Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0647%/8h= −70.8% APRpaid last 24h −0.056%

Price spread now: Orderly against Coinbase International+0.162%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.162% dearer against Coinbase International than usual: you sell high and buy low (spread +0.162% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENDLE-PERP-INTX	2.4640	0.0608	pay 0.0076% / 1h	4m 17s	$147K	$494K	25x
Short	Orderly PERP_PENDLE_USDC	2.4680	−0.0039	pay 0.0039% / 8h	4h 04m	$19K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.162%Rate

Funding earned: −$135.81
Price spread: +0.162% → 0.000%: $16.23
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$135.57
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Coinbase International: live order book, 54 min ago; Orderly: no order-book sample. 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, 54 min ago	8.11 bp	20.1 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4334%	1h	2.4340	−1.218%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0069%	8h	2.4638	−0.008%	$1.1M	$592K	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4658	+0.074%	$159K	$578K	10x	as long as short
MEXC PENDLE_USDT	−0.0054%	8h	2.4664	+0.097%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0054%	8h	2.4676	+0.144%	$26.1M	$43.6M	75x	as long as short
Aster PENDLEUSDT	−0.0050%	8h	2.4637	−0.011%	$47K	$179K	10x	as long as short
Gate PENDLE_USDT	−0.0047%	8h	2.4610	−0.122%	$718K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDCshort	−0.0039%	8h	2.4680	+0.162%	$19K	$15K	10x
dYdX PENDLE-USD	0.0000%	1h	2.4636	−0.018%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4681	+0.166%	$25K	$14K	10x	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	+0.0064%	1h	2.4664	+0.095%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0066%	1h	2.4666	+0.106%	$3K	—	15x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4591	−0.200%	$552K	$1.4M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4627	−0.053%	$409K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4692	+0.211%	$518K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4609	−0.126%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4670	+0.122%	$14.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4700	+0.244%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4663	+0.093%	$867K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4663	+0.093%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4669	+0.118%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4600	−0.163%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4612	−0.114%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4666	+0.106%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4673	+0.134%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4690	+0.203%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0342%	1h	2.4714	+0.300%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0608%	1h	2.4640	long leg	$147K	$494K	25x
Backpack PENDLE_USDC_PERP	+0.0660%	1h	2.4677	+0.150%	$359K	$473K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4731	+0.368%	$115K	$268K	20x	as long as short