Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0532%/8h= +58.3% APRpaid last 24h −0.015%

Price spread now: Coinbase International against SunX+0.220%7-day average +0.046% · you sell dearer than you buy

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

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 3 days (all we have)−0.062%−$6 · spread now +0.220%, 7d avg +0.046%

Together, before fees−0.084%−$8 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 0.174% dearer against SunX than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.046%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.022% in total (about -1.1% 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	SunX PENDLE-USDT	2.5005	0.0100	pay 0.0100% / 8h	6h 55m	$2K	$1.8M	20x
Short	Coinbase International PENDLE-PERP-INTX	2.5060	0.0632	get 0.0079% / 1h	55m 42s	$144K	$464K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against SunX. 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 SunXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.220%Rate

Funding earned: $111.72
Price spread: +0.220% → +0.046%: $17.44
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $111.16
Costs to cover: 0.180%
Break-even: 0.0 days

Slippage unknown: SunX: live order book, 10 min ago; Coinbase International: live order book, 12 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 SunX live order book, 10 min ago	500.17 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 12 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	2.4850	−0.620%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.1108%	1h	2.5002	−0.012%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0176%	8h	2.5000	−0.020%	$15.3M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0145%	8h	2.5176	+0.685%	$416K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0142%	1h	2.5174	+0.676%	$77K	$237K	50x	as long as short
Binance PENDLEUSDT	−0.0113%	8h	2.4996	−0.036%	$27.0M	$43.1M	75x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5002	−0.011%	$163K	$565K	10x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5011	+0.024%	$17.2M	$1.8M	125x	as long as short
BloFin PENDLE-USDT	−0.0096%	8h	2.5118	+0.452%	$1.3M	$653K	75x	as long as short
Variational Omni PENDLE	−0.0035%	8h	2.5006	+0.004%	$596K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0029%	8h	2.4994	−0.044%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5025	+0.079%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0013%	8h	2.5029	+0.096%	$50K	$181K	10x	as long as short
Reya PENDLERUSDPERP	+0.0052%	1h	2.5021	+0.064%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4991	−0.055%	$26K	—	3x	as long as short
Gate PENDLE_USDT	+0.0068%	8h	2.5020	+0.060%	$780K	$1.2M	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5007	+0.008%	$532K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4999	−0.025%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5000	−0.020%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4996	−0.036%	$850K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4979	−0.104%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5020	+0.060%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5160	+0.619%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5042	+0.148%	$16K	$20K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.5005	long leg	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5031	+0.102%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0219%	1h	2.5057	+0.206%	$12.9M	$6.4M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0247%	1h	2.5052	+0.188%	$351K	$485K	15x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0632%	1h	2.5060	+0.220%	$144K	$464K	25x
Kraken Futures PF_PENDLEUSD	+0.0870%	1h	2.5054	+0.194%	$116K	$290K	20x	as long as short