Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0767%/8h= +84.0% APRpaid last 24h +0.304%

Price spread now: Kraken Futures against Bitget+0.020%7-day average +0.198% · you sell dearer than you buy

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs−$174as in the Price arb table

costs, in and out, $10k−$1561.558% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.247%+$25 on $10k

Price spread, last 3 days (all we have)+0.022%+$2 · spread now +0.020%, 7d avg +0.198%

Together, before fees+0.269%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.178% cheaper against Bitget than usual: you would sell low and buy high (spread +0.020% now, against its 7-day average of +0.198%). If the spread goes back, that is −$18 on $10k: about 19 hours of funding at the current rate (+$23 a day). At the pace of the last 7 days (+0.247% in total) that is about 5.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.247% in total (about 12.9% 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	Bitget PENDLEUSDT	2.5129	0.0100	pay 0.0100% / 8h	6h 02m	$3.8M	$2.4M	75x
Short	Kraken Futures PF_PENDLEUSD	2.5134	0.0867	get 0.0108% / 1h	2m 46s	$117K	$289K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.020%Rate

Funding earned: $161.12
Price spread: +0.020% → +0.198%: −$17.76
Slippage, 4 orders: −$133.81
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$12.45
Costs to cover: 1.558%
Break-even: 7.5 days

Slippage from Bitget: live order book, 5 min ago; Kraken Futures: live order book, 65 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 Bitget live order book, 5 min ago	3.99 bp	16.5 bp −$17	44.1 bp −$441	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 65 min ago	15.77 bp	47.5 bp −$47	doesn't fit	doesn't fit	doesn't fit

PENDLE on 29 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	−0.4742%	1h	2.4870	−1.031%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0427%	1h	2.5079	−0.199%	$26K	$14K	10x	as long as short
Extended PENDLE-USD	−0.0136%	1h	2.5125	−0.016%	$163K	$570K	10x	as long as short
Binance PENDLEUSDT	−0.0134%	8h	2.5109	−0.081%	$27.0M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0133%	8h	2.5109	−0.080%	$17.4M	$1.8M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0117%	1h	2.5103	−0.103%	$77K	$236K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0115%	8h	2.5046	−0.330%	$421K	$1.7M	10x	as long as short
Aster PENDLEUSDT	−0.0046%	8h	2.5075	−0.216%	$50K	$181K	10x	as long as short
Variational Omni PENDLE	−0.0040%	8h	2.5086	−0.173%	$613K	$1.8M	—	as long as short
Gate PENDLE_USDT	−0.0039%	8h	2.5110	−0.076%	$760K	$1.2M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5064	−0.259%	$20K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5095	−0.133%	$11K	—	5x	as long as short
Bybit PENDLEUSDT	+0.0026%	8h	2.5107	−0.088%	$15.2M	$12.0M	50x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5076	−0.213%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0057%	1h	2.5067	−0.247%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5114	−0.060%	$535K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5131	+0.006%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5117	−0.048%	$12.9M	$6.3M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	+0.044%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5104	−0.099%	$863K	$593K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.5129	long leg	$3.8M	$2.4M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.5133	+0.016%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5090	−0.156%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5084	−0.179%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5086	−0.171%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0182% / S −0.0298%	1h	2.5083	−0.183%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0412%	1h	2.5112	−0.068%	$352K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5100	−0.115%	$144K	$471K	25x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0867%	1h	2.5134	+0.020%	$117K	$289K	20x