Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0540%/8h= +59.1% APRpaid last 24h +0.071%

Price spread now: Coinbase International against Bybit+0.110%7-day average +0.115% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$780.783% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.183%+$18 on $10k

Price spread, last 4 days (all we have)−0.162%−$16 · spread now +0.110%, 7d avg +0.115%

Together, before fees+0.021%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.115%, so right now this pair is about funding alone: +$16 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.183% in total (about 9.5% 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	Bybit PENDLEUSDT	2.4633	0.0100	pay 0.0100% / 8h	3h 53m	$14.5M	$11.9M	50x
Short	Coinbase International PENDLE-PERP-INTX	2.4660	0.0640	get 0.0080% / 1h	53m 54s	$147K	$496K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.110%Rate

Funding earned: $113.4
Price spread: +0.110% → +0.115%: −$0.52
Slippage, 4 orders: −$57.34
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $34.54
Costs to cover: 0.783%
Break-even: 4.9 days

Slippage from Bybit: live order book, 4 min ago; Coinbase International: live order book, 64 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 Bybit live order book, 4 min ago	4.06 bp	17.0 bp −$17	46.7 bp −$467	doesn't fit	doesn't fit
Sell Coinbase International live order book, 64 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	−0.4243%	1h	2.4370	−1.068%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0593%	1h	2.4620	−0.053%	$75K	$235K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0278%	1h	2.4614	−0.077%	$25K	$14K	10x	as long as short
Gate PENDLE_USDT	−0.0068%	8h	2.4630	−0.012%	$716K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0066%	8h	2.4656	+0.093%	$1.1M	$596K	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4621	−0.047%	$159K	$578K	10x	as long as short
MEXC PENDLE_USDT	−0.0061%	8h	2.4633	0.000%	$17.4M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0060%	8h	2.4633	−0.002%	$26.1M	$43.6M	75x	as long as short
Aster PENDLEUSDT	−0.0053%	8h	2.4685	+0.210%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4599	−0.138%	$19K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4633	0.000%	$10K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0054%	8h	2.4595	−0.156%	$408K	$1.9M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4596	−0.150%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0067%	1h	2.4599	−0.136%	$3K	—	15x	as long as short
Variational Omni PENDLE	+0.0070%	8h	2.4586	−0.192%	$552K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4650	+0.069%	$517K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4607	−0.105%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.4633	long leg	$14.5M	$11.9M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4650	+0.069%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4664	+0.126%	$886K	$550K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4640	+0.028%	$3.7M	$2.2M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4641	+0.032%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4595	−0.154%	$24K	$375K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4625	−0.032%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4624	−0.037%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4608	−0.102%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0225%	1h	2.4680	+0.191%	$12.8M	$6.0M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0470%	1h	2.4682	+0.199%	$359K	$399K	15x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0640%	1h	2.4660	+0.110%	$147K	$496K	25x
Kraken Futures PF_PENDLEUSD	+0.1179%	1h	2.4701	+0.275%	$115K	$268K	20x	as long as short