Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0493%/8h= +53.9% APRpaid last 24h +0.332%

Price spread now: Kraken Futures against BingX+0.212%7-day average +0.167% · you sell dearer than you buy

Net, funding: paid 7d − costs−$186as in the Funding arb table

Net, price: spread back to 7d avg − costs−$204as in the Price arb table

costs, in and out, $10k−$2082.084% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.227%+$23 on $10k

Price spread, last 3 days (all we have)−0.220%−$22 · spread now +0.212%, 7d avg +0.167%

Together, before fees+0.006%+$1 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 0.045% dearer against BingX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.167%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.227% in total (about 11.8% 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	BingX PENDLE-USDT	2.5276	0.0100	pay 0.0100% / 8h	21m 35s	—	$35.7M	—
Short	Kraken Futures PF_PENDLEUSD	2.5330	0.0593	get 0.0074% / 1h	21m 35s	$119K	$299K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.212%Rate

Funding earned: $103.45
Price spread: +0.212% → +0.167%: $4.52
Slippage, 4 orders: −$188.45
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$100.48
Costs to cover: 2.084%
Break-even: 13.8 days

Slippage from BingX: live order book, 2 min ago; Kraken Futures: live order book, 56 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 BingX live order book, 2 min ago	4.36 bp	14.9 bp −$15	25.8 bp −$258	215.0 bp −$21.5K	437.5 bp −$218.8K
Sell Kraken Futures live order book, 56 min ago	14.06 bp	53.4 bp −$53	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	−0.5000%	1h	2.4940	−1.329%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0058%	8h	2.5235	−0.162%	$1.3M	$714K	75x	as long as short
Extended PENDLE-USD	−0.0040%	1h	2.5259	−0.067%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0036%	8h	2.5311	+0.137%	$27.4M	$42.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0036%	8h	2.5308	+0.127%	$17.2M	$1.9M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0027%	1h	2.5215	−0.241%	$77K	$239K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0027%	1h	2.5286	+0.040%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0003%	8h	2.5277	+0.004%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5293	+0.068%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0036%	8h	2.5202	−0.292%	$595K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0045%	8h	2.5244	−0.126%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5268	−0.031%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5275	−0.004%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5301	+0.099%	$533K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5268	−0.030%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5292	+0.064%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5263	−0.051%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5270	−0.024%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5290	+0.055%	$787K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5312	+0.142%	$889K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5287	+0.044%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.5276	long leg	—	$35.7M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5208	−0.268%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5291	+0.059%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5282	+0.024%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5290	+0.055%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0353%	1h	2.5367	+0.361%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0593%	1h	2.5330	+0.212%	$119K	$299K	20x
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.253%	$141K	$451K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0777%	1h	2.5325	+0.194%	$333K	$490K	15x	as long as short