Coinbase Internationalvs
Pionex
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 30 liquid markets shared by Coinbase International and Pionex, the best funding setup over the past 7 days is $ENA (long Pionex, short Coinbase International): it paid 51.6% APR, 42.2% after costs, and held 100% of the time.
30 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs — not by the instantaneous APR.
PionexCoinbase InternationalCoinbase InternationalPionexPionexCoinbase InternationalPionexCoinbase InternationalPionexCoinbase InternationalCoinbase InternationalPionexPionexCoinbase InternationalPionexCoinbase InternationalPionexCoinbase InternationalPionexCoinbase InternationalPionexCoinbase InternationalPionexCoinbase InternationalCoinbase InternationalPionexPionexCoinbase InternationalCoinbase InternationalPionex“7d avg” is the funding spread the pair actually paid over the last 7 days. “After costs” subtracts taker fees for opening and closing both legs over a 7-day hold. “Holds” is the share of hours the spread kept the same sign and at least 5% APR.
| Coinbase International | Pionex | |
|---|---|---|
| Type | CEX | CEX |
| Taker fee | 0.04%✓ | 0.05% |
| Maker fee | 0.02% | 0.02% |
| Open Interest | $206.9M | $346.6M✓ |
| 24h Volume | $2.98B | $5.50B✓ |
| Avg Funding APR | 24.33% | 16.34% |
| Markets | 128 | 443✓ |
| Airdrop / token | — | Listed |
Coinbase International and Pionex are both perpetual-futures venues tracked on ORBIT. On fees, Coinbase International is cheaper (0.04% vs 0.05% taker). On liquidity, Pionex is deeper with $346.6M open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely “one or the other” — you often use both, going long on whichever venue has the lower funding for a given asset and short on the other. Open the Funding Screener to see where Coinbase International and Pionex diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Coinbase International and Pionex pays most?
- Across 30 liquid markets shared by Coinbase International and Pionex, the best funding setup over the past 7 days is $ENA (long Pionex, short Coinbase International): it paid 51.6% APR, 42.2% after costs, and held 100% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Coinbase International or Pionex cheaper?
- Coinbase International charges 0.04% taker / 0.02% maker; Pionex charges 0.05% taker / 0.02% maker. Coinbase International has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Coinbase International or Pionex?
- Coinbase International has $206.9M open interest across 128 markets; Pionex has $346.6M across 443. Pionex is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Coinbase International and Pionex?
- Yes — when an asset's funding diverges between the two, go long on the lower-funding venue and short on the higher one. Find live divergences on the ORBIT screener and backtest the exact pair before sizing it.