Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0527%/8h= +57.7% APRpaid last 24h −0.374%

Price spread now: OKX against Kraken Futures−0.089%7-day average −0.192% · you buy dearer than you sell

Net, funding: paid 7d − costs−$150as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1311.306% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.196%−$20 on $10k

Price spread, last 3 days (all we have)−0.018%−$2 · spread now −0.089%, 7d avg −0.192%

Together, before fees−0.214%−$21 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 OKX is 0.103% dearer against Kraken Futures than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.192%. Mind the row above: over the last 7 days funding on this pair cost −0.196%, 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 -0.196% in total (about -10.2% 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	2.5363	−0.0427	get 0.0053% / 1h	26m 11s	$151K	$279K	20x
Short	OKX PENDLE-USDT-SWAP	2.5340	0.0100	get 0.0050% / 4h	2h 26m	$3.3M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.089%Rate

Funding earned: $110.64
Price spread: −0.089% → −0.192%: $10.29
Slippage, 4 orders: −$110.57
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$9.65
Costs to cover: 1.306%
Break-even: 7.6 days

Slippage from Kraken Futures: live order book, 61 min ago; OKX: 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, 61 min ago	7.82 bp	51.0 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	3.96 bp	15.2 bp −$15	98.9 bp −$989	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	2.4930	−1.705%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSDlong	−0.0427%	1h	2.5363	long leg	$151K	$279K	20x
Deribit PENDLE_USDC-PERPETUAL	−0.0066%	1h	2.5320	−0.168%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5309	−0.211%	$11K	—	5x	as long as short
ApeX Omni PENDLEUSDT	+0.0026%	1h	2.5183	−0.708%	$77K	$240K	50x	as long as short
Variational Omni PENDLE	+0.0034%	8h	2.5159	−0.803%	$608K	$2.3M	—	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5321	−0.164%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5302	−0.237%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0052%	8h	2.5303	−0.235%	$17.0M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0055%	8h	2.5306	−0.223%	$27.5M	$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	+0.0056%	1h	2.5311	−0.204%	$166K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0058%	8h	2.5265	−0.385%	$1.3M	$748K	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5313	−0.195%	$547K	$385K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5299	−0.250%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5294	−0.269%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5326	−0.144%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5293	−0.273%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5290	−0.286%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5340	−0.089%	$3.3M	$5.7M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5300	−0.247%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5312	−0.199%	$916K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5293	−0.274%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5320	−0.168%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5176	−0.734%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5198	−0.649%	$416K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5320	−0.168%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5326	−0.144%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5319	−0.170%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	−0.010%	$117K	$434K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0821%	1h	2.5372	+0.037%	$367K	$465K	15x	as long as short