Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0529%/8h= +57.9% APRpaid last 24h −0.412%

Price spread now: Gate against Kraken Futures−0.244%7-day average −0.174% · 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−$153as in the Price arb table

costs, in and out, $10k−$1461.457% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.252%−$25 on $10k

Price spread, last 3 days (all we have)+0.088%+$9 · spread now −0.244%, 7d avg −0.174%

Together, before fees−0.164%−$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.070% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.244% now, against its 7-day average of −0.174%). If the spread goes back, that is −$7 on $10k: about 11 hours of funding at the current rate (+$16 a day). Mind the row above: over the last 7 days funding on this pair cost −0.252%, 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 -0.252% in total (about -13.1% 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	2.5252	−0.0429	get 0.0054% / 1h	54m 38s	$159K	$259K	20x
Short	Gate PENDLE_USDT	2.5190	0.0100	get 0.0100% / 8h	2h 54m	$850K	$1.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.244%Rate

Funding earned: $111.03
Price spread: −0.244% → −0.174%: −$7.03
Slippage, 4 orders: −$120.67
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$41.67
Costs to cover: 1.457%
Break-even: 9.6 days

Slippage from Kraken Futures: live order book, 33 min ago; Gate: 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, 33 min ago	7.82 bp	51.0 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	1.99 bp	23.1 bp −$23	209.7 bp −$2,097	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	−1.551%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSDlong	−0.0429%	1h	2.5252	long leg	$159K	$259K	20x
dYdX PENDLE-USD	0.0000%	1h	2.5214	−0.147%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5236	−0.062%	$30K	$10K	10x	as long as short
Variational Omni PENDLE	+0.0010%	8h	2.5125	−0.502%	$607K	$2.3M	—	as long as short
BloFin PENDLE-USDT	+0.0018%	8h	2.5219	−0.129%	$1.3M	$800K	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.5141	−0.438%	$165K	$524K	10x	as long as short
Reya PENDLERUSDPERP	+0.0033%	1h	2.5221	−0.121%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0035%	8h	2.5195	−0.224%	$16.9M	$2.2M	125x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5225	−0.105%	$23K	$8K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PENDLEUSDT	+0.0036%	8h	2.5192	−0.235%	$27.5M	$38.8M	75x	as long as short
Aster PENDLEUSDT	+0.0076%	8h	2.5217	−0.136%	$41K	$176K	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5217	−0.135%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5201	−0.200%	$551K	$375K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5159	−0.366%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5240	−0.046%	$12.5M	$5.5M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5164	−0.347%	$15.6M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5170	−0.323%	$3.3M	$5.6M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.5190	−0.244%	$850K	$1.1M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5221	−0.121%	$911K	$607K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5188	−0.252%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5177	−0.295%	—	$36.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5141	−0.439%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5138	−0.450%	$427K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5100	−0.600%	$77K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5234	−0.070%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5238	−0.054%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5231	−0.081%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5280	+0.112%	$118K	$439K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0671%	1h	2.5287	+0.140%	$366K	$466K	15x	as long as short