Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0870%/8h= +95.3% APRpaid last 24h +0.305%

Price spread now: Kraken Futures against Binance+0.356%7-day average +0.146% · you sell dearer than you buy

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs−$132as in the Price arb table

costs, in and out, $10k−$1531.534% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.298%+$30 on $10k

Price spread, last 4 days (all we have)−0.235%−$23 · spread now +0.356%, 7d avg +0.146%

Together, before fees+0.063%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Kraken Futures is 0.210% dearer against Binance than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.146%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.298% in total (about 15.5% 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	Binance PENDLEUSDT	2.4828	−0.0118	get 0.0118% / 8h	5h 42m	$26.7M	$43.1M	75x
Short	Kraken Futures PF_PENDLEUSD	2.4917	0.0752	get 0.0094% / 1h	42m 03s	$116K	$283K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.356%Rate

Funding earned: $182.72
Price spread: +0.356% → +0.146%: $20.97
Slippage, 4 orders: −$133.43
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $50.25
Costs to cover: 1.534%
Break-even: 5.1 days

Slippage from Binance: live order book, 15 min ago; Kraken Futures: live order book, 21 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 Binance live order book, 15 min ago	0.20 bp	12.1 bp −$12	32.5 bp −$325	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 21 min ago	29.82 bp	66.6 bp −$67	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	−0.4938%	1h	2.4490	−1.362%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0127%	8h	2.4874	+0.184%	$1.3M	$646K	75x	as long as short
MEXC PENDLE_USDT	−0.0121%	8h	2.4858	+0.120%	$17.2M	$1.8M	125x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.4848	+0.079%	$163K	$568K	10x	as long as short
Binance PENDLEUSDTlong	−0.0118%	8h	2.4828	long leg	$26.7M	$43.1M	75x
GRVT PENDLE_USDT_Perp	−0.0068%	8h	2.4733	−0.383%	$410K	$1.7M	10x	as long as short
Aster PENDLEUSDT	−0.0056%	8h	2.4868	+0.161%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4861	+0.132%	$19K	$15K	10x	as long as short
Variational Omni PENDLE	−0.0019%	8h	2.4691	−0.554%	$544K	$1.8M	—	as long as short
ApeX Omni PENDLEUSDT	−0.0010%	1h	2.4790	−0.154%	$75K	$235K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4857	+0.116%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4874	+0.184%	$26K	$14K	10x	as long as short
Gate PENDLE_USDT	+0.0008%	8h	2.4860	+0.128%	$724K	$1.1M	75x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4859	+0.123%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0058%	1h	2.4867	+0.156%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4864	+0.144%	$529K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4874	+0.185%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4871	+0.172%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4810	−0.073%	$14.9M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4850	+0.088%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4866	+0.152%	$850K	$578K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4852	+0.096%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4843	+0.060%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4783	−0.182%	$24K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4900	+0.289%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4885	+0.229%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0191% / S −0.0315%	1h	2.4864	+0.146%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0484%	1h	2.4890	+0.249%	$353K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4930	+0.410%	$149K	$492K	25x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0752%	1h	2.4917	+0.356%	$116K	$283K	20x