Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0529%/8h= −57.9% APRpaid last 24h +0.412%

Price spread now: Kraken Futures against Gate+0.245%7-day average +0.174% · you sell dearer than you buy

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1461.457% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.252%+$25 on $10k

Price spread, last 3 days (all we have)−0.088%−$9 · spread now +0.245%, 7d avg +0.174%

Together, before fees+0.164%+$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.071% dearer against Gate than usual: you sell high and buy low (spread +0.245% now, against its 7-day average of +0.174%): +$7 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 11 hours. Mind the row above: over the last 7 days funding on this pair paid +0.252%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.252% in total (about 13.1% 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	Gate PENDLE_USDT	2.5190	0.0100	pay 0.0100% / 8h	2h 54m	$850K	$1.1M	75x
Short	Kraken Futures PF_PENDLEUSD	2.5252	−0.0429	pay 0.0054% / 1h	54m 25s	$159K	$259K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. 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 GatebpFee Kraken FuturesbpOrdersPrice spread, now +0.245%Rate

Funding earned: −$111.03
Price spread: +0.245% → +0.174%: $7.09
Slippage, 4 orders: −$120.67
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$249.62
Costs to cover: 1.457%
Break-even: never at this rate

Slippage from Gate: live order book, 3 min ago; Kraken Futures: live order book, 33 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 Gate live order book, 3 min ago	1.99 bp	26.6 bp −$27	258.9 bp −$2,589	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 33 min ago	7.82 bp	44.9 bp −$45	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	−0.4806%	1h	2.4860	−1.310%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSDshort	−0.0429%	1h	2.5252	+0.245%	$159K	$259K	20x
dYdX PENDLE-USD	0.0000%	1h	2.5214	+0.097%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5236	+0.183%	$30K	$10K	10x	as long as short
Variational Omni PENDLE	+0.0010%	8h	2.5125	−0.259%	$607K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0018%	8h	2.5219	+0.115%	$1.3M	$800K	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5141	−0.195%	$165K	$524K	10x	as long as short
Reya PENDLERUSDPERP	+0.0033%	1h	2.5143	−0.185%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0035%	8h	2.5195	+0.020%	$16.9M	$2.2M	125x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5225	+0.139%	$23K	$8K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENDLEUSDT	+0.0036%	8h	2.5158	−0.128%	$27.5M	$38.8M	75x	as long as short
Aster PENDLEUSDT	+0.0076%	8h	2.5211	+0.084%	$41K	$177K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5217	+0.109%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5201	+0.044%	$551K	$375K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5159	−0.123%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5168	−0.087%	$12.4M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5108	−0.326%	$15.5M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5120	−0.278%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDTlong	+0.0100%	8h	2.5190	long leg	$850K	$1.1M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5221	+0.123%	$911K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5111	−0.314%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5177	−0.052%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5141	−0.195%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5138	−0.207%	$427K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5100	−0.357%	$77K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5150	−0.159%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5238	+0.191%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5231	+0.163%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5280	+0.357%	$118K	$439K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0671%	1h	2.5287	+0.385%	$366K	$466K	15x	as long as short