Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0579%/8h= −63.4% APRpaid last 24h −0.063%

Price spread now: Deribit against KuCoin−0.121%7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Deribit is 0.121% cheaper against KuCoin than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4705	0.0100	pay 0.0100% / 8h	3h 58m	$868K	$556K	50x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4675	−0.0479	pay 0.0060% / 1h	58m 45s	$25K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.121%Rate

Funding earned: −$121.58
Price spread: −0.121% → 0.000%: −$12.14
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$152.72
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 41 min ago; Deribit: no order-book sample. 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 KuCoin live order book, 41 min ago	9.52 bp	47.4 bp −$47	149.0 bp −$1,490	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2.4830	+0.506%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0479%	1h	2.4675	−0.121%	$25K	$14K	10x
Binance PENDLEUSDT	−0.0049%	8h	2.4628	−0.312%	$26.1M	$43.5M	75x	as long as short
Aster PENDLEUSDT	−0.0049%	8h	2.4675	−0.123%	$47K	$179K	10x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4627	−0.316%	$159K	$578K	10x	as long as short
MEXC PENDLE_USDT	−0.0048%	8h	2.4633	−0.291%	$17.3M	$1.9M	125x	as long as short
Gate PENDLE_USDT	−0.0045%	8h	2.4680	−0.101%	$718K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0040%	8h	2.4677	−0.113%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0037%	8h	2.4659	−0.186%	$1.1M	$593K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4693	−0.050%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0067%	1h	2.4670	−0.141%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4667	−0.153%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0074%	8h	2.4726	+0.084%	$555K	$1.4M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0077%	8h	2.4709	+0.016%	$417K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4660	−0.182%	$517K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4668	−0.149%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4625	−0.324%	$14.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4660	−0.182%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4705	long leg	$868K	$556K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4641	−0.259%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4658	−0.190%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4712	+0.030%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4730	+0.101%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4706	+0.004%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4702	−0.012%	$1K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0134%	1h	2.4686	−0.077%	$12.8M	$6.1M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4682	−0.092%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0287%	1h	2.4713	+0.032%	$359K	$399K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4720	+0.061%	$147K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4733	+0.111%	$115K	$268K	20x	as long as short