Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0492%/8h= +53.9% APRpaid last 24h −0.032%

Price spread now: Coinbase International against KuCoin+0.180%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$153as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1501.500% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 3 days (all we have)−0.057%−$6 · spread now +0.180%, 7d avg +0.068%

Together, before fees−0.089%−$9 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 0.112% dearer against KuCoin than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.068%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.032% in total (about -1.7% 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	KuCoin PENDLEUSDTM	2.5025	0.0100	pay 0.0100% / 8h	1h 48m	$893K	$606K	50x
Short	Coinbase International PENDLE-PERP-INTX	2.5070	0.0592	get 0.0074% / 1h	48m 37s	$117K	$414K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now +0.180%Rate

Funding earned: $103.32
Price spread: +0.180% → +0.068%: $11.15
Slippage, 4 orders: −$128.04
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$35.56
Costs to cover: 1.500%
Break-even: 9.4 days

Slippage from KuCoin: live order book, 26 min ago; Coinbase International: live order book, 34 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 KuCoin live order book, 26 min ago	8.16 bp	53.2 bp −$53	173.5 bp −$1,735	doesn't fit	doesn't fit
Sell Coinbase International live order book, 34 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	−0.3656%	1h	2.4770	−1.019%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0668%	1h	2.5018	−0.028%	$29K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5012	−0.051%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0030%	8h	2.5011	−0.056%	$20K	$16K	10x	as long as short
Binance PENDLEUSDT	+0.0035%	8h	2.5042	+0.068%	$27.2M	$39.8M	75x	as long as short
MEXC PENDLE_USDT	+0.0037%	8h	2.5007	−0.072%	$16.9M	$2.1M	125x	as long as short
Reya PENDLERUSDPERP	+0.0039%	1h	2.5018	−0.029%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5000	−0.098%	$164K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0062%	8h	2.4999	−0.104%	$1.3M	$730K	75x	as long as short
Variational Omni PENDLE	+0.0065%	8h	2.5028	+0.011%	$604K	$2.1M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.5008	−0.068%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5011	−0.056%	$525K	$421K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5002	−0.090%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4996	−0.114%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5040	+0.060%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5060	+0.140%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5020	−0.020%	$854K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.5025	long leg	$893K	$606K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5003	−0.088%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5014	−0.044%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5030	+0.022%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5028	+0.012%	$422K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5072	+0.188%	$76K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5035	+0.040%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5023	−0.008%	$2K	$1.7M	20x	as long as short
Hyperliquid PENDLE	+0.0120%	1h	2.5040	+0.060%	$12.4M	$5.6M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5022	−0.010%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0592%	1h	2.5070	+0.180%	$117K	$414K	25x
Kraken Futures PF_PENDLEUSD	+0.0753%	1h	2.5011	−0.057%	$149K	$273K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0823%	1h	2.5043	+0.072%	$355K	$462K	15x	as long as short