Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0493%/8h= −54.0% APRpaid last 24h −0.332%

Price spread now: KuCoin against Kraken Futures−0.324%52s7-day average −0.148% · you buy dearer than you sell

Net, funding: paid 7d − costs−$298as 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−$2792.790% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.189%−$19 on $10k

Price spread, last 3 days (all we have)+0.344%+$34 · spread now −0.324%, 7d avg −0.148%

Together, before fees+0.155%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and KuCoin is 0.176% cheaper against Kraken Futures than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.148%). Swap the legs. The two prices were read 52 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 -0.189% in total (about -9.9% 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	2.5313	0.0593	pay 0.0074% / 1h	47m 32s	$120K	$301K	20x
Short	KuCoin PENDLEUSDTM	2.5231	0.0100	get 0.0100% / 8h	47m 32s	$894K	$597K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.324%Rate

Funding earned: −$103.53
Price spread: −0.324% → −0.148%: −$17.6
Slippage, 4 orders: −$257.03
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$400.16
Costs to cover: 2.790%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 30 min ago; KuCoin: live order book, 17 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, 30 min ago	14.06 bp	127.2 bp −$127	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 17 min ago	8.40 bp	35.6 bp −$36	221.6 bp −$2,216	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	−0.5000%	1h	2.4860	−1.790%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0106%	1h	2.5265	−0.190%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0078%	1h	2.5207	−0.419%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.5349	+0.142%	$1.3M	$763K	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5206	−0.422%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.5191	−0.482%	$17.1M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0006%	8h	2.5215	−0.387%	$27.2M	$41.7M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5248	−0.258%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0006%	8h	2.5260	−0.209%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0044%	1h	2.5197	−0.458%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0050%	8h	2.5212	−0.400%	$557K	$1.8M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0072%	8h	2.5320	+0.028%	$419K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5255	−0.231%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5224	−0.352%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5211	−0.403%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5256	−0.224%	$12.5M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5278	−0.140%	$45K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5200	−0.446%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	−0.446%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.407%	$787K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5231	−0.324%	$894K	$597K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5190	−0.486%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5226	−0.344%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5357	+0.174%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5222	−0.359%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5271	−0.166%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5267	−0.180%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.0593%	1h	2.5313	long leg	$120K	$301K	20x
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5300	−0.051%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1132%	1h	2.5284	−0.115%	$329K	$492K	15x	as long as short