Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0508%/8h= −55.6% APRpaid last 24h −0.034%

Price spread now: Bitget against Coinbase International−0.114%57s7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as 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−$840.841% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 4 days (all we have)+0.133%+$13 · spread now −0.114%, 7d avg −0.118%

Together, before fees+0.091%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.118%, so right now this pair is about funding alone: −$15 a day on $10k at the current rate. The two prices were read 57 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 -0.043% in total (about -2.2% 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	Coinbase International PENDLE-PERP-INTX	2.4660	0.0608	pay 0.0076% / 1h	49m 20s	$146K	$491K	25x
Short	Bitget PENDLEUSDT	2.4632	0.0100	get 0.0100% / 8h	4h 49m	$3.7M	$2.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Coinbase International. 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 Coinbase InternationalbpFee BitgetbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$106.68
Price spread: −0.114% → −0.118%: $0.43
Slippage, 4 orders: −$62.1
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$190.35
Costs to cover: 0.841%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 9 min ago; Bitget: live order book, 3 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 Coinbase International live order book, 9 min ago	8.11 bp	20.1 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	3.25 bp	20.7 bp −$21	45.9 bp −$459	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	2.4400	−1.054%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0115%	1h	2.4642	−0.073%	$25K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4626	−0.136%	$161K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0072%	8h	2.4638	−0.089%	$26.2M	$43.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0070%	8h	2.4639	−0.085%	$17.3M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0058%	8h	2.4635	−0.101%	$1.3M	$650K	75x	as long as short
Aster PENDLEUSDT	−0.0046%	8h	2.4654	−0.025%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4636	−0.097%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0020%	8h	2.4660	0.000%	$716K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4646	−0.059%	$10K	—	5x	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	+0.0034%	8h	2.4626	−0.139%	$563K	$1.7M	—	as long as short
Reya PENDLERUSDPERP	+0.0063%	1h	2.4640	−0.079%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4631	−0.118%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0081%	8h	2.4685	+0.101%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4646	−0.057%	$526K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4638	−0.087%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4640	−0.081%	$14.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4670	+0.041%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4657	−0.012%	$872K	$580K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.4632	−0.114%	$3.7M	$2.4M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4633	−0.109%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4687	+0.108%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4656	−0.016%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4660	0.000%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4645	−0.061%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4648	−0.051%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0392%	1h	2.4688	+0.114%	$12.6M	$6.1M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0422%	1h	2.4693	+0.134%	$355K	$477K	15x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0608%	1h	2.4660	long leg	$146K	$491K	25x
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4689	+0.116%	$115K	$278K	20x	as long as short