Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: BingX against KuCoin+0.138%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$950.954% of the position

Long on KuCoin Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 7 days−0.064%−$6 · spread now +0.138%, 7d avg −0.005%

Together, before fees−0.097%−$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.142% dearer against KuCoin than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4711	0.0100	pay 0.0100% / 8h	5h 05m	$835K	$574K	50x
Short	BingX PENDLE-USDT	2.4745	0.0100	get 0.0100% / 8h	5h 05m	—	$33.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against KuCoin. 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 KuCoinbpFee BingXbpOrdersPrice spread, now +0.138%Rate

Funding earned: $0
Price spread: +0.138% → −0.005%: $14.24
Slippage, 4 orders: −$73.41
Fee KuCoin: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$81.17
Costs to cover: 0.954%
Break-even: never at this rate

Slippage from KuCoin: live order book, 38 min ago; BingX: 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 KuCoin live order book, 38 min ago	9.46 bp	44.0 bp −$44	147.0 bp −$1,470	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	4.23 bp	12.5 bp −$13	24.7 bp −$247	167.9 bp −$16.8K	359.5 bp −$179.8K

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	−0.4938%	1h	2.4720	+0.036%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0275%	1h	2.4762	+0.206%	$25K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0076%	8h	2.4720	+0.036%	$26.4M	$43.7M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4730	+0.076%	$162K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0072%	8h	2.4716	+0.020%	$17.3M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0068%	8h	2.4803	+0.372%	$1.3M	$653K	75x	as long as short
Aster PENDLEUSDT	−0.0037%	8h	2.4737	+0.107%	$47K	$177K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4761	+0.202%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0005%	8h	2.4760	+0.198%	$720K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4740	+0.118%	$10K	—	5x	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	+0.0027%	8h	2.4745	+0.138%	$562K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.4758	+0.192%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4753	+0.171%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0083%	8h	2.4872	+0.651%	$411K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4739	+0.113%	$528K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4716	+0.018%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4782	+0.287%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4710	−0.004%	$14.7M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4730	+0.077%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4711	long leg	$835K	$574K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4710	−0.004%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.4745	+0.138%	—	$33.6M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4874	+0.659%	$25K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4869	+0.639%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4778	+0.271%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4750	+0.158%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4768	+0.232%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4890	+0.724%	$148K	$494K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4823	+0.452%	$115K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0758%	1h	2.4807	+0.388%	$355K	$488K	15x	as long as short