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: edgeX against Coinbase International−0.384%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$610.610% of the position

Long on Coinbase International Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 3 days (all we have)+0.224%+$22 · spread now −0.384%, 7d avg −0.093%

Together, before fees+0.256%+ Points / potential airdropedgeX: Active · farm board+$26 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 edgeX is 0.291% cheaper against Coinbase International than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of −0.093%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.032% in total (about 1.7% 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	Coinbase International PENDLE-PERP-INTX	2.4980	0.0592	pay 0.0074% / 1h	22m 59s	$138K	$461K	25x
Short	edgeX PENDLEUSDC	2.4884	0.0100	get 0.0050% / 4h	1h 22m	$25K	$396K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.384%Rate

Funding earned: −$103.32
Price spread: −0.384% → −0.093%: −$29.07
Slippage, 4 orders: −$41.97
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$193.36
Costs to cover: 0.610%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 60 min ago; edgeX: live order book, 60 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, 60 min ago	11.85 bp	20.7 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 60 min ago	1.19 bp	6.1 bp −$6	62.8 bp −$628	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	2.4770	−0.841%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0150%	1h	2.4960	−0.080%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0050%	1h	2.4903	−0.308%	$76K	$239K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4968	−0.047%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0004%	8h	2.4938	−0.168%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4938	−0.168%	$26.9M	$40.8M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4929	−0.204%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0020%	8h	2.4941	−0.156%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0025%	8h	2.4921	−0.236%	$1.3M	$736K	75x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4936	−0.178%	$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	+0.0064%	8h	2.4887	−0.373%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4945	−0.141%	$414K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4937	−0.170%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4944	−0.144%	$525K	$423K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4925	−0.221%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4982	+0.008%	$12.3M	$5.9M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4942	−0.150%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4940	−0.160%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4960	−0.080%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4920	−0.240%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4956	−0.096%	$891K	$614K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4921	−0.236%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4931	−0.196%	—	$36.2M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4884	−0.384%	$25K	$396K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4974	−0.024%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4957	−0.092%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4956	−0.096%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0592%	1h	2.4980	long leg	$138K	$461K	25x
Backpack PENDLE_USDC_PERP	+0.0671%	1h	2.4990	+0.040%	$353K	$474K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0754%	1h	2.4997	+0.070%	$120K	$304K	20x	as long as short