Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.024%

Price spread now: KuCoin against GMX+0.057%7-day average — · you sell dearer than you buy

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 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 pays, funding is against you. KuCoin is 0.057% dearer against GMX than usual: you sell high and buy low (spread +0.057% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 48 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.4608	L +0.0196% / S −0.0222%	pay 0.0024% / 1h	56m 36s	$5K	—	100x
Short	KuCoin PENDLEUSDTM	2.4622	0.0100	get 0.0100% / 8h	3h 56m	$884K	$558K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against GMX. 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 GMXbpFee KuCoinbpOrdersPrice spread, now +0.057%Rate

Funding earned: −$20.09
Price spread: +0.057% → 0.000%: $5.72
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$38.38
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 43 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 GMX no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 43 min ago	9.52 bp	29.0 bp −$29	142.0 bp −$1,420	doesn't fit	doesn't fit

GMX: 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	−0.4243%	1h	2.4370	−0.967%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0644%	1h	2.4586	−0.089%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0070%	8h	2.4575	−0.134%	$1.1M	$590K	75x	as long as short
Gate PENDLE_USDT	−0.0063%	8h	2.4580	−0.113%	$715K	$1.1M	75x	as long as short
Binance PENDLEUSDT	−0.0057%	8h	2.4574	−0.136%	$26.0M	$43.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0057%	8h	2.4559	−0.199%	$17.3M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4563	−0.181%	$159K	$578K	10x	as long as short
Aster PENDLEUSDT	−0.0055%	8h	2.4629	+0.087%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4593	−0.061%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4603	−0.020%	$10K	—	5x	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	+0.0064%	1h	2.4595	−0.051%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0067%	1h	2.4595	−0.054%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.4662	+0.221%	$409K	$1.9M	10x	as long as short
Variational Omni PENDLE	+0.0074%	8h	2.4726	+0.478%	$555K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4583	−0.101%	$515K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4569	−0.160%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4557	−0.207%	$14.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4570	−0.154%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.4622	+0.057%	$884K	$558K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4564	−0.179%	$3.7M	$2.2M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4582	−0.105%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4664	+0.229%	$24K	$375K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4678	+0.285%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4631	+0.094%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4614	+0.025%	$1K	$1.8M	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0110%	1h	2.4638	+0.122%	$358K	$399K	15x	as long as short
Hyperliquid PENDLE	+0.0142%	1h	2.4632	+0.098%	$12.7M	$6.1M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0196% / S −0.0222%	1h	2.4608	long leg	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4660	+0.212%	$147K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1182%	1h	2.4641	+0.132%	$115K	$268K	20x	as long as short