Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0327%/8h= +35.8% APRpaid last 24h +0.049%

Price spread now: KuCoin against Deribit−0.004%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.5157	−0.0227	get 0.0028% / 1h	32m 02s	$30K	$10K	10x
Short	KuCoin PENDLEUSDTM	2.5156	0.0100	get 0.0100% / 8h	2h 32m	$910K	$609K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Deribit. 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 DeribitbpFee KuCoinbpOrdersPrice spread, now −0.004%Rate

Funding earned: $68.62
Price spread: −0.004% → 0.000%: −$0.4
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $49.23
Costs to cover: 0.190%
Break-even: 2.0 days

Slippage unknown: Deribit: no order-book sample; KuCoin: live order book, 52 min ago. Net counts fees only.

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 Deribit no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 52 min ago	5.91 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4806%	1h	2.4860	−1.181%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0430%	1h	2.5198	+0.162%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0227%	1h	2.5157	long leg	$30K	$10K	10x
dYdX PENDLE-USD	0.0000%	1h	2.5179	+0.089%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0024%	8h	2.5124	−0.131%	$609K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0035%	1h	2.5150	−0.027%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5154	−0.012%	$25K	$11K	10x	as long as short
BloFin PENDLE-USDT	+0.0042%	8h	2.5162	+0.020%	$1.3M	$745K	75x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5157	0.000%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5150	−0.027%	$27.4M	$39.2M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0048%	1h	2.5138	−0.077%	$165K	$524K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0083%	1h	2.5192	+0.139%	$77K	$240K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5151	−0.024%	$544K	$385K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5141	−0.064%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5144	−0.050%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5179	+0.087%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5150	−0.028%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5150	−0.028%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	+0.012%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5140	−0.068%	$845K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5156	−0.004%	$910K	$609K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5139	−0.072%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5156	−0.004%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5166	+0.034%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5180	+0.090%	$416K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5164	+0.028%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5162	+0.020%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5163	+0.023%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5220	+0.250%	$116K	$431K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0801%	1h	2.5217	+0.239%	$365K	$465K	15x	as long as short