Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1409%/8h= −154.3% APRpaid last 24h −0.286%

Price spread now: BingX against Kraken Futures−0.204%7-day average −0.176% · you buy dearer than you sell

Net, funding: paid 7d − costs−$171as in the Funding arb table

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$1441.436% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.271%−$27 on $10k

Price spread, last 4 days (all we have)+0.200%+$20 · spread now −0.204%, 7d avg −0.176%

Together, before fees−0.071%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$42 a day on $10k at the current rate, and BingX is 0.027% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.176%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.271% in total (about -14.1% 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	Kraken Futures PF_PENDLEUSD	2.4572	0.1509	pay 0.0189% / 1h	47m 05s	$117K	$261K	20x
Short	BingX PENDLE-USDT	2.4522	0.0100	get 0.0100% / 8h	47m 05s	—	$8.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.204%Rate

Funding earned: −$295.86
Price spread: −0.204% → −0.176%: −$2.75
Slippage, 4 orders: −$123.55
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$442.16
Costs to cover: 1.436%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 55 min ago; BingX: live order book, 6 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, 55 min ago	16.33 bp	87.0 bp −$87	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	3.07 bp	10.5 bp −$11	18.7 bp −$187	117.6 bp −$11.8K	377.6 bp −$188.8K

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	−0.4810%	1h	2.4240	−1.351%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0606%	1h	2.4502	−0.285%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0018%	8h	2.4503	−0.281%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4533	−0.160%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0022%	8h	2.4500	−0.293%	$17.5M	$2.0M	125x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4492	−0.325%	$158K	$800K	10x	as long as short
Binance PENDLEUSDT	+0.0025%	8h	2.4496	−0.309%	$25.9M	$45.5M	75x	as long as short
BloFin PENDLE-USDT	+0.0049%	8h	2.4487	−0.346%	$1.1M	$479K	75x	as long as short
Gate PENDLE_USDT	+0.0070%	8h	2.4520	−0.212%	$788K	$1.0M	75x	as long as short
Reya PENDLERUSDPERP	+0.0082%	1h	2.4513	−0.241%	$3K	—	15x	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	+0.0088%	1h	2.4501	−0.291%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0093%	8h	2.4463	−0.443%	$415K	$2.4M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4510	−0.252%	$521K	$407K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4498	−0.303%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4525	−0.191%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4506	−0.267%	$48K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4493	−0.322%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4510	−0.252%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4523	−0.200%	$872K	$548K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4507	−0.265%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.4522	−0.204%	—	$8.2M	—
Variational Omni PENDLE	+0.0100%	8h	2.4425	−0.597%	$594K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4450	−0.496%	$24K	$370K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4531	−0.167%	$75K	$232K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4535	−0.151%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4532	−0.163%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4511	−0.249%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4590	+0.073%	$158K	$508K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0780%	1h	2.4556	−0.065%	$351K	$434K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1509%	1h	2.4572	long leg	$117K	$261K	20x