Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0564%/8h= +61.8% APRpaid last 24h +0.095%

Price spread now: Coinbase International against BingX+0.358%7-day average +0.098% · you sell dearer than you buy

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

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 4 days (all we have)−0.191%−$19 · spread now +0.358%, 7d avg +0.098%

Together, before fees−0.146%−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Coinbase International is 0.260% dearer against BingX than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of +0.098%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.046% in total (about 2.4% 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	BingX PENDLE-USDT	2.4313	0.0100	pay 0.0100% / 8h	7h 56m	—	$8.2M	—
Short	Coinbase International PENDLE-PERP-INTX	2.4400	0.0664	get 0.0083% / 1h	56m 29s	$159K	$513K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.358%Rate

Funding earned: $118.44
Price spread: +0.358% → +0.098%: $25.95
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $124.39
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: BingX: live order book, 12 min ago; Coinbase International: live order book, 42 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 BingX live order book, 12 min ago	0.62 bp	8.5 bp −$8	19.0 bp −$190	248.5 bp −$24.9K	474.4 bp −$237.2K
Sell Coinbase International live order book, 42 min ago	6.16 bp	30.8 bp −$31	668.7 bp −$6,687	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	−0.3627%	1h	2.4040	−1.123%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0120%	1h	2.4339	+0.107%	$25K	$16K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0023%	1h	2.4248	−0.267%	$74K	$232K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0012%	8h	2.4335	+0.090%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4342	+0.118%	$10K	—	5x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4292	−0.086%	$156K	$924K	10x	as long as short
MEXC PENDLE_USDT	+0.0009%	8h	2.4293	−0.082%	$18.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0011%	8h	2.4291	−0.091%	$25.4M	$46.2M	75x	as long as short
BloFin PENDLE-USDT	+0.0024%	8h	2.4327	+0.058%	$1.1M	$504K	75x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4332	+0.077%	$25K	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0086%	1h	2.4331	+0.073%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4313	0.000%	$523K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4291	−0.089%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4346	+0.136%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4315	+0.008%	$48K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4280	−0.136%	$14.1M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4290	−0.095%	$3.1M	$6.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4310	−0.012%	$769K	$990K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4322	+0.037%	$689K	$618K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4310	−0.012%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.4313	long leg	—	$8.2M	—
Variational Omni PENDLE	+0.0100%	8h	2.4262	−0.211%	$565K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4258	−0.228%	$24K	$367K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4267	−0.188%	$400K	$2.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4345	+0.132%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4364	+0.210%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4340	+0.112%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0664%	1h	2.4400	+0.358%	$159K	$513K	25x
Backpack PENDLE_USDC_PERP	+0.1163%	1h	2.4385	+0.296%	$360K	$439K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1272%	1h	2.4394	+0.335%	$116K	$259K	20x	as long as short