Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0531%/8h= −58.2% APRpaid last 24h +0.383%

Price spread now: Kraken Futures against Gate+0.352%7-day average +0.171% · you sell dearer than you buy

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$160as in the Price arb table

costs, in and out, $10k−$1781.778% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.229%+$23 on $10k

Price spread, last 3 days (all we have)−0.265%−$26 · spread now +0.352%, 7d avg +0.171%

Together, before fees−0.035%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.182% dearer against Gate than usual: you sell high and buy low (spread +0.352% now, against its 7-day average of +0.171%): +$18 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 27 hours. Mind the row above: over the last 7 days funding on this pair paid +0.229%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.229% in total (about 12.0% 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	Gate PENDLE_USDT	2.5010	0.0100	pay 0.0100% / 8h	2h 06m	$852K	$1.1M	75x
Short	Kraken Futures PF_PENDLEUSD	2.5098	−0.0431	pay 0.0054% / 1h	6m 34s	$149K	$275K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. 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 GatebpFee Kraken FuturesbpOrdersPrice spread, now +0.352%Rate

Funding earned: −$111.58
Price spread: +0.352% → +0.171%: $18.15
Slippage, 4 orders: −$152.79
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$271.22
Costs to cover: 1.778%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; Kraken Futures: live order book, 16 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 Gate live order book, 1 min ago	6.00 bp	29.3 bp −$29	237.7 bp −$2,377	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 16 min ago	15.82 bp	45.8 bp −$46	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	−0.4806%	1h	2.4840	−0.680%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSDshort	−0.0431%	1h	2.5098	+0.352%	$149K	$275K	20x
dYdX PENDLE-USD	0.0000%	1h	2.5049	+0.157%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5087	+0.308%	$30K	$10K	10x	as long as short
BloFin PENDLE-USDT	+0.0029%	8h	2.5068	+0.232%	$1.3M	$737K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0033%	8h	2.5075	+0.260%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5077	+0.270%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5002	−0.031%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5005	−0.020%	$16.8M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0043%	8h	2.5006	−0.017%	$27.2M	$39.4M	75x	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	+0.0050%	8h	2.5034	+0.097%	$616K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0074%	1h	2.5055	+0.180%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5071	+0.244%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5010	0.000%	$542K	$398K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5010	+0.002%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5041	+0.124%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5033	+0.094%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5001	−0.036%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5010	0.000%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDTlong	+0.0100%	8h	2.5010	long leg	$852K	$1.1M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5032	+0.088%	$893K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5006	−0.016%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5013	+0.012%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5061	+0.205%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5064	+0.217%	$423K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5092	+0.328%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5094	+0.336%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5083	+0.292%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5130	+0.480%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0840%	1h	2.5115	+0.420%	$362K	$460K	15x	as long as short