Funding arb · Price arb / Crypto
PENDLE
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| Leg | Exchange | Price | Fund. /8h | Each payment | Next in | OI | Vol 24h | Lev | |
|---|---|---|---|---|---|---|---|---|---|
| LONG | 2.3277 | −0.0407 | get 0.0051% / 1h | 43m 02s | $326K | $177K | 20x | Long Kraken Futures | |
| SHORT | 2.3263 | +0.0100 | get 0.0100% / 8h | 6h 43m | $1.1M | $1.4M | 20x | Short Phemex |
Price gap−0.061%
Funding gap+0.0507% /8h
Both sides work: funding pays +$15 a day on $10k, and the gap is 0.032% above its 7d average: +$3 more if it goes back.
If you open now and hold
on $10k a leg · figures of the last 7D, not a forecastFunding+$44+0.0507% /8h now · paid +0.443% over the last 6 days (all we have)
Price+$3spread −0.061% now, avg −0.093% → +0.032% if it goes back
Costsdoesn’t fit$10k a leg is deeper than the books hold
Result, before costs+$48+0.48%no pointscosts unknown: book too thin at $10k · What the last 7D really paid, hour by hour → backtest
Funding history
you earnyou payavg
RANGE STATS · 7D
Average /8h—
Highest—
Lowest—
Paid you—
Short leg rate minus long leg rate, per 8h. Above zero: the pair pays you.
Price spread between the two exchanges
Phemex price against Kraken Futuresnow
RANGE STATS · 7D
Now−0.061%
Average—
Range—
Wider than now—
Where the spread has been, last 7D▾
share of time at each level
Funding on every exchange
/8hPENDLE on 30 exchanges
lowest funding firstBefore you open
1 ok · 4 to watch- Watch: Thin at this size33.0 / 35.2 bpAt $10k entering Phemex costs 35.2 bp, fee and slippage, 1.1× Kraken Futures’s.
- Note: Margin at max leverage$500 + $500Kraken Futures 20x, Phemex 20x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
- Watch: Payment intervals differ1h / 8hPayments land at different times. Close right after the slower leg pays.Next 24h at the current rates, on $10k a leg: +$15.21Long Kraken Futures: 24 payments, +$12.21; short Phemex: 3 payments, +$3.00.
- OK: Entry gap works for you−0.061% vs −0.093%You short the dearer leg. If the gap goes back to average, the short gains.
- Watch: Long leg is thinner$326K vs $1.1M OIKraken Futures sets your exit cost. Check its book before closing.
- Note: No points program—Neither exchange runs points right now.
- Watch: KYCKraken Futures Yes · Phemex YesFull verification; not offered in the US (a separate US product), Canada, Australia (wholesale only) or to retail UK clients.
Profit calculator
both legs, in and outPosition, each legHold forOrdersPrice spreadFunding rate
Funding earned+0.0258%/8h × 21 periods+$54.25
Price spread−0.061% → −0.093% (7d avg)+$3.22
Slippage, 4 ordersdoesn’t fit the book at $10k—
Fee Kraken Futures bp × 2 orders−$10.00
Fee Phemex bp × 2 orders−$12.00
Net · 7 days · $10k—
doesn’t fit the books at $10kCosts to cover—Break-even—
Slippage: Kraken Futures: live order book, 40 min ago; Phemex: live order book, 5 min agoCost to enter
taker + slippage from mid, one sideBUY · LONGKraken Futures2.1233.0 bp−$33108.9 bp−$1,089doesn’t fitdoesn’t fit
SELL · SHORTPhemex2.8035.2 bp−$35doesn’t fitdoesn’t fitdoesn’t fit
Closing costs about the same again.
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| 09-24 09:36 | Phemex | Listing | new market PENDLEUSDT ($PENDLE) seen by our collector |