Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1424%/8h= +156.0% APRpaid last 24h +0.286%

Price spread now: Kraken Futures against edgeX+0.344%7-day average +0.184% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1361.357% of the position

Long on edgeX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.238%+$24 on $10k

Price spread, last 4 days (all we have)−0.362%−$36 · spread now +0.344%, 7d avg +0.184%

Together, before fees−0.124%+ Points / potential airdropedgeX: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$43 a day on $10k at the current rate, and Kraken Futures is 0.160% dearer against edgeX than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.184%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.238% in total (about 12.4% 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	edgeX PENDLEUSDC	2.4238	0.0100	pay 0.0050% / 4h	0m 42s	$24K	$370K	10x
Short	Kraken Futures PF_PENDLEUSD	2.4321	0.1524	get 0.0191% / 1h	0m 42s	$115K	$259K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against edgeX. 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 edgeXbpFee Kraken FuturesbpOrdersPrice spread, now +0.344%Rate

Funding earned: $299.13
Price spread: +0.344% → +0.184%: $15.98
Slippage, 4 orders: −$116.74
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $179.37
Costs to cover: 1.357%
Break-even: 2.8 days

Slippage from edgeX: live order book, 38 min ago; Kraken Futures: live order book, 37 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 edgeX live order book, 38 min ago	1.23 bp	6.5 bp −$7	14.2 bp −$142	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 37 min ago	20.57 bp	38.8 bp −$39	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	−0.4810%	1h	2.4010	−0.940%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0121%	1h	2.4279	+0.170%	$25K	$16K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0034%	1h	2.4239	+0.005%	$74K	$232K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.4274	+0.149%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4288	+0.208%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0006%	8h	2.4291	+0.219%	$18.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0007%	8h	2.4298	+0.246%	$25.5M	$46.2M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4271	+0.136%	$156K	$924K	10x	as long as short
BloFin PENDLE-USDT	+0.0034%	8h	2.4273	+0.145%	$1.1M	$503K	75x	as long as short
GRVT PENDLE_USDT_Perp	+0.0079%	8h	2.4271	+0.136%	$400K	$2.6M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4266	+0.116%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0086%	1h	2.4280	+0.173%	$3K	—	15x	as long as short
Gate PENDLE_USDT	+0.0087%	8h	2.4290	+0.215%	$768K	$1.1M	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4290	+0.215%	$523K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4291	+0.220%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4328	+0.372%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4283	+0.188%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4290	+0.215%	$14.1M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4300	+0.256%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4274	+0.149%	$701K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4298	+0.248%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4298	+0.248%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4262	+0.098%	$565K	$1.3M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4238	long leg	$24K	$370K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4301	+0.260%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4302	+0.264%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4283	+0.187%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0574%	1h	2.4326	+0.363%	$359K	$440K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4330	+0.380%	$158K	$510K	25x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.1524%	1h	2.4321	+0.344%	$115K	$259K	20x