Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.3756%/8h= −411.3% APRpaid last 24h −0.413%

Price spread now: Injective against KuCoin−1.015%100s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 −$113 a day on $10k at the current rate, and Injective is 1.015% cheaper against KuCoin than usual: you would sell low and buy high (−$102 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 100 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	2.5024	0.0100	pay 0.0100% / 8h	1h 37m	$893K	$609K	50x
Short	Injective PENDLE/USDC PERP	2.4770	−0.3656	pay 0.0457% / 1h	37m 40s	$2K	$53K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.015%Rate

Funding earned: −$788.76
Price spread: −1.015% → 0.000%: −$101.5
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$902.28
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 37 min ago; Injective: 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, 37 min ago	8.16 bp	53.2 bp −$53	173.5 bp −$1,735	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.3656%	1h	2.4770	−1.015%	$2K	$53K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0469%	1h	2.5026	+0.008%	$29K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5043	+0.077%	$11K	—	5x	as long as short
Binance PENDLEUSDT	+0.0023%	8h	2.4990	−0.135%	$27.1M	$40.2M	75x	as long as short
BloFin PENDLE-USDT	+0.0023%	8h	2.5012	−0.048%	$1.3M	$731K	75x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4963	−0.244%	$164K	$526K	10x	as long as short
MEXC PENDLE_USDT	+0.0024%	8h	2.4984	−0.160%	$16.9M	$2.1M	125x	as long as short
Orderly PERP_PENDLE_USDC	+0.0026%	8h	2.5016	−0.032%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0039%	1h	2.5022	−0.006%	$4K	—	15x	as long as short
ApeX Omni PENDLEUSDT	+0.0060%	1h	2.5020	−0.016%	$76K	$240K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0065%	8h	2.5012	−0.047%	$553K	$2.0M	—	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5004	−0.080%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5000	−0.096%	$525K	$422K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4983	−0.164%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5032	+0.034%	$12.3M	$5.8M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5026	+0.009%	$42K	$175K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4980	−0.176%	$15.4M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5000	−0.096%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5030	+0.024%	$786K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.5024	long leg	$893K	$609K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5016	−0.032%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4988	−0.144%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5004	−0.080%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4989	−0.138%	$412K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5052	+0.112%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5043	+0.076%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5044	+0.082%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5100	+0.304%	$139K	$462K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0752%	1h	2.5042	+0.073%	$147K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0772%	1h	2.5071	+0.188%	$358K	$463K	15x	as long as short