Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0540%/8h= +59.1% APRpaid last 24h +0.050%

Price spread now: Coinbase International against SunX+0.111%7-day average +0.050% · you sell dearer than you buy

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

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.108%+$11 · spread now +0.111%, 7d avg +0.050%

Together, before fees+0.107%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Coinbase International is 0.061% dearer against SunX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.050%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.001% in total (about -0.1% 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	SunX PENDLE-USDT	2.4433	0.0100	pay 0.0100% / 8h	3h 01m	$1K	$1.8M	20x
Short	Coinbase International PENDLE-PERP-INTX	2.4460	0.0640	get 0.0080% / 1h	1m 13s	$150K	$507K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against SunX. 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 SunXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.111%Rate

Funding earned: $113.4
Price spread: +0.111% → +0.050%: $6.06
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $101.46
Costs to cover: 0.180%
Break-even: 0.7 days

Slippage unknown: SunX: live order book, 4 min ago; Coinbase International: live order book, 52 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 SunX live order book, 4 min ago	500.13 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 52 min ago	6.08 bp	26.5 bp −$26	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	−0.4243%	1h	2.4300	−0.544%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0048%	8h	2.4440	+0.029%	$717K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0040%	1h	2.4418	−0.063%	$157K	$579K	10x	as long as short
Binance PENDLEUSDT	−0.0037%	8h	2.4430	−0.012%	$25.8M	$44.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0037%	8h	2.4436	+0.012%	$17.3M	$2.0M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4424	−0.037%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0022%	8h	2.4437	+0.016%	$1.1M	$609K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4450	+0.070%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4433	0.000%	$24K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0023%	1h	2.4461	+0.115%	$74K	$233K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0053%	8h	2.4438	+0.021%	$46K	$171K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0062%	8h	2.4502	+0.283%	$415K	$2.1M	10x	as long as short
Reya PENDLERUSDPERP	+0.0071%	1h	2.4432	−0.002%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4416	−0.071%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0086%	8h	2.4496	+0.257%	$550K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4440	+0.029%	$515K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4424	−0.037%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4430	−0.012%	$14.3M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4460	+0.111%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4438	+0.020%	$862K	$554K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4427	−0.025%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4444	+0.045%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4464	+0.128%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4454	+0.086%	$16K	$7K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.4433	long leg	$1K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4428	−0.019%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0306%	1h	2.4466	+0.135%	$12.6M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0640%	1h	2.4460	+0.111%	$150K	$507K	25x
Backpack PENDLE_USDC_PERP	+0.0715%	1h	2.4480	+0.192%	$353K	$402K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1189%	1h	2.4491	+0.236%	$115K	$264K	20x	as long as short