Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0601%/8h= +65.8% APRpaid last 24h −0.005%

Price spread now: Coinbase International against Orderly+0.356%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Coinbase International

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

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Coinbase International is 0.356% dearer against Orderly than usual: you sell high and buy low: +$36 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.5250	−0.0001	get 0.0001% / 8h	33m 03s	$20K	$16K	10x
Short	Coinbase International PENDLE-PERP-INTX	2.5340	0.0600	get 0.0075% / 1h	33m 03s	$141K	$458K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now +0.356%Rate

Funding earned: $126.15
Price spread: +0.356% → 0.000%: $35.64
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $145.79
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 45 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 Orderly no order-book sample	—	—	—	—	—
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

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	−0.5000%	1h	2.4940	−1.228%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0185%	1h	2.5258	+0.032%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0079%	1h	2.5215	−0.139%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0037%	8h	2.5249	−0.004%	$1.3M	$754K	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5232	−0.070%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0028%	8h	2.5239	−0.045%	$27.3M	$41.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0026%	8h	2.5245	−0.020%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0001%	8h	2.5250	long leg	$20K	$16K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5242	−0.033%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0043%	8h	2.5187	−0.249%	$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	−0.007%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0050%	8h	2.5225	−0.100%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5241	−0.037%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5239	−0.044%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5216	−0.134%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5255	+0.020%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5226	−0.095%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5220	−0.119%	$3.3M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.158%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5249	−0.004%	$894K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5220	−0.119%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5225	−0.099%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5204	−0.183%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5269	+0.075%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5247	−0.012%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5264	+0.057%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0238%	1h	2.5276	+0.103%	$12.7M	$6.1M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0593%	1h	2.5292	+0.167%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0600%	1h	2.5340	+0.356%	$141K	$458K	25x
Backpack PENDLE_USDC_PERP	+0.0809%	1h	2.5279	+0.115%	$330K	$491K	15x	as long as short