Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0493%/8h= +54.0% APRpaid last 24h +0.332%

Price spread now: Kraken Futures against BingX+0.263%7-day average +0.167% · you sell dearer than you buy

Net, funding: paid 7d − costs−$184as in the Funding arb table

Net, price: spread back to 7d avg − costs−$197as in the Price arb table

costs, in and out, $10k−$2072.069% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.227%+$23 on $10k

Price spread, last 3 days (all we have)−0.271%−$27 · spread now +0.263%, 7d avg +0.167%

Together, before fees−0.044%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Kraken Futures is 0.096% dearer against BingX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.167%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.227% in total (about 11.8% 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	BingX PENDLE-USDT	2.5258	0.0100	pay 0.0100% / 8h	28m 44s	—	$35.7M	—
Short	Kraken Futures PF_PENDLEUSD	2.5324	0.0593	get 0.0074% / 1h	28m 44s	$120K	$299K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.263%Rate

Funding earned: $103.47
Price spread: +0.263% → +0.167%: $9.6
Slippage, 4 orders: −$186.91
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$93.83
Costs to cover: 2.069%
Break-even: 13.3 days

Slippage from BingX: live order book, 10 min ago; Kraken Futures: live order book, 49 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 BingX live order book, 10 min ago	4.36 bp	12.4 bp −$12	25.1 bp −$251	240.6 bp −$24.1K	442.8 bp −$221.4K
Sell Kraken Futures live order book, 49 min ago	14.06 bp	53.4 bp −$53	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	−0.5000%	1h	2.4940	−1.259%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5232	−0.103%	$77K	$240K	50x	as long as short
BloFin PENDLE-USDT	−0.0046%	8h	2.5256	−0.008%	$1.3M	$754K	75x	as long as short
Binance PENDLEUSDT	−0.0032%	8h	2.5277	+0.077%	$27.3M	$42.1M	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5260	+0.008%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0031%	8h	2.5278	+0.079%	$17.1M	$1.9M	125x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0027%	1h	2.5273	+0.059%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5272	+0.055%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5217	−0.162%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0040%	8h	2.5182	−0.300%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0044%	8h	2.5188	−0.278%	$417K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0045%	1h	2.5255	−0.010%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5258	0.000%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5277	+0.075%	$533K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5196	−0.247%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5268	+0.040%	$46K	$178K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5260	+0.008%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5280	+0.087%	$3.3M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5220	−0.150%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5275	+0.067%	$895K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5264	+0.024%	$3.8M	$2.7M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.5258	long leg	—	$35.7M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5230	−0.113%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5266	+0.032%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5254	−0.016%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5276	+0.072%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0304%	1h	2.5326	+0.269%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0593%	1h	2.5324	+0.263%	$120K	$299K	20x
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.325%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0771%	1h	2.5319	+0.242%	$334K	$492K	15x	as long as short