Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0756%/8h= +82.8% APRpaid last 24h +0.349%

Price spread now: Kraken Futures against BloFin+0.102%7-day average +0.134% · 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−$151as in the Price arb table

costs, in and out, $10k−$1481.482% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.246%+$25 on $10k

Price spread, last 3 days (all we have)−0.231%−$23 · spread now +0.102%, 7d avg +0.134%

Together, before fees+0.014%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.032% cheaper against BloFin than usual: you would sell low and buy high (spread +0.102% now, against its 7-day average of +0.134%). If the spread goes back, that is −$3 on $10k: about 3 hours of funding at the current rate (+$23 a day). At the pace of the last 7 days (+0.246% in total) that is about 22 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.246% in total (about 12.8% 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	BloFin PENDLE-USDT	2.4932	−0.0001	get 0.0001% / 8h	1h 33m	$1.3M	$740K	75x
Short	Kraken Futures PF_PENDLEUSD	2.4957	0.0755	get 0.0094% / 1h	33m 10s	$136K	$289K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now +0.102%Rate

Funding earned: $158.77
Price spread: +0.102% → +0.134%: −$3.22
Slippage, 4 orders: −$126.23
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $7.32
Costs to cover: 1.482%
Break-even: 6.7 days

Slippage from BloFin: live order book, 4 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 BloFin live order book, 4 min ago	0.80 bp	13.0 bp −$13	25.3 bp −$253	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 49 min ago	15.82 bp	45.8 bp −$46	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	−0.3656%	1h	2.4770	−0.650%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0671%	1h	2.4949	+0.068%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0123%	1h	2.4925	−0.028%	$76K	$240K	50x	as long as short
BloFin PENDLE-USDTlong	−0.0001%	8h	2.4932	long leg	$1.3M	$740K	75x
dYdX PENDLE-USD	0.0000%	1h	2.4951	+0.077%	$10K	—	5x	as long as short
Binance PENDLEUSDT	+0.0014%	8h	2.4916	−0.066%	$27.0M	$40.4M	75x	as long as short
MEXC PENDLE_USDT	+0.0015%	8h	2.4945	+0.052%	$16.8M	$2.1M	125x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4929	−0.014%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0024%	8h	2.4945	+0.052%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0040%	1h	2.4945	+0.052%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0057%	8h	2.4947	+0.061%	$552K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4941	+0.037%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0092%	8h	2.4914	−0.073%	$419K	$1.6M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4925	−0.028%	$524K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4944	+0.050%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4998	+0.265%	$12.4M	$5.9M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4940	+0.033%	$43K	$173K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4903	−0.116%	$15.3M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4910	−0.088%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4930	−0.008%	$783K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4954	+0.088%	$893K	$612K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4929	−0.012%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4944	+0.048%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4921	−0.045%	$25K	$411K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4975	+0.172%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4941	+0.036%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4962	+0.122%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5010	+0.313%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0686%	1h	2.4979	+0.189%	$357K	$469K	15x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0755%	1h	2.4957	+0.102%	$136K	$289K	20x