Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0652%/8h= +71.4% APRpaid last 24h +0.288%

Price spread now: Kraken Futures against SunX+0.127%7-day average +0.132% · you sell dearer than you buy

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

Long on SunX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.214%+$21 on $10k

Price spread, last 4 days (all we have)−0.181%−$18 · spread now +0.127%, 7d avg +0.132%

Together, before fees+0.033%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.132%, so right now this pair is about funding alone: +$20 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.214% in total (about 11.2% 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	SunX PENDLE-USDT	2.4885	0.0100	pay 0.0100% / 8h	5h 41m	$1K	$1.8M	20x
Short	Kraken Futures PF_PENDLEUSD	2.4917	0.0752	get 0.0094% / 1h	41m 58s	$116K	$283K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against SunX. 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 SunXbpFee Kraken FuturesbpOrdersPrice spread, now +0.127%Rate

Funding earned: $136.98
Price spread: +0.127% → +0.132%: −$0.49
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $118.5
Costs to cover: 0.180%
Break-even: 0.9 days

Slippage unknown: SunX: live order book, 4 min ago; Kraken Futures: live order book, 21 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 SunX live order book, 4 min ago	500.17 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 21 min ago	29.82 bp	66.6 bp −$67	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	−0.4938%	1h	2.4490	−1.587%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0127%	8h	2.4874	−0.044%	$1.3M	$646K	75x	as long as short
MEXC PENDLE_USDT	−0.0121%	8h	2.4780	−0.422%	$17.1M	$1.8M	125x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.4789	−0.385%	$163K	$568K	10x	as long as short
Binance PENDLEUSDT	−0.0118%	8h	2.4772	−0.454%	$26.6M	$43.1M	75x	as long as short
GRVT PENDLE_USDT_Perp	−0.0068%	8h	2.4733	−0.610%	$410K	$1.7M	10x	as long as short
Aster PENDLEUSDT	−0.0056%	8h	2.4862	−0.094%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4861	−0.096%	$19K	$15K	10x	as long as short
Variational Omni PENDLE	−0.0019%	8h	2.4691	−0.781%	$544K	$1.8M	—	as long as short
ApeX Omni PENDLEUSDT	−0.0010%	1h	2.4790	−0.382%	$75K	$235K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4857	−0.112%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4874	−0.044%	$26K	$14K	10x	as long as short
Gate PENDLE_USDT	+0.0008%	8h	2.4780	−0.422%	$721K	$1.1M	75x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4859	−0.105%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0058%	1h	2.4867	−0.073%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4864	−0.084%	$529K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4874	−0.044%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4871	−0.056%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4765	−0.482%	$14.9M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4770	−0.462%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4836	−0.197%	$849K	$578K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4816	−0.277%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4770	−0.462%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4783	−0.410%	$24K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4900	+0.060%	$16K	$8K	5x	as long as short
SunX PENDLE-USDTlong	+0.0100%	8h	2.4885	long leg	$1K	$1.8M	20x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0191% / S −0.0315%	1h	2.4864	−0.083%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0484%	1h	2.4890	+0.020%	$353K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4930	+0.181%	$149K	$492K	25x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0752%	1h	2.4917	+0.127%	$116K	$283K	20x