Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1082%/8h= −118.5% APRpaid last 24h −0.326%

Price spread now: Bybit against Kraken Futures−0.267%7-day average −0.197% · you buy dearer than you sell

Net, funding: paid 7d − costs−$193as in the Funding arb table

Net, price: spread back to 7d avg − costs−$159as in the Price arb table

costs, in and out, $10k−$1521.519% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.413%−$41 on $10k

Price spread, last 4 days (all we have)+0.251%+$25 · spread now −0.267%, 7d avg −0.197%

Together, before fees−0.162%−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and Bybit is 0.070% cheaper against Kraken Futures than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.197%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.413% in total (about -21.6% 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	2.4626	0.1182	pay 0.0148% / 1h	32m 15s	$115K	$269K	20x
Short	Bybit PENDLEUSDT	2.4560	0.0100	get 0.0100% / 8h	3h 32m	$14.4M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.267%Rate

Funding earned: −$227.28
Price spread: −0.267% → −0.197%: −$6.96
Slippage, 4 orders: −$130.92
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$386.15
Costs to cover: 1.519%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 20 min ago; Bybit: live order book, 1 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, 20 min ago	14.20 bp	76.2 bp −$76	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.04 bp	14.9 bp −$15	47.4 bp −$474	253.4 bp −$25.3K	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	2.4260	−1.485%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0175%	1h	2.4607	−0.076%	$75K	$234K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0157%	1h	2.4582	−0.178%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0075%	8h	2.4584	−0.170%	$1.1M	$596K	75x	as long as short
Binance PENDLEUSDT	−0.0057%	8h	2.4562	−0.261%	$26.1M	$44.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0057%	8h	2.4572	−0.218%	$17.4M	$2.0M	125x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4565	−0.247%	$158K	$581K	10x	as long as short
Gate PENDLE_USDT	−0.0051%	8h	2.4560	−0.267%	$719K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0041%	8h	2.4572	−0.218%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0005%	8h	2.4643	+0.069%	$47K	$172K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4576	−0.204%	$10K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0046%	8h	2.4608	−0.072%	$417K	$2.0M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4562	−0.259%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4571	−0.224%	$552K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0069%	1h	2.4563	−0.255%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4580	−0.186%	$516K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4563	−0.257%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4560	−0.267%	$14.4M	$12.1M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4600	−0.105%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4608	−0.072%	$889K	$551K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4563	−0.255%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4569	−0.231%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4595	−0.125%	$24K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4587	−0.157%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4586	−0.161%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0117%	1h	2.4616	−0.040%	$12.8M	$6.1M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4583	−0.175%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4620	−0.023%	$146K	$499K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0714%	1h	2.4629	+0.013%	$358K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1182%	1h	2.4626	long leg	$115K	$269K	20x