Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0460%/8h= +50.4% APRpaid last 24h −0.001%

Price spread now: Coinbase International against Bybit+0.279%7-day average +0.104% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$960.963% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.151%+$15 on $10k

Price spread, last 3 days (all we have)−0.331%−$33 · spread now +0.279%, 7d avg +0.104%

Together, before fees−0.180%−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Coinbase International is 0.175% dearer against Bybit than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.104%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.151% in total (about 7.9% 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	Bybit PENDLEUSDT	2.5060	0.0100	pay 0.0100% / 8h	2h 09m	$15.5M	$12.0M	50x
Short	Coinbase International PENDLE-PERP-INTX	2.5130	0.0560	get 0.0070% / 1h	9m 58s	$116K	$418K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.279%Rate

Funding earned: $96.6
Price spread: +0.279% → +0.104%: $17.55
Slippage, 4 orders: −$75.33
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $17.82
Costs to cover: 0.963%
Break-even: 5.7 days

Slippage from Bybit: 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 Bybit live order book, 8 min ago	3.97 bp	22.5 bp −$23	54.7 bp −$547	doesn't fit	doesn't fit
Sell Coinbase International live order book, 13 min ago	11.85 bp	27.8 bp −$28	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	−0.4806%	1h	2.4840	−0.878%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5153	+0.370%	$149K	$275K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5079	+0.077%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5094	+0.136%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5090	+0.120%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5098	+0.152%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5072	+0.046%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0042%	8h	2.5085	+0.100%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0042%	8h	2.5080	+0.081%	$27.3M	$39.4M	75x	as long as short
BloFin PENDLE-USDT	+0.0049%	8h	2.5058	−0.008%	$1.3M	$737K	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	+0.0050%	8h	2.5034	−0.102%	$616K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0077%	1h	2.5130	+0.279%	$77K	$239K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5077	+0.068%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5086	+0.104%	$544K	$397K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5081	+0.082%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5112	+0.208%	$12.3M	$5.7M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5073	+0.050%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.5060	long leg	$15.5M	$12.0M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5090	+0.120%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5090	+0.120%	$851K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5085	+0.100%	$895K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5084	+0.096%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5073	+0.052%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5135	+0.299%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5034	−0.105%	$422K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5111	+0.204%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5113	+0.211%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5097	+0.148%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0560%	1h	2.5130	+0.279%	$116K	$418K	25x
Backpack PENDLE_USDC_PERP	+0.0847%	1h	2.5146	+0.343%	$363K	$460K	15x	as long as short