Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: edgeX against KuCoin+0.323%98s7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$870.869% of the position

Long on KuCoin Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.375%+$37 · spread now +0.323%, 7d avg −0.004%

Together, before fees+0.375%+ Points / potential airdropedgeX: Active · farm board+$37 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: edgeX is 0.327% dearer against KuCoin than usual: you sell high and buy low, +$33 on $10k if it goes back to its 7-day average of −0.004%. The two prices were read 98 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4996	0.0100	pay 0.0100% / 8h	5h 13m	$853K	$573K	50x
Short	edgeX PENDLEUSDC	2.5077	0.0100	get 0.0050% / 4h	1h 13m	$25K	$379K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.323%Rate

Funding earned: $0
Price spread: +0.323% → −0.004%: $32.69
Slippage, 4 orders: −$65.93
Fee KuCoin: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$54.24
Costs to cover: 0.869%
Break-even: never at this rate

Slippage from KuCoin: live order book, 30 min ago; edgeX: live order book, 50 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, 30 min ago	9.46 bp	44.0 bp −$44	147.0 bp −$1,470	doesn't fit	doesn't fit
Sell edgeX live order book, 50 min ago	2.39 bp	7.3 bp −$7	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	−0.4938%	1h	2.4720	−1.104%	$2K	$54K	5.5x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.4985	−0.044%	$26.7M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.4979	−0.068%	$17.5M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4963	−0.132%	$163K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0071%	8h	2.5003	+0.028%	$1.3M	$652K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4982	−0.056%	$20K	$15K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0030%	1h	2.4985	−0.044%	$26K	$14K	10x	as long as short
Aster PENDLEUSDT	−0.0025%	8h	2.4970	−0.105%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4990	−0.024%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0017%	8h	2.5015	+0.077%	$563K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0048%	8h	2.4970	−0.104%	$723K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.4981	−0.059%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4965	−0.123%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0084%	8h	2.5085	+0.356%	$415K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4984	−0.048%	$533K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4975	−0.084%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5024	+0.112%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4972	−0.096%	$14.9M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4980	−0.064%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4996	long leg	$853K	$573K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4989	−0.028%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4981	−0.060%	—	$33.6M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.5077	+0.323%	$25K	$379K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5085	+0.356%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5002	+0.024%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4980	−0.064%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4986	−0.042%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.5100	+0.416%	$148K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0749%	1h	2.5033	+0.147%	$116K	$277K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0776%	1h	2.5030	+0.136%	$362K	$488K	15x	as long as short