Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0460%/8h= −50.4% APRpaid last 24h +0.037%

Price spread now: OKX against Coinbase International−0.198%7-day average −0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$770.765% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 3 days (all we have)+0.215%+$22 · spread now −0.198%, 7d avg −0.112%

Together, before fees+0.228%+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and OKX is 0.085% cheaper against Coinbase International than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.112%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.013% in total (about 0.7% 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	2.5260	0.0560	pay 0.0070% / 1h	47m 58s	$118K	$440K	25x
Short	OKX PENDLE-USDT-SWAP	2.5210	0.0100	get 0.0050% / 4h	2h 47m	$3.2M	$5.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.198%Rate

Funding earned: −$96.6
Price spread: −0.198% → −0.112%: −$8.55
Slippage, 4 orders: −$56.52
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$181.67
Costs to cover: 0.765%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 40 min ago; OKX: live order book, 5 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, 40 min ago	5.86 bp	14.7 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.99 bp	15.9 bp −$16	66.5 bp −$665	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	2.4860	−1.584%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0429%	1h	2.5255	−0.018%	$150K	$279K	20x	as long as short
ApeX Omni PENDLEUSDT	−0.0001%	1h	2.5150	−0.435%	$77K	$239K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5210	−0.198%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5209	−0.202%	$30K	$10K	10x	as long as short
Variational Omni PENDLE	+0.0011%	8h	2.5135	−0.494%	$608K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0034%	1h	2.5202	−0.231%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5205	−0.218%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0037%	8h	2.5193	−0.265%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0039%	8h	2.5202	−0.230%	$27.5M	$39.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0040%	1h	2.5181	−0.313%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0065%	8h	2.5181	−0.313%	$1.3M	$784K	75x	as long as short
Aster PENDLEUSDT	+0.0088%	8h	2.5205	−0.216%	$41K	$177K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5200	−0.236%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5205	−0.218%	$552K	$376K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5202	−0.231%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5245	−0.059%	$12.5M	$5.6M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5180	−0.317%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5210	−0.198%	$3.2M	$5.6M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.198%	$849K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5200	−0.238%	$909K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5190	−0.277%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5191	−0.273%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5188	−0.283%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5164	−0.382%	$415K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5220	−0.158%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5218	−0.166%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5210	−0.197%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0560%	1h	2.5260	long leg	$118K	$440K	25x
Backpack PENDLE_USDC_PERP	+0.0908%	1h	2.5260	0.000%	$366K	$466K	15x	as long as short