Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.023%

Price spread now: Extended against KuCoin−0.189%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$830.830% of the position

Long on KuCoin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 4 days (all we have)+0.176%+$18 · spread now −0.189%, 7d avg −0.073%

Together, before fees+0.097%+ Points / potential airdropExtended: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Extended is 0.117% cheaper against KuCoin than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.073%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4469	0.0100	pay 0.0100% / 8h	5h 57m	$688K	$498K	50x
Short	Extended PENDLE-USD	2.4423	−0.0072	pay 0.0009% / 1h	57m 43s	$158K	$940K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now −0.189%Rate

Funding earned: −$36.12
Price spread: −0.189% → −0.073%: −$11.66
Slippage, 4 orders: −$66.04
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$130.82
Costs to cover: 0.830%
Break-even: never at this rate

Slippage from KuCoin: live order book, 48 min ago; Extended: live order book, 53 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, 48 min ago	7.41 bp	26.5 bp −$26	134.5 bp −$1,345	doesn't fit	doesn't fit
Sell Extended live order book, 53 min ago	1.03 bp	13.9 bp −$14	129.0 bp −$1,290	doesn't fit	doesn't fit

PENDLE on 30 exchanges

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
Kraken Futures PF_PENDLEUSD	−0.0394%	1h	2.4453	−0.067%	$122K	$252K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0282%	1h	2.4439	−0.123%	$25K	$10K	10x	as long as short
Binance PENDLEUSDT	−0.0076%	8h	2.4423	−0.188%	$25.5M	$46.2M	75x	as long as short
MEXC PENDLE_USDT	−0.0075%	8h	2.4432	−0.151%	$18.6M	$2.1M	125x	as long as short
Extended PENDLE-USDshort	−0.0072%	1h	2.4423	−0.189%	$158K	$940K	10x
BloFin PENDLE-USDT	−0.0067%	8h	2.4436	−0.135%	$1.1M	$521K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4479	+0.042%	$10K	—	5x	as long as short
Aster PENDLEUSDT	+0.0004%	8h	2.4446	−0.094%	$51K	$166K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0014%	8h	2.4433	−0.147%	$18K	$14K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0033%	8h	2.4479	+0.039%	$417K	$3.0M	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0043%	1h	2.4453	−0.065%	$74K	$231K	50x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4421	−0.194%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0069%	8h	2.4444	−0.101%	$575K	$1.0M	—	as long as short
Reya PENDLERUSDPERP	+0.0096%	1h	2.4436	−0.136%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4450	−0.078%	$676K	$511K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4433	−0.146%	$34K	—	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4469	0.000%	$13.0M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4425	−0.180%	$14.3M	$11.5M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4430	−0.159%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4440	−0.119%	$776K	$959K	75x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4469	long leg	$688K	$498K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4432	−0.151%	$3.9M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4425	−0.180%	—	$8.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4449	−0.080%	$23K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4469	0.000%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4458	−0.045%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0184% / S −0.0207%	1h	2.4453	−0.064%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0547%	1h	2.4488	+0.078%	$366K	$418K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0680%	1h	2.4550	+0.331%	$168K	$538K	25x	as long as short
Injective PENDLE/USDC PERP	+0.3871%	1h	2.4660	+0.781%	$2K	$55K	5.5x	as long as short