Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1200%/8h= −131.4% APRpaid last 24h −0.105%

Price spread now: KuCoin against Backpack−0.226%7-day average −0.129% · you buy dearer than you sell

Net, funding: paid 7d − costs−$185as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1201.196% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.656%−$66 on $10k

Price spread, last 4 days (all we have)+0.249%+$25 · spread now −0.226%, 7d avg −0.129%

Together, before fees−0.407%−$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$36 a day on $10k at the current rate, and KuCoin is 0.097% cheaper against Backpack than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.129%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.656% in total (about -34.2% 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	Backpack PENDLE_USDC_PERP	2.5244	0.1300	pay 0.0162% / 1h	54m 48s	$359K	$460K	15x
Short	KuCoin PENDLEUSDTM	2.5187	0.0100	get 0.0100% / 8h	1h 54m	$898K	$605K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Backpack. 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 BackpackbpFee KuCoinbpOrdersPrice spread, now −0.226%Rate

Funding earned: −$251.91
Price spread: −0.226% → −0.129%: −$9.7
Slippage, 4 orders: −$97.56
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$381.16
Costs to cover: 1.196%
Break-even: never at this rate

Slippage from Backpack: live order book, 29 min ago; KuCoin: live order book, 19 min ago.

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 Backpack live order book, 29 min ago	1.77 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 19 min ago	8.16 bp	48.3 bp −$48	142.8 bp −$1,428	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	−0.3656%	1h	2.4770	−1.878%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0226%	1h	2.5172	−0.285%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5181	−0.250%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0021%	8h	2.5155	−0.353%	$1.3M	$732K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0032%	8h	2.5164	−0.317%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5167	−0.303%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5164	−0.317%	$17.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0047%	8h	2.5151	−0.368%	$27.3M	$39.6M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5139	−0.415%	$165K	$524K	10x	as long as short
Variational Omni PENDLE	+0.0060%	8h	2.5103	−0.559%	$618K	$2.0M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.5157	−0.345%	$528K	$421K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5160	−0.331%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5145	−0.393%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5160	−0.333%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5160	−0.333%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	−0.333%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	−0.214%	$860K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5187	−0.226%	$898K	$605K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5139	−0.416%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5171	−0.289%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5048	−0.777%	$25K	$409K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5144	−0.396%	$424K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5121	−0.487%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5178	−0.261%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5167	−0.305%	$2K	$1.7M	20x	as long as short
Hyperliquid PENDLE	+0.0168%	1h	2.5206	−0.151%	$12.5M	$5.6M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5189	−0.216%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5180	−0.254%	$117K	$417K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0747%	1h	2.5225	−0.077%	$150K	$274K	20x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.1300%	1h	2.5244	long leg	$359K	$460K	15x