Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0530%/8h= +58.0% APRpaid last 24h −0.374%

Price spread now: edgeX against Kraken Futures−0.128%76s7-day average −0.171% · you buy dearer than you sell

Net, funding: paid 7d − costs−$128as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1111.105% of the position

Long on Kraken Futures Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.172%−$17 on $10k

Price spread, last 3 days (all we have)+0.039%+$4 · spread now −0.128%, 7d avg −0.171%

Together, before fees−0.133%+ Points / potential airdropedgeX: Active · farm board−$13 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 edgeX is 0.042% dearer against Kraken Futures than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.171%. Mind the row above: over the last 7 days funding on this pair cost −0.172%, so the current rate has only just turned in your favour. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.172% in total (about -9.0% 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	2.5198	−0.0430	get 0.0054% / 1h	31m 55s	$150K	$279K	20x
Short	edgeX PENDLEUSDC	2.5166	0.0100	get 0.0050% / 4h	2h 31m	$25K	$412K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.128%Rate

Funding earned: $111.22
Price spread: −0.128% → −0.171%: $4.23
Slippage, 4 orders: −$91.54
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $4.92
Costs to cover: 1.105%
Break-even: 6.7 days

Slippage from Kraken Futures: live order book, 55 min ago; edgeX: live order book, 56 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	7.82 bp	51.0 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 56 min ago	1.96 bp	7.4 bp −$7	doesn't fit	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	2.4860	−1.341%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSDlong	−0.0430%	1h	2.5198	long leg	$150K	$279K	20x
Deribit PENDLE_USDC-PERPETUAL	−0.0227%	1h	2.5157	−0.162%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5179	−0.073%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0024%	8h	2.5124	−0.293%	$609K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0035%	1h	2.5150	−0.189%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5154	−0.174%	$25K	$11K	10x	as long as short
BloFin PENDLE-USDT	+0.0042%	8h	2.5162	−0.142%	$1.3M	$745K	75x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5148	−0.198%	$16.9M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.5159	−0.154%	$27.4M	$39.2M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0048%	1h	2.5149	−0.195%	$165K	$524K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0083%	1h	2.5192	−0.023%	$77K	$240K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5151	−0.186%	$544K	$385K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5141	−0.226%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5144	−0.212%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5179	−0.075%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5161	−0.148%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5150	−0.190%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5170	−0.110%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5160	−0.150%	$846K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5156	−0.166%	$910K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5157	−0.162%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5161	−0.146%	—	$36.3M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.5166	−0.128%	$25K	$412K	10x
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5180	−0.072%	$416K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5164	−0.134%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5162	−0.142%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5163	−0.139%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5220	+0.088%	$116K	$431K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0801%	1h	2.5217	+0.076%	$365K	$465K	15x	as long as short