Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1174%/8h= −128.5% APRpaid last 24h −0.289%

Price spread now: edgeX against Kraken Futures+0.074%7-day average −0.185% · you sell dearer than you buy

Net, funding: paid 7d − costs−$185as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1571.572% of the position

Long on Kraken Futures Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.278%−$28 on $10k

Price spread, last 4 days (all we have)−0.186%−$19 · spread now +0.074%, 7d avg −0.185%

Together, before fees−0.464%+ Points / potential airdropedgeX: Active · farm board−$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.260% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.074% now, against its 7-day average of −0.185%): +$26 on $10k if it goes back. Holding the pair costs −$35 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.278% in total) that is about 6.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.278% in total (about -14.5% 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	Kraken Futures PF_PENDLEUSD	2.4365	0.1274	pay 0.0159% / 1h	19m 14s	$115K	$255K	20x
Short	edgeX PENDLEUSDC	2.4384	0.0100	get 0.0050% / 4h	3h 19m	$22K	$370K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$246.5
Price spread: +0.074% → −0.185%: $25.96
Slippage, 4 orders: −$138.2
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$377.74
Costs to cover: 1.572%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 13 min ago; edgeX: live order book, 14 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, 13 min ago	33.17 bp	91.6 bp −$92	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 14 min ago	1.45 bp	6.4 bp −$6	67.3 bp −$673	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	−0.3627%	1h	2.3930	−1.787%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0441%	8h	2.4399	+0.140%	$414K	$2.7M	10x	as long as short
BloFin PENDLE-USDT	−0.0104%	8h	2.4385	+0.080%	$1.1M	$510K	75x	as long as short
MEXC PENDLE_USDT	−0.0093%	8h	2.4369	+0.015%	$18.1M	$2.1M	125x	as long as short
Binance PENDLEUSDT	−0.0092%	8h	2.4385	+0.080%	$25.6M	$46.4M	75x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.4374	+0.036%	$161K	$934K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0023%	1h	2.4384	+0.076%	$74K	$231K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0011%	8h	2.4371	+0.023%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4416	+0.209%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4372	+0.027%	$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
Gate PENDLE_USDT	+0.0011%	8h	2.4410	+0.183%	$774K	$994K	75x	as long as short
Aster PENDLEUSDT	+0.0017%	8h	2.4385	+0.080%	$48K	$174K	10x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.4344	−0.087%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0089%	1h	2.4421	+0.227%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4387	+0.088%	$526K	$441K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4413	+0.195%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4443	+0.318%	$12.8M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4360	−0.022%	$14.2M	$11.8M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4390	+0.101%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4379	+0.056%	$702K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4385	+0.080%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4419	+0.220%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4381	+0.066%	$578K	$1.2M	—	as long as short
edgeX PENDLEUSDCshort	+0.0100%	4h	2.4384	+0.074%	$22K	$370K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4430	+0.265%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4401	+0.146%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4418	+0.218%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4430	+0.265%	$170K	$532K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0747%	1h	2.4466	+0.413%	$361K	$430K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1274%	1h	2.4365	long leg	$115K	$255K	20x