Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0588%/8h= −64.4% APRpaid last 24h −0.081%

Price spread now: OKX against Coinbase International−0.081%7-day average −0.119% · you buy dearer than you sell

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

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 4 days (all we have)−0.118%−$12 · spread now −0.081%, 7d avg −0.119%

Together, before fees−0.151%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.037% dearer against Coinbase International than usual: you sell high and buy low (spread −0.081% now, against its 7-day average of −0.119%): +$4 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.032% in total) that is about 8.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.032% in total (about -1.7% 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	2.4550	0.0688	pay 0.0086% / 1h	5m 52s	$158K	$507K	25x
Short	OKX PENDLE-USDT-SWAP	2.4530	0.0100	get 0.0050% / 4h	1h 05m	$3.1M	$6.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.081%Rate

Funding earned: −$123.48
Price spread: −0.081% → −0.119%: $3.71
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$139.77
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 37 min ago; OKX: live order book, 2 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 Coinbase International live order book, 37 min ago	12.23 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	2.04 bp	9.7 bp −$10	54.6 bp −$546	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	−0.4348%	1h	2.4230	−1.303%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0239%	1h	2.4512	−0.155%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0017%	8h	2.4499	−0.208%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4546	−0.018%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0020%	8h	2.4513	−0.151%	$1.1M	$478K	75x	as long as short
MEXC PENDLE_USDT	+0.0023%	8h	2.4504	−0.187%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0024%	8h	2.4501	−0.198%	$25.8M	$45.4M	75x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4504	−0.188%	$158K	$471K	10x	as long as short
Gate PENDLE_USDT	+0.0046%	8h	2.4520	−0.122%	$784K	$1.0M	75x	as long as short
Reya PENDLERUSDPERP	+0.0081%	1h	2.4514	−0.145%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4494	−0.229%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4508	−0.171%	$519K	$417K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4488	−0.254%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4540	−0.041%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4504	−0.187%	$46K	$168K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4500	−0.204%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4530	−0.081%	$3.1M	$6.7M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4521	−0.118%	$872K	$549K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4519	−0.126%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4503	−0.191%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4490	−0.242%	$595K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4502	−0.194%	$24K	$370K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4496	−0.219%	$412K	$2.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4508	−0.171%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4536	−0.057%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4523	−0.110%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4524	−0.107%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0534%	1h	2.4556	+0.024%	$351K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0688%	1h	2.4550	long leg	$158K	$507K	25x
Kraken Futures PF_PENDLEUSD	+0.1659%	1h	2.4567	+0.070%	$115K	$260K	20x	as long as short