Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0496%/8h= +54.4% APRpaid last 24h +0.369%

Price spread now: Kraken Futures against Bybit+0.258%7-day average +0.186% · 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−$155as in the Price arb table

costs, in and out, $10k−$1621.621% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.377%+$38 on $10k

Price spread, last 3 days (all we have)−0.252%−$25 · spread now +0.258%, 7d avg +0.186%

Together, before fees+0.125%+$13 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 0.071% dearer against Bybit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.186%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.5100	0.0100	pay 0.0100% / 8h	5m 19s	$15.5M	$12.0M	50x
Short	Kraken Futures PF_PENDLEUSD	2.5165	0.0596	get 0.0075% / 1h	5m 19s	$119K	$298K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.258%Rate

Funding earned: $104.26
Price spread: +0.258% → +0.186%: $7.13
Slippage, 4 orders: −$141.11
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$50.72
Costs to cover: 1.621%
Break-even: 10.4 days

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: live order book, 7 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 Bybit live order book, 3 min ago	3.98 bp	12.6 bp −$13	46.8 bp −$468	287.5 bp −$28.8K	doesn't fit
Sell Kraken Futures live order book, 7 min ago	13.91 bp	50.3 bp −$50	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	−0.637%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0148%	1h	2.5122	+0.088%	$28K	$11K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0090%	1h	2.5119	+0.076%	$77K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.5117	+0.068%	$27.2M	$42.3M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5098	−0.007%	$165K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0070%	8h	2.5102	+0.008%	$17.0M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0055%	8h	2.5103	+0.012%	$1.3M	$707K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.5113	+0.052%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5111	+0.046%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5177	+0.307%	$417K	$1.6M	10x	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	+0.0021%	8h	2.5077	−0.093%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5103	+0.012%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5105	+0.018%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5112	+0.048%	$529K	$416K	5x	as long as short
Aster PENDLEUSDT	+0.0098%	8h	2.5103	+0.012%	$47K	$178K	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5106	+0.024%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.5100	long leg	$15.5M	$12.0M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5110	+0.040%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5090	−0.040%	$775K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5107	+0.028%	$882K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5103	+0.012%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5100	0.000%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5130	+0.118%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5124	+0.096%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5119	+0.076%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5120	+0.081%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0295%	1h	2.5147	+0.187%	$12.7M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0596%	1h	2.5165	+0.258%	$119K	$298K	20x
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.956%	$141K	$449K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0674%	1h	2.5154	+0.215%	$330K	$489K	15x	as long as short