Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0670%/8h= +73.4% APRpaid last 24h +0.022%

Price spread now: Coinbase International against Orderly+0.339%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Coinbase International is 0.339% dearer against Orderly than usual: you sell high and buy low: +$34 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.5055	−0.0038	get 0.0038% / 8h	6h 04m	$20K	$15K	10x
Short	Coinbase International PENDLE-PERP-INTX	2.5140	0.0632	get 0.0079% / 1h	4m 26s	$144K	$472K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now +0.339%Rate

Funding earned: $140.72
Price spread: +0.339% → 0.000%: $33.93
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $158.64
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
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

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.738%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0827%	1h	2.5047	−0.032%	$26K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0136%	1h	2.5066	+0.045%	$163K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0135%	8h	2.5071	+0.064%	$26.9M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0134%	8h	2.5067	+0.048%	$17.3M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0124%	8h	2.5065	+0.039%	$421K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0117%	1h	2.5103	+0.192%	$77K	$236K	50x	as long as short
Gate PENDLE_USDT	−0.0057%	8h	2.5060	+0.020%	$757K	$1.2M	75x	as long as short
Aster PENDLEUSDT	−0.0048%	8h	2.5069	+0.056%	$50K	$181K	10x	as long as short
Variational Omni PENDLE	−0.0040%	8h	2.5086	+0.122%	$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_USDClong	−0.0038%	8h	2.5055	long leg	$20K	$15K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5095	+0.162%	$11K	—	5x	as long as short
Bybit PENDLEUSDT	+0.0019%	8h	2.5070	+0.060%	$15.2M	$12.0M	50x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5048	−0.030%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0057%	1h	2.5076	+0.085%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5074	+0.076%	$534K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5058	+0.013%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5119	+0.255%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5060	+0.020%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5079	+0.096%	$862K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5051	−0.016%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5071	+0.064%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5090	+0.139%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5094	+0.156%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5100	+0.180%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0181% / S −0.0298%	1h	2.5086	+0.122%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0406%	1h	2.5097	+0.168%	$352K	$470K	15x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0632%	1h	2.5140	+0.339%	$144K	$472K	25x
Kraken Futures PF_PENDLEUSD	+0.0868%	1h	2.5116	+0.242%	$117K	$289K	20x	as long as short