Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0122%/8h= +13.3% APRpaid last 24h +0.044%

Price spread now: GMX against KuCoin−0.063%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 GMX

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. GMX is 0.063% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.063% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 41 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4658	0.0100	pay 0.0100% / 8h	3h 57m	$885K	$559K	50x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.4643	L +0.0196% / S −0.0222%	get 0.0028% / 1h	57m 46s	$5K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.063%Rate

Funding earned: $25.56
Price spread: −0.063% → 0.000%: −$6.28
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$4.72
Costs to cover: 0.240%
Break-even: 8.3 days

Slippage unknown: KuCoin: live order book, 42 min ago; GMX: 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, 42 min ago	9.52 bp	47.4 bp −$47	149.0 bp −$1,490	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	+0.698%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0521%	1h	2.4638	−0.081%	$25K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0057%	8h	2.4623	−0.143%	$26.1M	$43.5M	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4610	−0.194%	$159K	$578K	10x	as long as short
Gate PENDLE_USDT	−0.0055%	8h	2.4630	−0.114%	$717K	$1.1M	75x	as long as short
Aster PENDLEUSDT	−0.0055%	8h	2.4651	−0.029%	$47K	$179K	10x	as long as short
MEXC PENDLE_USDT	−0.0052%	8h	2.4620	−0.154%	$17.3M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0040%	8h	2.4632	−0.105%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0037%	8h	2.4659	+0.004%	$1.1M	$593K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4650	−0.032%	$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	2.4630	−0.114%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4634	−0.099%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0074%	8h	2.4726	+0.274%	$555K	$1.4M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0077%	8h	2.4709	+0.207%	$417K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4639	−0.077%	$517K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4605	−0.214%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4610	−0.195%	$14.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4630	−0.114%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4658	long leg	$885K	$559K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4630	−0.114%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4624	−0.138%	—	$8.5M	—	as long as short
Backpack PENDLE_USDC_PERP	+0.0100%	1h	2.4676	+0.073%	$359K	$399K	15x	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4712	+0.220%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4730	+0.292%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4663	+0.020%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4652	−0.024%	$1K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0189%	1h	2.4675	+0.067%	$12.8M	$6.1M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0196% / S −0.0222%	1h	2.4643	−0.063%	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4720	+0.251%	$147K	$497K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1179%	1h	2.4686	+0.114%	$115K	$268K	20x	as long as short