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: Paradex against Coinbase International−0.061%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Paradex is 0.061% cheaper against Coinbase International than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENDLE-PERP-INTX	2.4860	0.0592	pay 0.0074% / 1h	11m 08s	$138K	$459K	25x
Short	Paradex PENDLE-USD-PERP	2.4845	0.0100	get 0.0100% / 8h	1h 11m	$35K	$20K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$103.32
Price spread: −0.061% → 0.000%: −$6.15
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$123.47
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 7 min ago; Paradex: 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, 7 min ago	10.03 bp	15.0 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.3656%	1h	2.4770	−0.362%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0474%	1h	2.4842	−0.072%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.4890	+0.121%	$76K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.4828	−0.128%	$164K	$526K	10x	as long as short
Binance PENDLEUSDT	−0.0008%	8h	2.4829	−0.126%	$26.7M	$41.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0003%	8h	2.4835	−0.101%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4872	+0.046%	$10K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0014%	8h	2.4846	−0.056%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0021%	8h	2.4826	−0.137%	$1.3M	$731K	75x	as long as short
Reya PENDLERUSDPERP	+0.0042%	1h	2.4843	−0.068%	$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	+0.0062%	8h	2.4872	+0.048%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.4869	+0.035%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4845	−0.060%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4842	−0.072%	$523K	$424K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.4845	−0.061%	$35K	$20K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4868	+0.032%	$12.2M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4877	+0.069%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4810	−0.201%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4840	−0.080%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4830	−0.121%	$778K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4840	−0.080%	$887K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4826	−0.137%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4827	−0.133%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4864	+0.014%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4881	+0.084%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4859	−0.004%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4867	+0.029%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0592%	1h	2.4860	long leg	$138K	$459K	25x
Backpack PENDLE_USDC_PERP	+0.0638%	1h	2.4883	+0.093%	$351K	$475K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0757%	1h	2.4897	+0.149%	$118K	$306K	20x	as long as short