Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0532%/8h= +58.2% APRpaid last 24h −0.383%

Price spread now: Gate against Kraken Futures+0.020%7-day average −0.171% · you sell dearer than you buy

Net, funding: paid 7d − costs−$194as in the Funding arb table

Net, price: spread back to 7d avg − costs−$152as in the Price arb table

costs, in and out, $10k−$1711.713% of the position

Long on Kraken Futures Short on Gate

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)−0.107%−$11 · spread now +0.020%, 7d avg −0.171%

Together, before fees−0.336%−$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Gate is 0.190% dearer against Kraken Futures than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.171%. Mind the row above: over the last 7 days funding on this pair cost −0.229%, so the current rate has only just turned in your favour.

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	Kraken Futures PF_PENDLEUSD	2.5065	−0.0432	get 0.0054% / 1h	7m 56s	$149K	$275K	20x
Short	Gate PENDLE_USDT	2.5070	0.0100	get 0.0100% / 8h	2h 07m	$850K	$1.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.020%Rate

Funding earned: $111.7
Price spread: +0.020% → −0.171%: $19.03
Slippage, 4 orders: −$146.27
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$40.54
Costs to cover: 1.713%
Break-even: 9.5 days

Slippage from Kraken Futures: live order book, 15 min ago; Gate: live order book, 4 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, 15 min ago	15.82 bp	74.7 bp −$75	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	5.99 bp	20.6 bp −$21	189.8 bp −$1,898	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	−0.898%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSDlong	−0.0432%	1h	2.5065	long leg	$149K	$275K	20x
dYdX PENDLE-USD	0.0000%	1h	2.5079	+0.057%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5079	+0.056%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0033%	8h	2.5069	+0.016%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5067	+0.007%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5054	−0.044%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0041%	8h	2.5053	−0.048%	$1.3M	$737K	75x	as long as short
MEXC PENDLE_USDT	+0.0042%	8h	2.5061	−0.016%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.5060	−0.020%	$27.2M	$39.3M	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	−0.122%	$616K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0069%	1h	2.5059	−0.024%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5070	+0.021%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5070	+0.020%	$544K	$397K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5066	+0.005%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5097	+0.127%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5074	+0.037%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5047	−0.072%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5080	+0.060%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.5070	+0.020%	$850K	$1.1M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5083	+0.072%	$895K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5053	−0.048%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5063	−0.008%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5052	−0.053%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5073	+0.031%	$423K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5093	+0.111%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5083	+0.072%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5074	+0.037%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5130	+0.259%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0845%	1h	2.5122	+0.227%	$362K	$460K	15x	as long as short