Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0177%/8h= −19.4% APRpaid last 24h +0.289%

Price spread now: Kraken Futures against KuCoin+0.186%7-day average +0.153% · you sell dearer than you buy

Net, funding: paid 7d − costs−$140as in the Funding arb table

Net, price: spread back to 7d avg − costs−$168as in the Price arb table

costs, in and out, $10k−$1711.710% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.312%+$31 on $10k

Price spread, last 4 days (all we have)−0.178%−$18 · spread now +0.186%, 7d avg +0.153%

Together, before fees+0.134%+$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.033% dearer against KuCoin than usual: you sell high and buy low (spread +0.186% now, against its 7-day average of +0.153%): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 15 hours. Mind the row above: over the last 7 days funding on this pair paid +0.312%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4407	0.0100	pay 0.0100% / 8h	6h 19m	$685K	$502K	50x
Short	Kraken Futures PF_PENDLEUSD	2.4452	−0.0077	pay 0.0010% / 1h	19m 48s	$121K	$252K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.186%Rate

Funding earned: −$37.21
Price spread: +0.186% → +0.153%: $3.26
Slippage, 4 orders: −$149.05
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$205.01
Costs to cover: 1.710%
Break-even: never at this rate

Slippage from KuCoin: live order book, 26 min ago; Kraken Futures: live order book, 30 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, 26 min ago	7.41 bp	26.5 bp −$26	134.5 bp −$1,345	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 30 min ago	14.36 bp	63.5 bp −$63	doesn't fit	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
Injective PENDLE/USDC PERP	−0.5000%	1h	2.4660	+1.037%	$2K	$55K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0093%	1h	2.4388	−0.078%	$74K	$231K	50x	as long as short
Extended PENDLE-USD	−0.0080%	1h	2.4376	−0.129%	$162K	$936K	10x	as long as short
MEXC PENDLE_USDT	−0.0079%	8h	2.4386	−0.086%	$18.5M	$2.2M	125x	as long as short
Binance PENDLEUSDT	−0.0077%	8h	2.4389	−0.072%	$25.5M	$46.7M	75x	as long as short
Kraken Futures PF_PENDLEUSDshort	−0.0077%	1h	2.4452	+0.186%	$121K	$252K	20x
BloFin PENDLE-USDT	−0.0069%	8h	2.4397	−0.041%	$1.1M	$518K	75x	as long as short
GRVT PENDLE_USDT_Perp	−0.0001%	8h	2.4406	−0.006%	$403K	$2.9M	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4421	+0.058%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4422	+0.061%	$25K	$12K	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	+0.0009%	8h	2.4423	+0.066%	$18K	$14K	10x	as long as short
Aster PENDLEUSDT	+0.0015%	8h	2.4411	+0.015%	$50K	$167K	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4405	−0.008%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0076%	8h	2.4355	−0.213%	$573K	$1.1M	—	as long as short
Reya PENDLERUSDPERP	+0.0094%	1h	2.4422	+0.060%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4434	+0.111%	$657K	$512K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4399	−0.035%	$34K	$1K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4370	−0.152%	$14.2M	$11.6M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4380	−0.111%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4410	+0.012%	$772K	$967K	75x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4407	long leg	$685K	$502K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4394	−0.053%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4392	−0.061%	—	$8.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4381	−0.108%	$23K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4453	+0.188%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4437	+0.123%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0184% / S −0.0207%	1h	2.4419	+0.048%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0423%	1h	2.4442	+0.143%	$13.0M	$6.0M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0631%	1h	2.4463	+0.229%	$365K	$420K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.4430	+0.094%	$167K	$538K	25x	as long as short