Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0708%/8h= −77.5% APRpaid last 24h −0.059%

Price spread now: Gate against Coinbase International0.000%7-day average −0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$810.810% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 4 days (all we have)−0.166%−$17 · spread now 0.000%, 7d avg −0.103%

Together, before fees−0.208%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.103% dearer against Coinbase International than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.103%): +$10 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.042% in total) that is about 17 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.042% 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	2.4510	0.0640	pay 0.0080% / 1h	10m 20s	$150K	$508K	25x
Short	Gate PENDLE_USDT	2.4510	−0.0068	pay 0.0068% / 8h	3h 10m	$719K	$1.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpOrdersPrice spread, now 0.000%Rate

Funding earned: −$148.68
Price spread: 0.000% → −0.103%: $10.31
Slippage, 4 orders: −$56.03
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$219.4
Costs to cover: 0.810%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 43 min ago; Gate: live order book, 2 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, 43 min ago	6.08 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	4.08 bp	20.2 bp −$20	123.5 bp −$1,235	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	2.4300	−0.857%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDTshort	−0.0068%	8h	2.4510	0.000%	$719K	$1.1M	75x
BloFin PENDLE-USDT	−0.0060%	8h	2.4508	−0.008%	$1.1M	$594K	75x	as long as short
Binance PENDLEUSDT	−0.0050%	8h	2.4491	−0.079%	$25.9M	$44.5M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4476	−0.139%	$158K	$579K	10x	as long as short
MEXC PENDLE_USDT	−0.0047%	8h	2.4493	−0.069%	$17.4M	$2.0M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4493	−0.069%	$19K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0036%	1h	2.4519	+0.037%	$75K	$234K	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4521	+0.043%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4498	−0.049%	$24K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0037%	8h	2.4558	+0.197%	$46K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0051%	8h	2.4601	+0.371%	$417K	$2.1M	10x	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4492	−0.073%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4487	−0.096%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0078%	8h	2.4500	−0.039%	$550K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4503	−0.029%	$516K	$431K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4485	−0.102%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4490	−0.082%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4500	−0.041%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4498	−0.049%	$864K	$557K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4506	−0.016%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4492	−0.073%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4521	+0.045%	$24K	$374K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4517	+0.029%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4508	−0.008%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4488	−0.089%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0285%	1h	2.4544	+0.139%	$12.7M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0640%	1h	2.4510	long leg	$150K	$508K	25x
Backpack PENDLE_USDC_PERP	+0.0703%	1h	2.4542	+0.131%	$356K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1186%	1h	2.4545	+0.144%	$115K	$268K	20x	as long as short