Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1538%/8h= −168.4% APRpaid last 24h −0.309%

Price spread now: Orderly against Kraken Futures−0.194%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$46 a day on $10k at the current rate, and Orderly is 0.194% cheaper against Kraken Futures than usual: you would sell low and buy high (−$19 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENDLEUSD	2.4321	0.1524	pay 0.0191% / 1h	0m 38s	$115K	$259K	20x
Short	Orderly PERP_PENDLE_USDC	2.4274	−0.0014	pay 0.0014% / 8h	0m 38s	$18K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.194%Rate

Funding earned: −$323.04
Price spread: −0.194% → 0.000%: −$19.44
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$358.48
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 37 min ago; Orderly: no order-book sample. Net counts fees only.

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, 37 min ago	20.57 bp	83.9 bp −$84	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4810%	1h	2.4010	−1.280%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0121%	1h	2.4279	−0.174%	$25K	$16K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0034%	1h	2.4239	−0.338%	$74K	$232K	50x	as long as short
Orderly PERP_PENDLE_USDCshort	−0.0014%	8h	2.4274	−0.194%	$18K	$15K	10x
dYdX PENDLE-USD	0.0000%	1h	2.4288	−0.136%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0006%	8h	2.4291	−0.124%	$18.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0007%	8h	2.4298	−0.096%	$25.5M	$46.2M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4290	−0.130%	$156K	$924K	10x	as long as short
BloFin PENDLE-USDT	+0.0034%	8h	2.4273	−0.198%	$1.1M	$503K	75x	as long as short
GRVT PENDLE_USDT_Perp	+0.0079%	8h	2.4271	−0.207%	$400K	$2.6M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4266	−0.227%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0086%	1h	2.4310	−0.046%	$3K	—	15x	as long as short
Gate PENDLE_USDT	+0.0089%	8h	2.4290	−0.129%	$768K	$1.1M	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4290	−0.129%	$523K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4291	−0.123%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4328	+0.028%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4288	−0.136%	$48K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4290	−0.129%	$14.1M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4310	−0.046%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4281	−0.166%	$701K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4296	−0.104%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4299	−0.092%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4262	−0.245%	$565K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4238	−0.343%	$24K	$370K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4320	−0.005%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4302	−0.079%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4283	−0.156%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0574%	1h	2.4326	+0.019%	$359K	$440K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4330	+0.036%	$158K	$510K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1524%	1h	2.4321	long leg	$115K	$259K	20x