Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.037%

Price spread now: Bybit against KuCoin−0.233%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$157as in the Price arb table

costs, in and out, $10k−$1371.366% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.188%−$19 on $10k

Price spread, last 7 days+0.250%+$25 · spread now −0.233%, 7d avg −0.026%

Together, before fees+0.062%+$6 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: Bybit is 0.208% cheaper against KuCoin than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4888	0.0100	pay 0.0100% / 8h	1h 12m	$888K	$613K	50x
Short	Bybit PENDLEUSDT	2.4830	0.0100	get 0.0100% / 8h	1h 12m	$15.3M	$11.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.233%Rate

Funding earned: $0
Price spread: −0.233% → −0.026%: −$20.75
Slippage, 4 orders: −$113.63
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$157.38
Costs to cover: 1.366%
Break-even: never at this rate

Slippage from KuCoin: live order book, 62 min ago; Bybit: live order book, 1 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, 62 min ago	8.16 bp	53.2 bp −$53	173.5 bp −$1,735	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	4.02 bp	16.5 bp −$17	46.5 bp −$465	253.1 bp −$25.3K	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	−0.3656%	1h	2.4770	−0.474%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0433%	1h	2.4870	−0.072%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0070%	1h	2.4903	+0.060%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0028%	8h	2.4860	−0.113%	$1.3M	$732K	75x	as long as short
Binance PENDLEUSDT	−0.0004%	8h	2.4853	−0.140%	$26.8M	$40.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0003%	8h	2.4850	−0.153%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4892	+0.016%	$10K	—	5x	as long as short
Extended PENDLE-USD	0.0000%	1h	2.4850	−0.152%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0015%	8h	2.4861	−0.108%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0042%	1h	2.4863	−0.102%	$4K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0062%	8h	2.4872	−0.065%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4885	−0.014%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4851	−0.151%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4871	−0.068%	$524K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4857	−0.126%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4908	+0.080%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4885	−0.011%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4830	−0.233%	$15.3M	$11.9M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4860	−0.113%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4870	−0.072%	$780K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4888	long leg	$888K	$613K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4836	−0.209%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4866	−0.088%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4872	−0.064%	$25K	$398K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4892	+0.016%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4882	−0.024%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4882	−0.024%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5020	+0.530%	$139K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0657%	1h	2.4915	+0.108%	$351K	$475K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0756%	1h	2.4922	+0.135%	$118K	$306K	20x	as long as short