Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0599%/8h= +65.5% APRpaid last 24h +0.128%

Price spread now: Backpack against KuCoin+0.248%7-day average +0.139% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1221.219% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.708%+$71 on $10k

Price spread, last 4 days (all we have)−0.232%−$23 · spread now +0.248%, 7d avg +0.139%

Together, before fees+0.476%+$48 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Backpack is 0.109% dearer against KuCoin than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.139%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4595	0.0100	pay 0.0100% / 8h	3h 13m	$868K	$557K	50x
Short	Backpack PENDLE_USDC_PERP	2.4656	0.0699	get 0.0087% / 1h	13m 07s	$358K	$400K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.248%Rate

Funding earned: $125.7
Price spread: +0.248% → +0.139%: $10.87
Slippage, 4 orders: −$99.9
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $14.67
Costs to cover: 1.219%
Break-even: 6.2 days

Slippage from KuCoin: live order book, 21 min ago; Backpack: live order book, 41 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 KuCoin live order book, 21 min ago	6.50 bp	45.1 bp −$45	140.7 bp −$1,407	doesn't fit	doesn't fit
Sell Backpack live order book, 41 min ago	1.42 bp	6.8 bp −$7	34.1 bp −$341	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	−0.4243%	1h	2.4280	−1.281%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0084%	1h	2.4529	−0.268%	$75K	$233K	50x	as long as short
Gate PENDLE_USDT	−0.0064%	8h	2.4560	−0.142%	$722K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0059%	8h	2.4604	+0.037%	$1.1M	$596K	75x	as long as short
MEXC PENDLE_USDT	−0.0052%	8h	2.4586	−0.037%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0051%	8h	2.4584	−0.045%	$26.0M	$44.4M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4581	−0.056%	$158K	$579K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4551	−0.179%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4516	−0.323%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4561	−0.138%	$24K	$15K	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	+0.0029%	8h	2.4630	+0.140%	$47K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0045%	8h	2.4497	−0.397%	$415K	$2.1M	10x	as long as short
Variational Omni PENDLE	+0.0069%	8h	2.4496	−0.404%	$549K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0070%	1h	2.4546	−0.201%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4603	+0.034%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4607	+0.049%	$517K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4475	−0.487%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4590	−0.020%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4620	+0.102%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4595	long leg	$868K	$557K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4571	−0.098%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4573	−0.089%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4507	−0.360%	$24K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4569	−0.106%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4492	−0.419%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4543	−0.211%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0276%	1h	2.4647	+0.211%	$12.8M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4520	−0.305%	$150K	$507K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0699%	1h	2.4656	+0.248%	$358K	$400K	15x
Kraken Futures PF_PENDLEUSD	+0.1180%	1h	2.4668	+0.298%	$115K	$268K	20x	as long as short