Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1531%/8h= +167.6% APRpaid last 24h +0.309%

Price spread now: Kraken Futures against Orderly+0.271%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 5 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 for this trade now. Funding pays +$46 a day on $10k at the current rate, and Kraken Futures is 0.271% dearer against Orderly than usual: you sell high and buy low: +$27 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PENDLE_USDC	2.4456	−0.0019	get 0.0019% / 8h	42m 34s	$19K	$15K	10x
Short	Kraken Futures PF_PENDLEUSD	2.4522	0.1512	get 0.0189% / 1h	42m 34s	$117K	$261K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.271%Rate

Funding earned: $321.42
Price spread: +0.271% → 0.000%: $27.11
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $332.52
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 60 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 60 min ago	16.33 bp	33.7 bp −$34	doesn't fit	doesn't fit	doesn't fit

Orderly: 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	−0.4810%	1h	2.4240	−0.883%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0608%	1h	2.4463	+0.029%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDClong	−0.0019%	8h	2.4456	long leg	$19K	$15K	10x
dYdX PENDLE-USD	0.0000%	1h	2.4452	−0.018%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0010%	8h	2.4451	−0.020%	$1.1M	$478K	75x	as long as short
MEXC PENDLE_USDT	+0.0022%	8h	2.4443	−0.053%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0022%	8h	2.4449	−0.029%	$25.8M	$45.6M	75x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4444	−0.049%	$158K	$884K	10x	as long as short
Gate PENDLE_USDT	+0.0068%	8h	2.4440	−0.065%	$767K	$1.0M	75x	as long as short
Reya PENDLERUSDPERP	+0.0083%	1h	2.4470	+0.058%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0088%	1h	2.4460	+0.018%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0094%	8h	2.4468	+0.049%	$415K	$2.4M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4451	−0.020%	$520K	$407K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4439	−0.068%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4469	+0.053%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4472	+0.064%	$48K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4443	−0.053%	$14.3M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4470	+0.057%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4465	+0.037%	$870K	$548K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4465	+0.037%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4454	−0.008%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4465	+0.038%	$595K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4497	+0.168%	$24K	$371K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4476	+0.082%	$74K	$232K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4491	+0.143%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4488	+0.131%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4476	+0.081%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4590	+0.548%	$158K	$508K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0817%	1h	2.4515	+0.241%	$350K	$434K	15x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.1512%	1h	2.4522	+0.271%	$117K	$261K	20x