Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1091%/8h= −119.4% APRpaid last 24h −0.290%

Price spread now: KuCoin against Kraken Futures−0.117%7-day average −0.157% · you buy dearer than you sell

Net, funding: paid 7d − costs−$251as in the Funding arb table

Net, price: spread back to 7d avg − costs−$221as in the Price arb table

costs, in and out, $10k−$2252.248% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.260%−$26 on $10k

Price spread, last 4 days (all we have)+0.137%+$14 · spread now −0.117%, 7d avg −0.157%

Together, before fees−0.123%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.040% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.117% now, against its 7-day average of −0.157%): +$4 on $10k if it goes back. Holding the pair costs −$33 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 7 days (−0.260% in total) that is about 26 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.260% in total (about -13.6% 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	2.4502	0.1191	pay 0.0149% / 1h	26m 44s	$115K	$262K	20x
Short	KuCoin PENDLEUSDTM	2.4473	0.0100	get 0.0100% / 8h	2h 26m	$862K	$555K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$229.07
Price spread: −0.117% → −0.157%: $4.03
Slippage, 4 orders: −$202.84
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$449.88
Costs to cover: 2.248%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 21 min ago; KuCoin: live order book, 3 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, 21 min ago	12.26 bp	77.2 bp −$77	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	7.15 bp	50.9 bp −$51	139.3 bp −$1,393	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	−0.3926%	1h	2.4160	−1.395%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0363%	1h	2.4436	−0.268%	$24K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0041%	8h	2.4430	−0.293%	$716K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4433	−0.280%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4483	−0.077%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0015%	8h	2.4462	−0.162%	$17.3M	$2.0M	125x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4427	−0.304%	$157K	$582K	10x	as long as short
Binance PENDLEUSDT	+0.0017%	8h	2.4464	−0.154%	$25.8M	$44.3M	75x	as long as short
BloFin PENDLE-USDT	+0.0020%	8h	2.4440	−0.252%	$1.1M	$600K	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4425	−0.311%	$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	+0.0088%	1h	2.4426	−0.309%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4460	−0.170%	$516K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4450	−0.212%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4492	−0.038%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4468	−0.136%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4450	−0.211%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4480	−0.088%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.4473	−0.117%	$862K	$555K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4450	−0.211%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4457	−0.182%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4386	−0.471%	$548K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4473	−0.119%	$24K	$371K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4461	−0.167%	$411K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4486	−0.064%	$74K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4451	−0.207%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4440	−0.252%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4439	−0.255%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.156%	$155K	$523K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0666%	1h	2.4488	−0.056%	$355K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1191%	1h	2.4502	long leg	$115K	$262K	20x