Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0656%/8h= +71.8% APRpaid last 24h −0.006%

Price spread now: Coinbase International against Gate+0.158%7-day average +0.100% · you sell dearer than you buy

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

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 3 days (all we have)−0.020%−$2 · spread now +0.158%, 7d avg +0.100%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Coinbase International is 0.058% dearer against Gate than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.100%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.022% in total (about 1.2% 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	Gate PENDLE_USDT	2.5360	0.0072	pay 0.0072% / 8h	7h 11m	$789K	$1.2M	75x
Short	Coinbase International PENDLE-PERP-INTX	2.5400	0.0728	get 0.0091% / 1h	11m 33s	$143K	$462K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +0.158%Rate

Funding earned: $137.76
Price spread: +0.158% → +0.100%: $5.76
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $118.52
Costs to cover: 0.250%
Break-even: 1.0 days

Slippage unknown: Gate: live order book, 1 min ago; Coinbase International: live order book, 61 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 Gate live order book, 1 min ago	5.92 bp	27.2 bp −$27	191.3 bp −$1,913	doesn't fit	doesn't fit
Sell Coinbase International live order book, 61 min ago	13.90 bp	395.5 bp −$395	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	−0.4643%	1h	2.5030	−1.301%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0223%	1h	2.5371	+0.043%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0213%	8h	2.5350	−0.039%	$15.6M	$11.9M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0133%	8h	2.5346	−0.055%	$419K	$1.7M	10x	as long as short
BloFin PENDLE-USDT	−0.0114%	8h	2.5346	−0.055%	$1.3M	$672K	75x	as long as short
Binance PENDLEUSDT	−0.0098%	8h	2.5347	−0.049%	$27.4M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0098%	8h	2.5352	−0.032%	$17.2M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.5333	−0.108%	$165K	$565K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0076%	1h	2.5345	−0.059%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0024%	8h	2.5365	+0.020%	$20K	$16K	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	−0.0013%	8h	2.5261	−0.390%	$609K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5355	−0.019%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0043%	8h	2.5357	−0.013%	$48K	$173K	10x	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5354	−0.023%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5358	−0.006%	$27K	—	3x	as long as short
Gate PENDLE_USDTlong	+0.0072%	8h	2.5360	long leg	$789K	$1.2M	75x
Lighter PENDLE	+0.0096%	1h	2.5355	−0.020%	$539K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5354	−0.024%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5360	0.000%	$3.2M	$6.0M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5364	+0.016%	$887K	$588K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5339	−0.083%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5346	−0.055%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5317	−0.168%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5369	+0.035%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5364	+0.016%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5375	+0.060%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0353%	1h	2.5415	+0.217%	$13.1M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0612%	1h	2.5427	+0.264%	$118K	$292K	20x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0728%	1h	2.5400	+0.158%	$143K	$462K	25x
Backpack PENDLE_USDC_PERP	+0.0881%	1h	2.5396	+0.142%	$356K	$488K	15x	as long as short