Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0606%/8h= −66.3% APRpaid last 24h −0.348%

Price spread now: Binance against Kraken Futures−0.154%7-day average −0.134% · you buy dearer than you sell

Net, funding: paid 7d − costs−$225as in the Funding arb table

Net, price: spread back to 7d avg − costs−$202as in the Price arb table

costs, in and out, $10k−$2002.003% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.242%−$24 on $10k

Price spread, last 3 days (all we have)+0.190%+$19 · spread now −0.154%, 7d avg −0.134%

Together, before fees−0.052%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Binance is 0.020% cheaper against Kraken Futures than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.134%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.242% in total (about -12.6% 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	Kraken Futures PF_PENDLEUSD	2.5149	0.0597	pay 0.0075% / 1h	56m 57s	$119K	$304K	20x
Short	Binance PENDLEUSDT	2.5110	−0.0009	pay 0.0009% / 8h	56m 57s	$27.1M	$41.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.154%Rate

Funding earned: −$127.16
Price spread: −0.154% → −0.134%: −$2.03
Slippage, 4 orders: −$180.34
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$329.53
Costs to cover: 2.003%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 21 min ago; Binance: live order book, 15 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 Kraken Futures live order book, 21 min ago	14.06 bp	127.2 bp −$127	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	0.81 bp	11.4 bp −$11	22.9 bp −$229	93.6 bp −$9,359	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	−0.5000%	1h	2.4740	−1.626%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0626%	1h	2.5096	−0.210%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0049%	1h	2.5046	−0.409%	$76K	$239K	50x	as long as short
MEXC PENDLE_USDT	−0.0009%	8h	2.5075	−0.294%	$16.9M	$1.9M	125x	as long as short
Binance PENDLEUSDTshort	−0.0009%	8h	2.5110	−0.154%	$27.1M	$41.5M	75x
Extended PENDLE-USD	−0.0008%	1h	2.5062	−0.345%	$165K	$526K	10x	as long as short
BloFin PENDLE-USDT	−0.0007%	8h	2.5102	−0.186%	$1.3M	$755K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5106	−0.169%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0010%	8h	2.5103	−0.182%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5116	−0.131%	$4K	—	15x	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	+0.0061%	8h	2.4982	−0.665%	$552K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0065%	8h	2.5031	−0.468%	$416K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5111	−0.149%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5104	−0.178%	$529K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5108	−0.161%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5143	−0.023%	$12.4M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5093	−0.222%	$44K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5100	−0.194%	$15.4M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5110	−0.154%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5090	−0.234%	$780K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5105	−0.174%	$893K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5089	−0.238%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5088	−0.242%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5027	−0.485%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5141	−0.031%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5108	−0.162%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5118	−0.122%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.0597%	1h	2.5149	long leg	$119K	$304K	20x
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5140	−0.035%	$140K	$457K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1271%	1h	2.5141	−0.031%	$324K	$493K	15x	as long as short