Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0921%/8h= −100.8% APRpaid last 24h −0.022%

Price spread now: Bybit against Coinbase International−0.154%7-day average −0.112% · you buy dearer than you sell

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

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.166%−$17 on $10k

Price spread, last 3 days (all we have)−0.006%−$1 · spread now −0.154%, 7d avg −0.112%

Together, before fees−0.173%−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Bybit is 0.041% cheaper against Coinbase International than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.112%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.166% in total (about -8.7% 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	Coinbase International PENDLE-PERP-INTX	2.5400	0.0728	pay 0.0091% / 1h	8m 19s	$144K	$464K	25x
Short	Bybit PENDLEUSDT	2.5361	−0.0193	pay 0.0193% / 8h	7h 08m	$15.6M	$12.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.154%Rate

Funding earned: −$193.4
Price spread: −0.154% → −0.112%: −$4.11
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$218.5
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 65 min ago; Bybit: live order book, 5 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 Coinbase International live order book, 65 min ago	13.90 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	3.95 bp	14.6 bp −$15	41.9 bp −$419	284.4 bp −$28.4K	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	−0.4643%	1h	2.5030	−1.457%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0380%	1h	2.5383	−0.067%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDTshort	−0.0193%	8h	2.5361	−0.154%	$15.6M	$12.0M	50x
GRVT PENDLE_USDT_Perp	−0.0133%	8h	2.5346	−0.213%	$419K	$1.7M	10x	as long as short
MEXC PENDLE_USDT	−0.0097%	8h	2.5375	−0.098%	$17.2M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0096%	8h	2.5384	−0.063%	$27.4M	$42.9M	75x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.5369	−0.122%	$165K	$565K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0081%	1h	2.5358	−0.165%	$77K	$237K	50x	as long as short
BloFin PENDLE-USDT	−0.0080%	8h	2.5430	+0.118%	$1.3M	$677K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0025%	8h	2.5382	−0.071%	$20K	$16K	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	−0.0024%	8h	2.5356	−0.174%	$611K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5397	−0.012%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0043%	8h	2.5407	+0.028%	$48K	$174K	10x	as long as short
Reya PENDLERUSDPERP	+0.0052%	1h	2.5374	−0.102%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5377	−0.089%	$27K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5396	−0.016%	$540K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5344	−0.222%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5370	−0.118%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5380	−0.079%	$791K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5407	+0.028%	$882K	$589K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5359	−0.161%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5382	−0.071%	—	$35.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5355	−0.177%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5390	−0.039%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5385	−0.059%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5401	+0.006%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0361%	1h	2.5435	+0.138%	$13.1M	$6.3M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0612%	1h	2.5441	+0.160%	$118K	$292K	20x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0728%	1h	2.5400	long leg	$144K	$464K	25x
Backpack PENDLE_USDC_PERP	+0.0906%	1h	2.5471	+0.280%	$357K	$488K	15x	as long as short