
Aster PENDLEUSDT	+0.0097%	8h	2.4373	−0.233%	$46K	$171K	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4356	−0.301%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4420	−0.041%	$12.6M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4370	−0.246%	$14.2M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4380	−0.205%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4397	−0.135%	$859K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4344	−0.352%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4376	−0.221%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4411	−0.078%	$548K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4457	+0.110%	$24K	$373K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4466	+0.147%	$74K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4418	−0.049%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4394	−0.147%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4389	−0.168%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0523%	1h	2.4437	+0.029%	$352K	$402K	15x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0592%	1h	2.4430	long leg	$153K	$518K	25x
Kraken Futures PF_PENDLEUSD	+0.1192%	1h	2.4468	+0.157%	$115K	$263K	20x	as long as short