Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0513%/8h= +56.2% APRpaid last 24h +0.318%

Price spread now: Kraken Futures against OKX+0.313%45s7-day average +0.200% · you sell dearer than you buy

Net, funding: paid 7d − costs−$147as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1681.675% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.205%+$21 on $10k

Price spread, last 3 days (all we have)−0.258%−$26 · spread now +0.313%, 7d avg +0.200%

Together, before fees−0.053%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Kraken Futures is 0.113% dearer against OKX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.200%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.205% in total (about 10.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.5330	0.0100	pay 0.0050% / 4h	3h 12m	$3.2M	$6.0M	50x
Short	Kraken Futures PF_PENDLEUSD	2.5409	0.0613	get 0.0077% / 1h	12m 23s	$118K	$292K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.313%Rate

Funding earned: $107.7
Price spread: +0.313% → +0.200%: $11.28
Slippage, 4 orders: −$147.53
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$48.54
Costs to cover: 1.675%
Break-even: 10.2 days

Slippage from OKX: live order book, 5 min ago; Kraken Futures: live order book, 60 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 OKX live order book, 5 min ago	1.98 bp	14.8 bp −$15	83.1 bp −$831	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 60 min ago	13.91 bp	50.3 bp −$50	doesn't fit	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	−0.4643%	1h	2.5030	−1.184%	$2K	$54K	5.5x	as long as short
Bybit PENDLEUSDT	−0.0194%	8h	2.5350	+0.079%	$15.6M	$11.9M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0162%	8h	2.5294	−0.143%	$418K	$1.7M	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0144%	1h	2.5363	+0.130%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0114%	8h	2.5346	+0.063%	$1.3M	$672K	75x	as long as short
Extended PENDLE-USD	−0.0104%	1h	2.5359	+0.114%	$165K	$565K	10x	as long as short
MEXC PENDLE_USDT	−0.0100%	8h	2.5349	+0.075%	$17.2M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0098%	8h	2.5349	+0.075%	$27.4M	$42.7M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0076%	1h	2.5345	+0.059%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0024%	8h	2.5361	+0.122%	$20K	$16K	10x	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	−0.0013%	8h	2.5261	−0.272%	$609K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5376	+0.181%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0043%	8h	2.5366	+0.143%	$48K	$173K	10x	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5354	+0.095%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5358	+0.109%	$27K	—	3x	as long as short
Gate PENDLE_USDT	+0.0062%	8h	2.5370	+0.158%	$790K	$1.2M	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5357	+0.107%	$539K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5353	+0.092%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5330	long leg	$3.2M	$6.0M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5360	+0.118%	$887K	$588K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5338	+0.032%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5350	+0.079%	—	$35.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5317	−0.049%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5369	+0.154%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5354	+0.095%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5368	+0.151%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0353%	1h	2.5415	+0.336%	$13.1M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0613%	1h	2.5409	+0.313%	$118K	$292K	20x
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5360	+0.118%	$143K	$461K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0880%	1h	2.5399	+0.272%	$356K	$488K	15x	as long as short