Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0529%/8h= +57.9% APRpaid last 24h +0.026%

Price spread now: Coinbase International against Gate+0.160%7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$890.894% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now +0.160%, 7d avg +0.103%

Together, before fees+0.101%+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Coinbase International is 0.058% dearer against Gate than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.103%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.031% in total (about 1.6% 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	Gate PENDLE_USDT	2.4950	0.0023	pay 0.0023% / 8h	5h 21m	$722K	$1.1M	75x
Short	Coinbase International PENDLE-PERP-INTX	2.4990	0.0552	get 0.0069% / 1h	21m 15s	$148K	$493K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +0.160%Rate

Funding earned: $111.09
Price spread: +0.160% → +0.103%: $5.77
Slippage, 4 orders: −$64.38
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $27.47
Costs to cover: 0.894%
Break-even: 5.3 days

Slippage from Gate: live order book, 1 min ago; Coinbase International: live order book, 42 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 Gate live order book, 1 min ago	4.02 bp	22.3 bp −$22	172.9 bp −$1,729	doesn't fit	doesn't fit
Sell Coinbase International live order book, 42 min ago	9.97 bp	26.0 bp −$26	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	−0.4938%	1h	2.4520	−1.723%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0102%	8h	2.4951	+0.004%	$1.3M	$650K	75x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.4941	−0.038%	$162K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0084%	8h	2.4950	+0.001%	$26.7M	$43.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0084%	8h	2.4945	−0.020%	$17.4M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4963	+0.052%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0030%	8h	2.4961	+0.042%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4933	−0.068%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4967	+0.068%	$26K	$14K	10x	as long as short
Variational Omni PENDLE	+0.0003%	8h	2.4795	−0.622%	$546K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDTlong	+0.0023%	8h	2.4950	long leg	$722K	$1.1M	75x
Aevo PENDLE-PERP	+0.0056%	1h	2.4951	+0.006%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0059%	8h	2.4892	−0.232%	$416K	$1.8M	10x	as long as short
Reya PENDLERUSDPERP	+0.0060%	1h	2.4974	+0.095%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4955	+0.020%	$533K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4952	+0.007%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4989	+0.156%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4940	−0.040%	$14.9M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4960	+0.040%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4966	+0.064%	$852K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4954	+0.016%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4947	−0.012%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4819	−0.524%	$25K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4856	−0.377%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4988	+0.152%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4964	+0.056%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4967	+0.070%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0552%	1h	2.4990	+0.160%	$148K	$493K	25x
Backpack PENDLE_USDC_PERP	+0.0715%	1h	2.5002	+0.208%	$361K	$488K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0749%	1h	2.5017	+0.271%	$116K	$280K	20x	as long as short