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 −0.009%

Price spread now: Gate against KuCoin−0.190%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$150as in the Funding arb table

Net, price: spread back to 7d avg − costs−$161as in the Price arb table

costs, in and out, $10k−$1451.448% of the position

Long on KuCoin Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 4 days (all we have)+0.158%+$16 · spread now −0.190%, 7d avg −0.025%

Together, before fees+0.101%+$10 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: Gate is 0.165% cheaper against KuCoin than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.5228	0.0100	pay 0.0100% / 8h	29m 51s	$893K	$600K	50x
Short	Gate PENDLE_USDT	2.5180	0.0100	get 0.0100% / 8h	29m 51s	$782K	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.190%Rate

Funding earned: $0
Price spread: −0.190% → −0.025%: −$16.55
Slippage, 4 orders: −$117.77
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$161.31
Costs to cover: 1.448%
Break-even: never at this rate

Slippage from KuCoin: live order book, 35 min ago; Gate: live order book, 2 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, 35 min ago	8.40 bp	62.9 bp −$63	213.7 bp −$2,137	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	3.97 bp	26.1 bp −$26	184.9 bp −$1,849	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	−0.5000%	1h	2.4940	−1.142%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0266%	1h	2.5203	−0.099%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5232	+0.016%	$77K	$240K	50x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5190	−0.149%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0031%	8h	2.5199	−0.115%	$27.2M	$42.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0029%	8h	2.5200	−0.111%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0019%	8h	2.5189	−0.155%	$1.3M	$752K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0002%	8h	2.5200	−0.111%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5217	−0.044%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0040%	8h	2.5182	−0.182%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0045%	1h	2.5199	−0.114%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0047%	8h	2.5223	−0.021%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5199	−0.114%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5199	−0.115%	$531K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5179	−0.193%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5193	−0.139%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5180	−0.190%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5190	−0.151%	$3.2M	$6.1M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.5180	−0.190%	$782K	$1.2M	75x
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.5228	long leg	$893K	$600K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5192	−0.143%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5197	−0.123%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5230	+0.006%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5224	−0.016%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5198	−0.119%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5215	−0.051%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0281%	1h	2.5255	+0.107%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5239	+0.042%	$119K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.444%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0776%	1h	2.5241	+0.052%	$333K	$492K	15x	as long as short