Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1177%/8h= −128.8% APRpaid last 24h −0.286%

Price spread now: Paradex against Kraken Futures−0.429%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Paradex is 0.429% cheaper against Kraken Futures than usual: you would sell low and buy high (−$43 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	2.4312	0.1277	pay 0.0160% / 1h	55m 39s	$115K	$259K	20x
Short	Paradex PENDLE-USD-PERP	2.4208	0.0100	get 0.0100% / 8h	7h 55m	$34K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.429%Rate

Funding earned: −$247.09
Price spread: −0.429% → 0.000%: −$42.95
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$304.04
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 42 min ago; Paradex: 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, 42 min ago	20.57 bp	83.9 bp −$84	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.3627%	1h	2.4040	−1.119%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0666%	8h	2.4270	−0.173%	$767K	$990K	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0409%	1h	2.4269	−0.177%	$25K	$16K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0023%	1h	2.4248	−0.263%	$74K	$232K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0012%	8h	2.4267	−0.185%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4342	+0.122%	$10K	—	5x	as long as short
Binance PENDLEUSDT	+0.0005%	8h	2.4215	−0.399%	$25.4M	$46.2M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4213	−0.407%	$156K	$924K	10x	as long as short
MEXC PENDLE_USDT	+0.0010%	8h	2.4205	−0.440%	$17.9M	$2.1M	125x	as long as short
BloFin PENDLE-USDT	+0.0024%	8h	2.4327	+0.061%	$1.1M	$504K	75x	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	2.4271	−0.171%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0086%	1h	2.4276	−0.146%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4227	−0.350%	$521K	$429K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.4208	−0.429%	$34K	$3K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4245	−0.276%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4249	−0.260%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4216	−0.395%	$14.0M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4220	−0.379%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4281	−0.128%	$687K	$618K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4227	−0.350%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4235	−0.317%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4246	−0.272%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4258	−0.224%	$24K	$367K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4267	−0.184%	$400K	$2.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4310	−0.008%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4285	−0.111%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4276	−0.147%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4400	+0.362%	$159K	$513K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1115%	1h	2.4292	−0.083%	$358K	$434K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1277%	1h	2.4312	long leg	$115K	$259K	20x