Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0339%/8h= −37.1% APRpaid last 24h −0.067%

Price spread now: Deribit against KuCoin−0.029%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Deribit is 0.029% cheaper against KuCoin than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4525	0.0100	pay 0.0100% / 8h	1h 44m	$878K	$559K	50x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4518	−0.0239	pay 0.0030% / 1h	44m 55s	$25K	$16K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$71.23
Price spread: −0.029% → 0.000%: −$2.85
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$93.09
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 44 min ago; Deribit: no order-book sample. Net counts fees only.

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, 44 min ago	7.15 bp	50.6 bp −$51	149.9 bp −$1,499	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4348%	1h	2.4250	−1.121%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0239%	1h	2.4518	−0.029%	$25K	$16K	10x
Orderly PERP_PENDLE_USDC	−0.0032%	8h	2.4511	−0.057%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0004%	8h	2.4520	−0.020%	$749K	$1.0M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4530	+0.020%	$10K	—	5x	as long as short
ApeX Omni PENDLEUSDT	+0.0017%	1h	2.4494	−0.126%	$75K	$233K	50x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.4488	−0.151%	$160K	$573K	10x	as long as short
MEXC PENDLE_USDT	+0.0032%	8h	2.4500	−0.102%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0032%	8h	2.4502	−0.094%	$25.8M	$45.0M	75x	as long as short
BloFin PENDLE-USDT	+0.0062%	8h	2.4515	−0.041%	$1.1M	$498K	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0077%	1h	2.4517	−0.033%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4509	−0.065%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4518	−0.029%	$519K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4485	−0.161%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4538	+0.053%	$12.8M	$6.2M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4513	−0.050%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4495	−0.122%	$14.3M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4520	−0.020%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4525	long leg	$878K	$559K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4501	−0.098%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4496	−0.118%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4461	−0.262%	$565K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4479	−0.188%	$24K	$373K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4489	−0.147%	$404K	$2.3M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4537	+0.049%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4513	−0.049%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4525	−0.001%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0468%	1h	2.4557	+0.130%	$349K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4580	+0.224%	$161K	$527K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1657%	1h	2.4592	+0.273%	$116K	$262K	20x	as long as short