Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1168%/8h= −127.9% APRpaid last 24h −0.289%

Price spread now: SunX against Kraken Futures+0.119%7-day average −0.132% · you sell dearer than you buy

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

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.278%−$28 on $10k

Price spread, last 4 days (all we have)−0.066%−$7 · spread now +0.119%, 7d avg −0.132%

Together, before fees−0.343%−$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.251% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.119% now, against its 7-day average of −0.132%): +$25 on $10k if it goes back. Holding the pair costs −$35 a day in funding at the current rate, which eats that in about 17 hours. At the pace of the last 7 days (−0.278% in total) that is about 6.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.278% in total (about -14.5% 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	2.4483	0.1268	pay 0.0158% / 1h	16m 08s	$115K	$254K	20x
Short	SunX PENDLE-USDT	2.4512	0.0100	get 0.0100% / 8h	7h 16m	$2K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.119%Rate

Funding earned: −$245.22
Price spread: +0.119% → −0.132%: $25.13
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$238.09
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 16 min ago; SunX: live order book, 10 min ago. 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, 16 min ago	33.17 bp	91.6 bp −$92	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	500.22 bp	doesn't fit	doesn't fit	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	−0.3627%	1h	2.3930	−2.258%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0371%	8h	2.4392	−0.371%	$403K	$2.7M	10x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.4484	+0.006%	$161K	$934K	10x	as long as short
Binance PENDLEUSDT	−0.0088%	8h	2.4478	−0.022%	$25.6M	$46.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0087%	8h	2.4485	+0.009%	$18.2M	$2.1M	125x	as long as short
BloFin PENDLE-USDT	−0.0080%	8h	2.4444	−0.158%	$1.1M	$511K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0023%	1h	2.4384	−0.404%	$74K	$231K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0009%	8h	2.4493	+0.042%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4486	+0.014%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4510	+0.111%	$25K	$14K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0020%	8h	2.4470	−0.050%	$48K	$175K	10x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4484	+0.003%	$26K	—	3x	as long as short
Gate PENDLE_USDT	+0.0068%	8h	2.4500	+0.070%	$776K	$995K	75x	as long as short
Reya PENDLERUSDPERP	+0.0089%	1h	2.4451	−0.130%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4488	+0.021%	$529K	$441K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4444	−0.157%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4519	+0.148%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4460	−0.093%	$14.2M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4490	+0.029%	$3.1M	$6.8M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4493	+0.042%	$706K	$598K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4486	+0.013%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4488	+0.021%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4381	−0.414%	$578K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4402	−0.330%	$22K	$371K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4480	−0.011%	$16K	$4K	5x	as long as short
SunX PENDLE-USDTshort	+0.0100%	8h	2.4512	+0.119%	$2K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4453	−0.121%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4540	+0.234%	$171K	$536K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0787%	1h	2.4542	+0.242%	$362K	$430K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1268%	1h	2.4483	long leg	$115K	$254K	20x