Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0460%/8h= −50.4% APRpaid last 24h +0.037%

Price spread now: SunX against Coinbase International−0.064%7-day average −0.040% · you buy dearer than you sell

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

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 3 days (all we have)+0.033%+$3 · spread now −0.064%, 7d avg −0.040%

Together, before fees+0.070%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and SunX is 0.023% cheaper against Coinbase International than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.040%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.037% in total (about 1.9% 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	2.5090	0.0560	pay 0.0070% / 1h	11m 54s	$116K	$418K	25x
Short	SunX PENDLE-USDT	2.5074	0.0100	get 0.0100% / 8h	2h 11m	$1K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$96.6
Price spread: −0.064% → −0.040%: −$2.35
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$116.95
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 11 min ago; SunX: live order book, 3 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, 11 min ago	11.85 bp	20.7 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 3 min ago	500.74 bp	doesn't fit	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	−0.4806%	1h	2.4840	−0.996%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0432%	1h	2.5077	−0.052%	$149K	$277K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0029%	1h	2.5070	−0.080%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5079	−0.043%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5068	−0.088%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5062	−0.111%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5056	−0.136%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5055	−0.139%	$27.2M	$39.5M	75x	as long as short
BloFin PENDLE-USDT	+0.0046%	8h	2.5067	−0.092%	$1.3M	$738K	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5049	−0.162%	$165K	$524K	10x	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	+0.0055%	8h	2.5174	+0.334%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0077%	1h	2.5130	+0.159%	$77K	$239K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5064	−0.103%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5065	−0.100%	$543K	$397K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5060	−0.121%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5089	−0.004%	$12.3M	$5.7M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5066	−0.096%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5041	−0.195%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5070	−0.080%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5080	−0.040%	$851K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5062	−0.112%	$891K	$606K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5062	−0.112%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5061	−0.116%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5135	+0.179%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	+0.333%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5080	−0.040%	$16K	$19K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.5074	−0.064%	$1K	$1.7M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5068	−0.087%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0560%	1h	2.5090	long leg	$116K	$418K	25x
Backpack PENDLE_USDC_PERP	+0.0840%	1h	2.5121	+0.124%	$362K	$460K	15x	as long as short