Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.003%

Price spread now: KuCoin against Extended+0.093%7-day average +0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs−$127as in the Price arb table

costs, in and out, $10k−$1291.287% of the position

Long on Extended Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now +0.093%, 7d avg +0.072%

Together, before fees−0.015%+ Points / potential airdropExtended: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and KuCoin is 0.021% dearer against Extended than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.5010	0.0040	pay 0.0005% / 1h	2m 13s	$165K	$524K	10x
Short	KuCoin PENDLEUSDTM	2.5033	0.0100	get 0.0100% / 8h	2h 02m	$893K	$608K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Extended. 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 ExtendedbpFee KuCoinbpOrdersPrice spread, now +0.093%Rate

Funding earned: $12.6
Price spread: +0.093% → +0.072%: $2.14
Slippage, 4 orders: −$111.73
Fee Extended: 2.5 bp × 2 orders: −$5
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$113.99
Costs to cover: 1.287%
Break-even: 70.3 days

Slippage from Extended: live order book, 21 min ago; KuCoin: live order book, 12 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 Extended live order book, 21 min ago	0.99 bp	13.6 bp −$14	110.6 bp −$1,106	doesn't fit	doesn't fit
Sell KuCoin live order book, 12 min ago	8.16 bp	48.3 bp −$48	142.8 bp −$1,428	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	−0.4806%	1h	2.4840	−0.678%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0432%	1h	2.5032	+0.090%	$149K	$275K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0109%	1h	2.5036	+0.105%	$29K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5075	+0.259%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0013%	8h	2.5054	+0.177%	$1.3M	$738K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0032%	8h	2.5028	+0.073%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5024	+0.057%	$4K	—	15x	as long as short
Extended PENDLE-USDlong	+0.0040%	1h	2.5010	long leg	$165K	$524K	10x
Binance PENDLEUSDT	+0.0040%	8h	2.5034	+0.097%	$27.2M	$39.5M	75x	as long as short
MEXC PENDLE_USDT	+0.0041%	8h	2.5037	+0.109%	$16.9M	$2.3M	125x	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	+0.0048%	8h	2.4994	−0.063%	$615K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0066%	1h	2.5059	+0.197%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5012	+0.010%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5032	+0.089%	$542K	$399K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5035	+0.102%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5046	+0.145%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5036	+0.106%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5011	+0.006%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5040	+0.121%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5050	+0.161%	$854K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5033	+0.093%	$893K	$608K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5014	+0.017%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5031	+0.085%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5039	+0.119%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5044	+0.137%	$422K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5056	+0.185%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5035	+0.101%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5037	+0.110%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5090	+0.321%	$116K	$417K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0814%	1h	2.5111	+0.405%	$362K	$460K	15x	as long as short