PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0194%/8h= −21.2% APRnext payment −$1.94 per $10,000 · paid last 24h −0.018%

Price spread now: BloFin against KuCoin−0.211%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$161as in the Funding arb table

Net, price: spread back to 7d avg − costs−$175as in the Price arb table

costs, in and out, $10k−$1531.527% of the position

Long on KuCoin Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 3 days (all we have)+0.305%+$31 · spread now −0.211%, 7d avg +0.012%

Together, before fees+0.220%+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and BloFin is 0.222% cheaper against KuCoin than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.012%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.086% in total (about -4.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.94 per $10,000. 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	KuCoin PENDLEUSDTM	2.5152	0.0100	pay 0.0100% / 8h	7h 52m	$882K	$600K	50x
Short	BloFin PENDLE-USDT	2.5099	−0.0094	pay 0.0094% / 8h	7h 52m	$1.3M	$707K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.211%Rate

Funding earned: −$40.73
Price spread: −0.211% → +0.012%: −$22.22
Slippage, 4 orders: −$128.75
Fee KuCoin: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$215.7
Costs to cover: 1.527%
Break-even: never at this rate

Slippage from KuCoin: live order book, 1 min ago; BloFin: live order book, 5 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, 1 min ago	8.94 bp	59.3 bp −$59	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.79 bp	9.0 bp −$9	19.0 bp −$190	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	−0.4643%	1h	2.4940	−0.843%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0821%	8h	2.5110	−0.167%	$777K	$1.2M	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0347%	1h	2.5118	−0.135%	$26K	$14K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0183%	8h	2.5198	+0.185%	$427K	$1.6M	10x	as long as short
Bybit PENDLEUSDT	−0.0133%	8h	2.5111	−0.163%	$15.5M	$12.1M	50x	as long as short
BloFin PENDLE-USDTshort	−0.0094%	8h	2.5099	−0.211%	$1.3M	$707K	75x
Extended PENDLE-USD	−0.0072%	1h	2.5116	−0.144%	$163K	$531K	10x	as long as short
Binance PENDLEUSDT	−0.0072%	8h	2.5119	−0.130%	$27.1M	$42.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0071%	8h	2.5123	−0.115%	$17.0M	$1.8M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0013%	8h	2.5103	−0.195%	$20K	$16K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.5113	−0.155%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0012%	8h	2.5257	+0.416%	$600K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0048%	1h	2.5119	−0.130%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5136	−0.062%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0092%	8h	2.5114	−0.151%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5110	−0.167%	$530K	$410K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5078	−0.292%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5171	+0.076%	$12.8M	$6.2M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5120	−0.127%	$3.2M	$6.0M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.5152	long leg	$882K	$600K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5111	−0.163%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5124	−0.111%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5199	+0.187%	$25K	$380K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5239	+0.346%	$77K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5137	−0.060%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5116	−0.143%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5121	−0.122%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0544%	1h	2.5169	+0.068%	$331K	$488K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0619%	1h	2.5159	+0.029%	$119K	$295K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5150	−0.008%	$140K	$437K	25x	as long as short