Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0452%/8h= −49.5% APRpaid last 24h −0.017%

Price spread now: edgeX against Coinbase International+0.387%77s7-day average −0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$590.594% of the position

Long on Coinbase International Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.012%+$1 on $10k

Price spread, last 4 days (all we have)−0.572%−$57 · spread now +0.387%, 7d avg −0.099%

Together, before fees−0.560%+ Points / potential airdropedgeX: Active · farm board−$56 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.485% dearer against Coinbase International than usual: you sell high and buy low (spread +0.387% now, against its 7-day average of −0.099%): +$49 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 3.6 days. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.012% in total (about 0.6% 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	2.4980	0.0552	pay 0.0069% / 1h	12m 05s	$148K	$494K	25x
Short	edgeX PENDLEUSDC	2.5077	0.0100	get 0.0050% / 4h	1h 12m	$25K	$379K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 edgeXbpOrdersPrice spread, now +0.387%Rate

Funding earned: −$94.92
Price spread: +0.387% → −0.099%: $48.55
Slippage, 4 orders: −$40.36
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$105.73
Costs to cover: 0.594%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 51 min ago; edgeX: live order book, 51 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 Coinbase International live order book, 51 min ago	9.97 bp	18.9 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 51 min ago	2.39 bp	7.3 bp −$7	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	−0.4938%	1h	2.4720	−1.041%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0231%	1h	2.4920	−0.240%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0081%	8h	2.4986	+0.024%	$1.3M	$654K	75x	as long as short
MEXC PENDLE_USDT	−0.0074%	8h	2.4935	−0.180%	$17.5M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.4934	−0.184%	$26.6M	$43.6M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4933	−0.187%	$162K	$570K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4941	−0.156%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0025%	8h	2.4967	−0.052%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4990	+0.040%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0017%	8h	2.5015	+0.141%	$563K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0055%	8h	2.4920	−0.240%	$721K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.4983	+0.011%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4941	−0.158%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0084%	8h	2.5085	+0.420%	$415K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4942	−0.152%	$532K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4993	+0.051%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4982	+0.008%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4929	−0.204%	$14.9M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4940	−0.160%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4949	−0.124%	$852K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4927	−0.212%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4925	−0.220%	—	$33.5M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.5077	+0.387%	$25K	$379K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5085	+0.420%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5008	+0.112%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4980	0.000%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4990	+0.039%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0552%	1h	2.4980	long leg	$148K	$494K	25x
Kraken Futures PF_PENDLEUSD	+0.0750%	1h	2.4991	+0.043%	$116K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0792%	1h	2.4976	−0.016%	$361K	$488K	15x	as long as short