PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0512%/8h= −56.1% APRnext payment −$0.64 per $10,000 · paid last 24h +0.035%

Price spread now: Extended against Coinbase International−0.267%7-day average −0.142% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$760.757% of the position

Long on Coinbase International Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 3 days (all we have)+0.149%+$15 · spread now −0.267%, 7d avg −0.142%

Together, before fees+0.121%+ Points / potential airdropExtended: Active · farm board+$12 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 Extended is 0.125% cheaper against Coinbase International than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.142%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.028% in total (about -1.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.64 per $10,000. 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	2.5170	0.0560	pay 0.0070% / 1h	15m 20s	$116K	$418K	25x
Short	Extended PENDLE-USD	2.5103	0.0048	get 0.0006% / 1h	15m 20s	$165K	$524K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.267%Rate

Funding earned: −$107.52
Price spread: −0.267% → −0.142%: −$12.5
Slippage, 4 orders: −$60.65
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$195.68
Costs to cover: 0.757%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 8 min ago; Extended: live order book, 8 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, 8 min ago	11.85 bp	20.7 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 8 min ago	0.99 bp	13.6 bp −$14	132.4 bp −$1,324	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	−0.4806%	1h	2.5200	+0.119%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5172	+0.008%	$150K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0307%	1h	2.5126	−0.175%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5196	+0.102%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0031%	8h	2.5104	−0.262%	$1.3M	$739K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5116	−0.215%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5097	−0.290%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5116	−0.215%	$27.3M	$39.2M	75x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5094	−0.302%	$16.9M	$2.3M	125x	as long as short
Extended PENDLE-USDshort	+0.0048%	1h	2.5103	−0.267%	$165K	$524K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0055%	8h	2.5174	+0.015%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0075%	1h	2.5188	+0.072%	$77K	$239K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5118	−0.207%	$546K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5113	−0.226%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5169	−0.003%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5126	−0.175%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5120	−0.197%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5090	−0.318%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5120	−0.199%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5090	−0.318%	$838K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5093	−0.306%	$912K	$610K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5096	−0.294%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5092	−0.310%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5193	+0.091%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	+0.014%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5123	−0.187%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5137	−0.131%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5129	−0.164%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0560%	1h	2.5170	long leg	$116K	$418K	25x
Backpack PENDLE_USDC_PERP	+0.0850%	1h	2.5249	+0.314%	$365K	$460K	15x	as long as short