Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.4434%/8h= +485.5% APRpaid last 24h +0.764%

Price spread now: KuCoin against Injective+1.187%7-day average — · you sell dearer than you buy

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

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+1.218%+$122 on $10k

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 +$133 a day on $10k at the current rate, and KuCoin is 1.187% dearer against Injective than usual: you sell high and buy low: +$119 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.218% in total (about 63.5% 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	Injective PENDLE/USDC PERP	2.4340	−0.4334	get 0.0542% / 1h	15m 06s	$2K	$54K	5.5x
Short	KuCoin PENDLEUSDTM	2.4629	0.0100	get 0.0100% / 8h	4h 15m	$866K	$559K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Injective. 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 InjectivebpFee KuCoinbpOrdersPrice spread, now +1.187%Rate

Funding earned: $931.13
Price spread: +1.187% → 0.000%: $118.73
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $1,037.84
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 24 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 Injective no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 24 min ago	9.52 bp	29.0 bp −$29	142.0 bp −$1,420	doesn't fit	doesn't fit

Injective: 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 PERPlong	−0.4334%	1h	2.4340	long leg	$2K	$54K	5.5x
Gate PENDLE_USDT	−0.0066%	8h	2.4630	+1.191%	$718K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4624	+1.166%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0061%	8h	2.4634	+1.208%	$26.1M	$43.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0061%	8h	2.4632	+1.200%	$17.3M	$2.0M	125x	as long as short
Aster PENDLEUSDT	−0.0051%	8h	2.4646	+1.258%	$47K	$179K	10x	as long as short
BloFin PENDLE-USDT	−0.0045%	8h	2.4631	+1.196%	$1.1M	$605K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4629	+1.187%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4620	+1.152%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4644	+1.249%	$25K	$14K	10x	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	+0.0054%	8h	2.4606	+1.092%	$553K	$1.4M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0064%	8h	2.4622	+1.157%	$410K	$1.9M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4623	+1.165%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0065%	1h	2.4639	+1.227%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4638	+1.224%	$516K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4599	+1.066%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4630	+1.191%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4650	+1.274%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.4629	+1.187%	$866K	$559K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4619	+1.146%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4628	+1.183%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4604	+1.085%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4603	+1.081%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4668	+1.348%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4644	+1.249%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4639	+1.227%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0328%	1h	2.4674	+1.372%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+1.972%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0712%	1h	2.4684	+1.413%	$357K	$465K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4693	+1.452%	$115K	$268K	20x	as long as short