Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: BingX against KuCoin−0.074%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1341.337% of the position

Long on KuCoin Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 7 days+0.152%+$15 · spread now −0.074%, 7d avg −0.007%

Together, before fees+0.119%+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.067% cheaper against KuCoin than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4409	0.0100	pay 0.0100% / 8h	2h 38m	$859K	$553K	50x
Short	BingX PENDLE-USDT	2.4391	0.0100	get 0.0100% / 8h	2h 38m	—	$8.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.074%Rate

Funding earned: $0
Price spread: −0.074% → −0.007%: −$6.71
Slippage, 4 orders: −$111.69
Fee KuCoin: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$140.4
Costs to cover: 1.337%
Break-even: never at this rate

Slippage from KuCoin: live order book, 56 min ago; BingX: live order book, 10 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, 56 min ago	6.50 bp	45.1 bp −$45	140.7 bp −$1,407	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	4.08 bp	15.6 bp −$16	27.5 bp −$275	167.6 bp −$16.8K	386.4 bp −$193.2K

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	−0.3926%	1h	2.4240	−0.692%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0045%	8h	2.4360	−0.201%	$714K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4377	−0.131%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0012%	8h	2.4366	−0.176%	$1.1M	$598K	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.4378	−0.127%	$157K	$581K	10x	as long as short
Binance PENDLEUSDT	−0.0005%	8h	2.4394	−0.063%	$25.7M	$44.3M	75x	as long as short
MEXC PENDLE_USDT	−0.0005%	8h	2.4406	−0.012%	$17.3M	$2.0M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4376	−0.134%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4391	−0.074%	$24K	$15K	10x	as long as short
Reya PENDLERUSDPERP	+0.0073%	1h	2.4419	+0.039%	$3K	—	15x	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	2.4366	−0.174%	$25K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4395	−0.057%	$514K	$415K	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0097%	8h	2.4410	+0.006%	$407K	$2.1M	10x	as long as short
Aster PENDLEUSDT	+0.0099%	8h	2.4405	−0.018%	$46K	$171K	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4382	−0.110%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4448	+0.160%	$12.6M	$6.1M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4397	−0.049%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4430	+0.086%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4409	long leg	$859K	$553K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4392	−0.070%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.4391	−0.074%	—	$8.4M	—
Variational Omni PENDLE	+0.0100%	8h	2.4411	+0.008%	$548K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4457	+0.196%	$24K	$373K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4435	+0.107%	$74K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4444	+0.143%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4380	−0.119%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4400	−0.037%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0539%	1h	2.4422	+0.053%	$354K	$403K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4400	−0.037%	$153K	$518K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1194%	1h	2.4437	+0.117%	$114K	$263K	20x	as long as short