Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0500%/8h= +54.7% APRpaid last 24h −0.025%

Price spread now: Coinbase International against edgeX+0.541%7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$570.567% of the position

Long on edgeX Short on Coinbase International

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)−0.370%−$37 · spread now +0.541%, 7d avg +0.098%

Together, before fees−0.398%+ Points / potential airdropedgeX: Active · farm board−$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Coinbase International is 0.443% dearer against edgeX than usual: you sell high and buy low: +$44 more if the spread goes back to its 7-day average of +0.098%.

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 -1.5% 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	edgeX PENDLEUSDC	2.5204	0.0100	pay 0.0050% / 4h	32m 57s	$25K	$396K	10x
Short	Coinbase International PENDLE-PERP-INTX	2.5340	0.0600	get 0.0075% / 1h	32m 57s	$141K	$458K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against edgeX. 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 edgeXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.541%Rate

Funding earned: $105
Price spread: +0.541% → +0.098%: $44.32
Slippage, 4 orders: −$37.74
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $92.57
Costs to cover: 0.567%
Break-even: 0.8 days

Slippage from edgeX: live order book, 46 min ago; Coinbase International: live order book, 45 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 edgeX live order book, 46 min ago	1.21 bp	6.2 bp −$6	37.7 bp −$377	doesn't fit	doesn't fit
Sell Coinbase International live order book, 45 min ago	10.03 bp	29.4 bp −$29	doesn't fit	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	−0.5000%	1h	2.4940	−1.046%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0185%	1h	2.5258	+0.215%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0079%	1h	2.5215	+0.045%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0037%	8h	2.5249	+0.180%	$1.3M	$754K	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5201	−0.011%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0028%	8h	2.5203	−0.003%	$27.2M	$41.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0026%	8h	2.5210	+0.025%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0001%	8h	2.5250	+0.184%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5242	+0.151%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0043%	8h	2.5187	−0.066%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0045%	1h	2.5248	+0.177%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0050%	8h	2.5225	+0.083%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5241	+0.146%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5239	+0.140%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5216	+0.049%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5258	+0.216%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5200	−0.015%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5210	+0.025%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5200	−0.015%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5234	+0.120%	$893K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5209	+0.021%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5210	+0.025%	—	$35.7M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.5204	long leg	$25K	$396K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5269	+0.259%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5247	+0.172%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5264	+0.241%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0238%	1h	2.5276	+0.287%	$12.7M	$6.1M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0593%	1h	2.5292	+0.351%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0600%	1h	2.5340	+0.541%	$141K	$458K	25x
Backpack PENDLE_USDC_PERP	+0.0809%	1h	2.5279	+0.299%	$330K	$491K	15x	as long as short