Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0676%/8h= +74.0% APRpaid last 24h +0.052%

Price spread now: Coinbase International against BloFin+0.677%58s7-day average +0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$660.659% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 4 days (all we have)−0.917%−$92 · spread now +0.677%, 7d avg +0.074%

Together, before fees−0.837%−$84 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Coinbase International is 0.604% dearer against BloFin than usual: you sell high and buy low: +$60 more if the spread goes back to its 7-day average of +0.074%. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.080% in total (about 4.2% 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	BloFin PENDLE-USDT	2.4653	−0.0068	get 0.0068% / 8h	4h 23m	$1.1M	$605K	75x
Short	Coinbase International PENDLE-PERP-INTX	2.4820	0.0608	get 0.0076% / 1h	23m 53s	$148K	$497K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now +0.677%Rate

Funding earned: $141.98
Price spread: +0.677% → +0.074%: $60.38
Slippage, 4 orders: −$43.9
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $136.45
Costs to cover: 0.659%
Break-even: 0.3 days

Slippage from BloFin: live order book, 8 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 BloFin live order book, 8 min ago	2.23 bp	11.9 bp −$12	22.7 bp −$227	doesn't fit	doesn't fit
Sell Coinbase International live order book, 34 min ago	8.11 bp	24.9 bp −$25	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	−0.4334%	1h	2.4340	−1.270%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDTlong	−0.0068%	8h	2.4653	long leg	$1.1M	$605K	75x
Gate PENDLE_USDT	−0.0061%	8h	2.4670	+0.069%	$720K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4632	−0.086%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0054%	8h	2.4651	−0.007%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0051%	8h	2.4653	0.000%	$17.3M	$2.0M	125x	as long as short
Aster PENDLEUSDT	−0.0039%	8h	2.4665	+0.049%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4651	−0.008%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	−0.033%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4655	+0.008%	$25K	$14K	10x	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	+0.0048%	8h	2.4650	−0.010%	$553K	$1.5M	—	as long as short
Reya PENDLERUSDPERP	+0.0065%	1h	2.4651	−0.007%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4641	−0.049%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4660	+0.028%	$517K	$424K	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0096%	8h	2.4681	+0.113%	$408K	$1.9M	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4626	−0.109%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4650	−0.012%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4670	+0.069%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4648	−0.020%	$866K	$576K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4625	−0.114%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4633	−0.081%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4672	+0.078%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4673	+0.081%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4672	+0.077%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4651	−0.008%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4650	−0.011%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0393%	1h	2.4696	+0.174%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0608%	1h	2.4820	+0.677%	$148K	$497K	25x
Backpack PENDLE_USDC_PERP	+0.0736%	1h	2.4703	+0.203%	$357K	$467K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4701	+0.193%	$115K	$269K	20x	as long as short