Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0532%/8h= +58.3% APRpaid last 24h 0.000%

Price spread now: Coinbase International against edgeX+0.200%77s7-day average +0.099% · you sell dearer than you buy

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

Long on edgeX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 3 days (all we have)−0.055%−$6 · spread now +0.200%, 7d avg +0.099%

Together, before fees−0.072%+ Points / potential airdropedgeX: Active · farm board−$7 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 0.101% dearer against edgeX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.099%. 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 -0.017% in total (about -0.9% 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	edgeX PENDLEUSDC	2.5090	0.0100	pay 0.0050% / 4h	2h 04m	$25K	$379K	10x
Short	Coinbase International PENDLE-PERP-INTX	2.5140	0.0632	get 0.0079% / 1h	4m 04s	$144K	$472K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against edgeX. 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 edgeXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.200%Rate

Funding earned: $111.72
Price spread: +0.200% → +0.099%: $10.09
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $102.81
Costs to cover: 0.190%
Break-even: 0.6 days

Slippage unknown: edgeX: live order book, 64 min ago; Coinbase International: live order book, 64 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 edgeX live order book, 64 min ago	2.56 bp	7.2 bp −$7	28.8 bp −$288	doesn't fit	doesn't fit
Sell Coinbase International live order book, 64 min ago	11.82 bp	436.1 bp −$436	doesn't fit	doesn't fit	doesn't fit

PENDLE on 29 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	2.4870	−0.876%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0388%	1h	2.5078	−0.047%	$26K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0136%	1h	2.5051	−0.156%	$163K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0135%	8h	2.5071	−0.077%	$26.9M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0134%	8h	2.5077	−0.051%	$17.3M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0124%	8h	2.5065	−0.100%	$421K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0117%	1h	2.5103	+0.053%	$77K	$236K	50x	as long as short
Gate PENDLE_USDT	−0.0057%	8h	2.5060	−0.119%	$757K	$1.2M	75x	as long as short
Aster PENDLEUSDT	−0.0048%	8h	2.5083	−0.028%	$50K	$181K	10x	as long as short
Variational Omni PENDLE	−0.0040%	8h	2.5086	−0.017%	$613K	$1.8M	—	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5068	−0.087%	$20K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5095	+0.023%	$11K	—	5x	as long as short
Bybit PENDLEUSDT	+0.0019%	8h	2.5052	−0.151%	$15.2M	$12.0M	50x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5057	−0.129%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0057%	1h	2.5076	−0.053%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5076	−0.055%	$534K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5058	−0.125%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5099	+0.037%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5060	−0.119%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5085	−0.019%	$862K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5060	−0.119%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5071	−0.075%	—	$33.6M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.5090	long leg	$25K	$379K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5094	+0.017%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5096	+0.025%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0181% / S −0.0298%	1h	2.5086	−0.017%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0408%	1h	2.5117	+0.108%	$352K	$447K	15x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0632%	1h	2.5140	+0.200%	$144K	$472K	25x
Kraken Futures PF_PENDLEUSD	+0.0868%	1h	2.5123	+0.131%	$117K	$289K	20x	as long as short