Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1251%/8h= −137.0% APRpaid last 24h −0.292%

Price spread now: BloFin against Kraken Futures−0.266%7-day average −0.156% · you buy dearer than you sell

Net, funding: paid 7d − costs−$202as in the Funding arb table

Net, price: spread back to 7d avg − costs−$181as in the Price arb table

costs, in and out, $10k−$1701.701% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.315%−$31 on $10k

Price spread, last 4 days (all we have)+0.381%+$38 · spread now −0.266%, 7d avg −0.156%

Together, before fees+0.066%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$38 a day on $10k at the current rate, and BloFin is 0.110% cheaper against Kraken Futures than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.156%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.315% in total (about -16.4% 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	2.4641	0.1182	pay 0.0148% / 1h	57m 01s	$115K	$268K	20x
Short	BloFin PENDLE-USDT	2.4575	−0.0070	pay 0.0070% / 8h	3h 57m	$1.1M	$590K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.266%Rate

Funding earned: −$262.81
Price spread: −0.266% → −0.156%: −$10.96
Slippage, 4 orders: −$148.08
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$443.85
Costs to cover: 1.701%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 61 min ago; BloFin: live order book, 5 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, 61 min ago	14.18 bp	99.7 bp −$100	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	1.62 bp	11.6 bp −$12	27.7 bp −$277	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	−0.4243%	1h	2.4370	−1.098%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0644%	1h	2.4586	−0.221%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDTshort	−0.0070%	8h	2.4575	−0.266%	$1.1M	$590K	75x
Binance PENDLEUSDT	−0.0057%	8h	2.4588	−0.213%	$26.0M	$43.5M	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4579	−0.250%	$159K	$578K	10x	as long as short
Aster PENDLEUSDT	−0.0055%	8h	2.4633	−0.030%	$47K	$179K	10x	as long as short
Gate PENDLE_USDT	−0.0054%	8h	2.4590	−0.205%	$716K	$1.1M	75x	as long as short
MEXC PENDLE_USDT	−0.0052%	8h	2.4588	−0.213%	$17.3M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4593	−0.193%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4650	+0.039%	$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	−0.184%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0067%	1h	2.4595	−0.186%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0068%	8h	2.4662	+0.089%	$409K	$1.9M	10x	as long as short
Variational Omni PENDLE	+0.0074%	8h	2.4726	+0.346%	$555K	$1.4M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.4591	−0.201%	$516K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4605	−0.144%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4581	−0.242%	$14.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4600	−0.164%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4631	−0.039%	$884K	$559K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4576	−0.262%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4582	−0.238%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4664	+0.096%	$24K	$375K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4678	+0.152%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4631	−0.039%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4614	−0.108%	$1K	$1.8M	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0110%	1h	2.4638	−0.010%	$358K	$399K	15x	as long as short
Hyperliquid PENDLE	+0.0152%	1h	2.4643	+0.010%	$12.7M	$6.1M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4608	−0.132%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4660	+0.079%	$147K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1182%	1h	2.4641	long leg	$115K	$268K	20x