Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: KuCoin against edgeX+0.262%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1421.419% of the position

Long on edgeX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)−0.486%−$49 · spread now +0.262%, 7d avg +0.011%

Together, before fees−0.486%+ Points / potential airdropedgeX: Active · farm board−$49 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 0.251% dearer against edgeX than usual: you sell high and buy low, +$25 on $10k if it goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX PENDLEUSDC	2.5102	0.0100	pay 0.0050% / 4h	2h 49m	$25K	$380K	10x
Short	KuCoin PENDLEUSDTM	2.5168	0.0100	get 0.0100% / 8h	6h 49m	$855K	$593K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.262%Rate

Funding earned: $0
Price spread: +0.262% → +0.011%: $25.14
Slippage, 4 orders: −$120.94
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$116.81
Costs to cover: 1.419%
Break-even: never at this rate

Slippage from edgeX: live order book, 19 min ago; KuCoin: live order book, 65 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, 19 min ago	2.56 bp	7.2 bp −$7	28.8 bp −$288	doesn't fit	doesn't fit
Sell KuCoin live order book, 65 min ago	8.94 bp	68.0 bp −$68	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	−0.4742%	1h	2.4750	−1.403%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0823%	1h	2.5144	+0.167%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0606%	1h	2.5137	+0.139%	$77K	$237K	50x	as long as short
Bybit PENDLEUSDT	−0.0144%	8h	2.5118	+0.063%	$15.4M	$12.1M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0129%	8h	2.5154	+0.206%	$420K	$1.7M	10x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5127	+0.099%	$163K	$565K	10x	as long as short
BloFin PENDLE-USDT	−0.0112%	8h	2.5148	+0.182%	$1.3M	$655K	75x	as long as short
Binance PENDLEUSDT	−0.0111%	8h	2.5145	+0.172%	$27.1M	$43.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0111%	8h	2.5149	+0.186%	$17.4M	$1.8M	125x	as long as short
Variational Omni PENDLE	−0.0040%	8h	2.5116	+0.055%	$599K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0032%	8h	2.5130	+0.111%	$20K	$16K	10x	as long as short
Gate PENDLE_USDT	−0.0026%	8h	2.5150	+0.190%	$785K	$1.2M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5166	+0.254%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0011%	8h	2.5158	+0.224%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5148	+0.182%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5141	+0.153%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5147	+0.178%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5133	+0.124%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5150	+0.190%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5168	+0.262%	$855K	$593K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5161	+0.234%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5140	+0.151%	—	$33.8M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.5102	long leg	$25K	$380K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5166	+0.254%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5139	+0.147%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5160	+0.232%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0309%	1h	2.5200	+0.390%	$13.0M	$6.4M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0319%	1h	2.5194	+0.366%	$353K	$485K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5150	+0.190%	$145K	$468K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0865%	1h	2.5196	+0.375%	$117K	$291K	20x	as long as short