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: Coinbase International against Paradex+0.433%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Coinbase International

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 for this trade now. Funding pays +$15 a day on $10k at the current rate, and Coinbase International is 0.433% dearer against Paradex than usual: you sell high and buy low: +$43 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	Paradex PENDLE-USD-PERP	2.5072	0.0100	pay 0.0100% / 8h	1h 53m	$35K	$20K	10x
Short	Coinbase International PENDLE-PERP-INTX	2.5180	0.0592	get 0.0074% / 1h	53m 43s	$117K	$417K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Paradex. 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 ParadexbpFee Coinbase InternationalbpOrdersPrice spread, now +0.433%Rate

Funding earned: $103.32
Price spread: +0.433% → 0.000%: $43.25
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $132.57
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Coinbase International: live order book, 29 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 Paradex no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 29 min ago	11.85 bp	27.8 bp −$28	doesn't fit	doesn't fit	doesn't fit

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	−1.203%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0625%	1h	2.5112	+0.161%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5139	+0.268%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0021%	8h	2.5155	+0.333%	$1.3M	$732K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0031%	8h	2.5118	+0.185%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5112	+0.161%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5076	+0.019%	$27.2M	$39.6M	75x	as long as short
MEXC PENDLE_USDT	+0.0047%	8h	2.5073	+0.006%	$16.9M	$2.1M	125x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5052	−0.077%	$165K	$524K	10x	as long as short
Variational Omni PENDLE	+0.0060%	8h	2.5103	+0.125%	$618K	$2.0M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.5090	+0.074%	$526K	$421K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5097	+0.103%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.5072	long leg	$35K	$20K	10x
Aster PENDLEUSDT	+0.0100%	8h	2.5114	+0.170%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5075	+0.014%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5090	+0.074%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5140	+0.273%	$858K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5138	+0.265%	$897K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5062	−0.038%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5133	+0.245%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5048	−0.095%	$25K	$409K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5144	+0.289%	$424K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5121	+0.197%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5149	+0.309%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5107	+0.141%	$1K	$1.7M	20x	as long as short
Hyperliquid PENDLE	+0.0129%	1h	2.5132	+0.241%	$12.4M	$5.6M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5129	+0.230%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0592%	1h	2.5180	+0.433%	$117K	$417K	25x
Kraken Futures PF_PENDLEUSD	+0.0750%	1h	2.5105	+0.132%	$149K	$274K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.1196%	1h	2.5147	+0.301%	$358K	$460K	15x	as long as short