Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.037%

Price spread now: KuCoin against Bybit+0.274%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$1281.285% of the position

Long on Bybit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 7 days−0.291%−$29 · spread now +0.274%, 7d avg +0.026%

Together, before fees−0.103%−$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: KuCoin is 0.249% dearer against Bybit than usual: you sell high and buy low, +$25 on $10k if it goes back to its 7-day average of +0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PENDLEUSDT	2.5161	0.0100	pay 0.0100% / 8h	54m 36s	$15.5M	$11.9M	50x
Short	KuCoin PENDLEUSDTM	2.5230	0.0100	get 0.0100% / 8h	54m 36s	$897K	$595K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.274%Rate

Funding earned: $0
Price spread: +0.274% → +0.026%: $24.87
Slippage, 4 orders: −$105.49
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$103.61
Costs to cover: 1.285%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; KuCoin: live order book, 10 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, 4 min ago	3.99 bp	17.8 bp −$18	44.0 bp −$440	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	8.40 bp	35.6 bp −$36	221.6 bp −$2,216	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	2.5130	−0.123%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0147%	1h	2.5111	−0.199%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0017%	8h	2.5191	+0.119%	$1.3M	$758K	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5190	+0.115%	$165K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.5211	+0.199%	$17.0M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0006%	8h	2.5217	+0.221%	$27.2M	$41.5M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5221	+0.240%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5186	+0.099%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0009%	8h	2.5181	+0.079%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5132	−0.117%	$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	+0.0059%	8h	2.5097	−0.256%	$555K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0069%	8h	2.5089	−0.286%	$417K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5179	+0.072%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5215	+0.215%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5196	+0.139%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5228	+0.266%	$12.4M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5220	+0.234%	$44K	$177K	10x	as long as short
Bybit PENDLEUSDTlong	+0.0100%	8h	2.5161	long leg	$15.5M	$11.9M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5180	+0.076%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5190	+0.115%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5230	+0.274%	$897K	$595K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5197	+0.143%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5210	+0.195%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5096	−0.259%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5154	−0.028%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5188	+0.107%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5185	+0.096%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5226	+0.258%	$119K	$303K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5210	+0.195%	$140K	$459K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1236%	1h	2.5209	+0.191%	$327K	$492K	15x	as long as short