Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0572%/8h= −62.6% APRpaid last 24h −0.095%

Price spread now: Paradex against Coinbase International−0.164%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Paradex is 0.164% cheaper against Coinbase International than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENDLE-PERP-INTX	2.4230	0.0672	pay 0.0084% / 1h	20m 58s	$156K	$505K	25x
Short	Paradex PENDLE-USD-PERP	2.4190	0.0100	get 0.0100% / 8h	20m 58s	$34K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.164%Rate

Funding earned: −$120.12
Price spread: −0.164% → 0.000%: −$16.37
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$150.49
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 17 min ago; Paradex: no order-book sample. 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, 17 min ago	6.16 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4810%	1h	2.3940	−1.197%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0122%	1h	2.4197	−0.136%	$24K	$16K	10x	as long as short
BloFin PENDLE-USDT	−0.0018%	8h	2.4193	−0.153%	$1.1M	$501K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4187	−0.177%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4199	−0.128%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4198	−0.132%	$17.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4200	−0.124%	$25.4M	$46.0M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4189	−0.170%	$157K	$927K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0062%	1h	2.4193	−0.153%	$74K	$231K	50x	as long as short
Gate PENDLE_USDT	+0.0069%	8h	2.4200	−0.124%	$758K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0078%	8h	2.4192	−0.158%	$408K	$2.5M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4190	−0.164%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0084%	1h	2.4195	−0.144%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4201	−0.120%	$521K	$432K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.4190	−0.164%	$34K	$5K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4226	−0.017%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4214	−0.065%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4196	−0.140%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4210	−0.083%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4194	−0.149%	$719K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4199	−0.128%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4203	−0.111%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4186	−0.184%	$563K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4183	−0.195%	$24K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4226	−0.017%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4224	−0.025%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4206	−0.098%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0607%	1h	2.4252	+0.091%	$350K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0672%	1h	2.4230	long leg	$156K	$505K	25x
Kraken Futures PF_PENDLEUSD	+0.1529%	1h	2.4253	+0.094%	$115K	$263K	20x	as long as short