Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1092%/8h= −119.6% APRpaid last 24h −0.290%

Price spread now: BingX against Kraken Futures−0.115%7-day average −0.177% · you buy dearer than you sell

Net, funding: paid 7d − costs−$181as in the Funding arb table

Net, price: spread back to 7d avg − costs−$145as in the Price arb table

costs, in and out, $10k−$1511.512% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.294%−$29 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now −0.115%, 7d avg −0.177%

Together, before fees−0.171%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.062% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.115% now, against its 7-day average of −0.177%): +$6 on $10k if it goes back. Holding the pair costs −$33 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.294% in total) that is about 36 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.294% in total (about -15.3% 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	Kraken Futures PF_PENDLEUSD	2.4467	0.1192	pay 0.0149% / 1h	27m 40s	$115K	$262K	20x
Short	BingX PENDLE-USDT	2.4439	0.0100	get 0.0100% / 8h	2h 27m	—	$8.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now −0.115%Rate

Funding earned: −$229.42
Price spread: −0.115% → −0.177%: $6.23
Slippage, 4 orders: −$131.18
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$374.38
Costs to cover: 1.512%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 20 min ago; BingX: live order book, 10 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 Kraken Futures live order book, 20 min ago	12.26 bp	77.2 bp −$77	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	3.89 bp	14.6 bp −$15	32.3 bp −$323	171.1 bp −$17.1K	408.5 bp −$204.3K

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	−0.3926%	1h	2.4160	−1.255%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0404%	1h	2.4434	−0.135%	$24K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0041%	8h	2.4430	−0.151%	$716K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4432	−0.143%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4446	−0.086%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0015%	8h	2.4432	−0.143%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0015%	8h	2.4435	−0.130%	$25.8M	$44.3M	75x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4420	−0.192%	$157K	$582K	10x	as long as short
BloFin PENDLE-USDT	+0.0027%	8h	2.4441	−0.106%	$1.1M	$600K	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4429	−0.157%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4423	−0.180%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4441	−0.106%	$515K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4432	−0.144%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4464	−0.012%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4445	−0.089%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4420	−0.192%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4440	−0.110%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4456	−0.045%	$862K	$555K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4425	−0.172%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.4439	−0.115%	—	$8.4M	—
Variational Omni PENDLE	+0.0100%	8h	2.4386	−0.330%	$548K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4473	+0.023%	$24K	$371K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4461	−0.026%	$411K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4486	+0.078%	$74K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4454	−0.053%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4437	−0.123%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4440	−0.111%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.298%	$155K	$523K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0671%	1h	2.4501	+0.139%	$355K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1192%	1h	2.4467	long leg	$115K	$262K	20x