Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0530%/8h= +58.1% APRpaid last 24h −0.403%

Price spread now: Bitget against Kraken Futures−0.102%7-day average −0.186% · you buy dearer than you sell

Net, funding: paid 7d − costs−$165as in the Funding arb table

Net, price: spread back to 7d avg − costs−$132as in the Price arb table

costs, in and out, $10k−$1401.402% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.243%−$24 on $10k

Price spread, last 3 days (all we have)−0.070%−$7 · spread now −0.102%, 7d avg −0.186%

Together, before fees−0.313%−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Bitget is 0.084% dearer against Kraken Futures than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.186%. Mind the row above: over the last 7 days funding on this pair cost −0.243%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.243% in total (about -12.7% 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	2.5162	−0.0430	get 0.0054% / 1h	56m 00s	$159K	$258K	20x
Short	Bitget PENDLEUSDT	2.5136	0.0100	get 0.0100% / 8h	2h 56m	$3.7M	$2.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.102%Rate

Funding earned: $111.35
Price spread: −0.102% → −0.186%: $8.42
Slippage, 4 orders: −$118.21
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$20.43
Costs to cover: 1.402%
Break-even: 8.3 days

Slippage from Kraken Futures: live order book, 31 min ago; Bitget: live order book, 2 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, 31 min ago	7.82 bp	51.0 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	4.37 bp	22.7 bp −$23	44.9 bp −$449	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	2.4970	−0.762%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSDlong	−0.0430%	1h	2.5162	long leg	$159K	$258K	20x
Deribit PENDLE_USDC-PERPETUAL	−0.0108%	1h	2.5151	−0.042%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5165	+0.012%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0009%	8h	2.5225	+0.253%	$612K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0019%	8h	2.5148	−0.054%	$1.3M	$797K	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5133	−0.113%	$165K	$524K	10x	as long as short
Reya PENDLERUSDPERP	+0.0033%	1h	2.5132	−0.117%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5147	−0.058%	$23K	$8K	10x	as long as short
Binance PENDLEUSDT	+0.0036%	8h	2.5153	−0.034%	$27.5M	$38.8M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC PENDLE_USDT	+0.0037%	8h	2.5137	−0.098%	$16.9M	$2.2M	125x	as long as short
Aster PENDLEUSDT	+0.0070%	8h	2.5161	−0.002%	$41K	$176K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0073%	1h	2.5241	+0.315%	$77K	$239K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5147	−0.060%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5151	−0.042%	$550K	$375K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5120	−0.164%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5172	+0.041%	$12.4M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5140	−0.086%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	−0.006%	$3.2M	$5.6M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5150	−0.046%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5153	−0.034%	$909K	$605K	50x	as long as short
Bitget PENDLEUSDTshort	+0.0100%	8h	2.5136	−0.102%	$3.7M	$2.6M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5149	−0.050%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5237	+0.300%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5226	+0.255%	$429K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5150	−0.046%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5167	+0.021%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0275%	1h	2.5141	−0.082%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0539%	1h	2.5200	+0.153%	$365K	$466K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5200	+0.153%	$118K	$437K	25x	as long as short