Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0628%/8h= +68.8% APRpaid last 24h −0.015%

Price spread now: Coinbase International against OKX+0.040%7-day average +0.118% · you sell dearer than you buy

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

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 3 days (all we have)+0.160%+$16 · spread now +0.040%, 7d avg +0.118%

Together, before fees+0.162%+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.079% cheaper against OKX than usual: you would sell low and buy high (spread +0.040% now, against its 7-day average of +0.118%). If the spread goes back, that is −$8 on $10k: about 10 hours of funding at the current rate (+$19 a day). At the pace of the last 7 days (+0.002% in total) that is about 8 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.002% in total (about 0.1% 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	OKX PENDLE-USDT-SWAP	2.5300	0.0100	pay 0.0050% / 4h	3h 31m	$3.3M	$6.1M	50x
Short	Coinbase International PENDLE-PERP-INTX	2.5310	0.0728	get 0.0091% / 1h	31m 59s	$140K	$442K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.040%Rate

Funding earned: $131.88
Price spread: +0.040% → +0.118%: −$7.89
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $103.99
Costs to cover: 0.200%
Break-even: 1.5 days

Slippage unknown: OKX: live order book, 1 min ago; Coinbase International: live order book, 41 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 OKX live order book, 1 min ago	1.98 bp	17.1 bp −$17	85.7 bp −$857	doesn't fit	doesn't fit
Sell Coinbase International live order book, 41 min ago	13.90 bp	395.5 bp −$395	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	−0.4643%	1h	2.4970	−1.304%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0106%	1h	2.5272	−0.111%	$26K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0082%	8h	2.5310	+0.040%	$27.3M	$42.8M	75x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.5295	−0.021%	$165K	$650K	10x	as long as short
MEXC PENDLE_USDT	−0.0080%	8h	2.5310	+0.040%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0071%	8h	2.5279	−0.083%	$1.3M	$704K	75x	as long as short
GRVT PENDLE_USDT_Perp	−0.0066%	8h	2.5297	−0.012%	$428K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0060%	1h	2.5347	+0.186%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0018%	8h	2.5279	−0.083%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5313	+0.051%	$11K	—	5x	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	+0.0014%	8h	2.5291	−0.035%	$609K	$1.9M	—	as long as short
Gate PENDLE_USDT	+0.0023%	8h	2.5270	−0.119%	$786K	$1.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0050%	1h	2.5263	−0.145%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5276	−0.094%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0076%	8h	2.5310	+0.041%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5289	−0.043%	$537K	$415K	5x	as long as short
Bybit PENDLEUSDT	+0.0097%	8h	2.5290	−0.040%	$15.6M	$12.0M	50x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5249	−0.203%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5300	long leg	$3.3M	$6.1M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5315	+0.059%	$889K	$592K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5296	−0.016%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5288	−0.047%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5293	−0.026%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5274	−0.103%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5304	+0.016%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5279	−0.081%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0323%	1h	2.5361	+0.241%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5350	+0.196%	$118K	$293K	20x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0728%	1h	2.5310	+0.040%	$140K	$442K	25x
Backpack PENDLE_USDC_PERP	+0.0856%	1h	2.5341	+0.162%	$333K	$486K	15x	as long as short