Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0508%/8h= +55.6% APRpaid last 24h +0.034%

Price spread now: Coinbase International against BingX+0.174%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$730.725% of the position

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 4 days (all we have)−0.243%−$24 · spread now +0.174%, 7d avg +0.096%

Together, before fees−0.216%−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Coinbase International is 0.079% dearer against BingX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.096%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.028% in total (about 1.4% 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	BingX PENDLE-USDT	2.4667	0.0100	pay 0.0100% / 8h	4h 44m	—	$8.6M	—
Short	Coinbase International PENDLE-PERP-INTX	2.4710	0.0608	get 0.0076% / 1h	44m 44s	$147K	$492K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.174%Rate

Funding earned: $106.68
Price spread: +0.174% → +0.096%: $7.86
Slippage, 4 orders: −$52.54
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $42
Costs to cover: 0.725%
Break-even: 4.2 days

Slippage from BingX: live order book, 8 min ago; Coinbase International: live order book, 13 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 BingX live order book, 8 min ago	3.44 bp	15.5 bp −$15	23.9 bp −$239	231.7 bp −$23.2K	477.6 bp −$238.8K
Sell Coinbase International live order book, 13 min ago	8.11 bp	24.9 bp −$25	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	−0.4334%	1h	2.4400	−1.082%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0089%	8h	2.4662	−0.020%	$1.3M	$627K	75x	as long as short
Binance PENDLEUSDT	−0.0066%	8h	2.4681	+0.055%	$26.2M	$43.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0065%	8h	2.4695	+0.114%	$17.4M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4659	−0.033%	$161K	$570K	10x	as long as short
Aster PENDLEUSDT	−0.0040%	8h	2.4670	+0.012%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4667	0.000%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0026%	8h	2.4660	−0.028%	$716K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4690	+0.092%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4675	+0.032%	$25K	$14K	10x	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	+0.0039%	8h	2.4660	−0.027%	$563K	$1.7M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4670	+0.011%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4647	−0.080%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0075%	8h	2.4640	−0.109%	$413K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4693	+0.105%	$527K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4683	+0.065%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4680	+0.053%	$14.7M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4700	+0.134%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4682	+0.061%	$868K	$583K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4654	−0.053%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.4667	long leg	—	$8.6M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4669	+0.009%	$24K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4684	+0.069%	$75K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4689	+0.089%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4667	0.000%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4670	+0.013%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0422%	1h	2.4715	+0.194%	$12.6M	$6.1M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0500%	1h	2.4711	+0.178%	$356K	$477K	15x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0608%	1h	2.4710	+0.174%	$147K	$492K	25x
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4710	+0.173%	$115K	$278K	20x	as long as short