Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0500%/8h= +54.8% APRpaid last 24h −0.025%

Price spread now: Coinbase International against Paradex+0.348%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Coinbase International is 0.348% dearer against Paradex than usual: you sell high and buy low: +$35 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	Paradex PENDLE-USD-PERP	2.5252	0.0100	pay 0.0100% / 8h	22m 06s	$35K	$18K	10x
Short	Coinbase International PENDLE-PERP-INTX	2.5340	0.0600	get 0.0075% / 1h	22m 06s	$141K	$451K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Paradex. 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 ParadexbpFee Coinbase InternationalbpOrdersPrice spread, now +0.348%Rate

Funding earned: $105
Price spread: +0.348% → 0.000%: $34.76
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $125.76
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Coinbase International: live order book, 56 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 Paradex no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 56 min ago	10.03 bp	29.4 bp −$29	doesn't fit	doesn't fit	doesn't fit

Paradex: 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 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	−0.5000%	1h	2.4940	−1.236%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0058%	8h	2.5235	−0.068%	$1.3M	$714K	75x	as long as short
Extended PENDLE-USD	−0.0040%	1h	2.5295	+0.171%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0036%	8h	2.5303	+0.201%	$27.4M	$42.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0035%	8h	2.5275	+0.090%	$17.1M	$1.9M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0027%	1h	2.5215	−0.147%	$77K	$239K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0027%	1h	2.5286	+0.134%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5277	+0.098%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5267	+0.057%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0036%	8h	2.5202	−0.198%	$595K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0045%	8h	2.5244	−0.032%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5268	+0.063%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5275	+0.090%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5276	+0.094%	$533K	$416K	5x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.5252	long leg	$35K	$18K	10x
Aster PENDLEUSDT	+0.0100%	8h	2.5269	+0.066%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5316	+0.253%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5300	+0.189%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5240	−0.048%	$785K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5271	+0.074%	$888K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5288	+0.142%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5275	+0.090%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5208	−0.174%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5291	+0.154%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5282	+0.118%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5290	+0.149%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0347%	1h	2.5332	+0.316%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0593%	1h	2.5330	+0.307%	$119K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0600%	1h	2.5340	+0.348%	$141K	$451K	25x
Backpack PENDLE_USDC_PERP	+0.0777%	1h	2.5325	+0.288%	$333K	$490K	15x	as long as short