Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0532%/8h= +58.3% APRpaid last 24h 0.000%

Price spread now: Coinbase International against KuCoin−0.103%7-day average +0.074% · you buy dearer than you sell

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

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 3 days (all we have)+0.243%+$24 · spread now −0.103%, 7d avg +0.074%

Together, before fees+0.227%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.177% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.103% now, against its 7-day average of +0.074%). If the spread goes back, that is −$18 on $10k: about 27 hours of funding at the current rate (+$16 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.017% in total (about -0.9% 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	KuCoin PENDLEUSDTM	2.5166	0.0100	pay 0.0100% / 8h	6h 50m	$855K	$593K	50x
Short	Coinbase International PENDLE-PERP-INTX	2.5140	0.0632	get 0.0079% / 1h	50m 31s	$145K	$468K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now −0.103%Rate

Funding earned: $111.72
Price spread: −0.103% → +0.074%: −$17.74
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $71.98
Costs to cover: 0.220%
Break-even: 2.5 days

Slippage unknown: KuCoin: live order book, 64 min ago; Coinbase International: live order book, 18 min ago. 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 KuCoin live order book, 64 min ago	8.94 bp	59.3 bp −$59	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 18 min ago	11.82 bp	436.1 bp −$436	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	−0.4742%	1h	2.4750	−1.653%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0742%	1h	2.5169	+0.012%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0640%	1h	2.5131	−0.139%	$77K	$237K	50x	as long as short
Bybit PENDLEUSDT	−0.0163%	8h	2.5133	−0.131%	$15.4M	$12.1M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0129%	8h	2.5154	−0.048%	$420K	$1.7M	10x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5124	−0.169%	$163K	$565K	10x	as long as short
BloFin PENDLE-USDT	−0.0112%	8h	2.5148	−0.072%	$1.3M	$655K	75x	as long as short
Binance PENDLEUSDT	−0.0111%	8h	2.5157	−0.038%	$27.2M	$43.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0111%	8h	2.5159	−0.028%	$17.4M	$1.8M	125x	as long as short
Gate PENDLE_USDT	−0.0041%	8h	2.5150	−0.064%	$785K	$1.2M	75x	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	−0.0040%	8h	2.5116	−0.198%	$599K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0031%	8h	2.5133	−0.131%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5141	−0.099%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0011%	8h	2.5160	−0.023%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5134	−0.127%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5125	−0.163%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5159	−0.028%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5151	−0.059%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5120	−0.183%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.5166	long leg	$855K	$593K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5133	−0.131%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5123	−0.171%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5102	−0.254%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5165	−0.004%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5146	−0.079%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5166	0.000%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0307%	1h	2.5196	+0.119%	$13.0M	$6.4M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0315%	1h	2.5198	+0.127%	$353K	$485K	15x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0632%	1h	2.5140	−0.103%	$145K	$468K	25x
Kraken Futures PF_PENDLEUSD	+0.0865%	1h	2.5188	+0.086%	$117K	$291K	20x	as long as short