Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h −0.004%

Price spread now: Extended against KuCoin+0.107%7-day average −0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$136as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$1301.295% of the position

Long on KuCoin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$6 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now +0.107%, 7d avg −0.071%

Together, before fees−0.163%+ Points / potential airdropExtended: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.178% dearer against KuCoin than usual: you sell high and buy low (spread +0.107% now, against its 7-day average of −0.071%): +$18 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.1 days. At the pace of the last 7 days (−0.065% in total) that is about 19 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4894	0.0100	pay 0.0100% / 8h	1h 05m	$885K	$597K	50x
Short	Extended PENDLE-USD	2.4921	−0.0016	pay 0.0002% / 1h	5m 13s	$164K	$526K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now +0.107%Rate

Funding earned: −$24.36
Price spread: +0.107% → −0.071%: $17.79
Slippage, 4 orders: −$112.53
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$136.1
Costs to cover: 1.295%
Break-even: never at this rate

Slippage from KuCoin: live order book, 69 min ago; Extended: live order book, 13 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, 69 min ago	8.16 bp	53.2 bp −$53	173.5 bp −$1,735	doesn't fit	doesn't fit
Sell Extended live order book, 13 min ago	1.00 bp	13.9 bp −$14	102.2 bp −$1,022	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	−0.3656%	1h	2.4550	−1.382%	$2K	$53K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0086%	1h	2.4893	−0.004%	$76K	$239K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0071%	1h	2.4933	+0.157%	$29K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0039%	8h	2.4914	+0.080%	$1.3M	$743K	75x	as long as short
Binance PENDLEUSDT	−0.0017%	8h	2.4931	+0.147%	$26.9M	$41.3M	75x	as long as short
Extended PENDLE-USDshort	−0.0016%	1h	2.4921	+0.107%	$164K	$526K	10x
MEXC PENDLE_USDT	−0.0016%	8h	2.4903	+0.036%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4899	+0.019%	$10K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0012%	8h	2.4920	+0.104%	$19K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0042%	1h	2.4918	+0.098%	$4K	—	15x	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	+0.0058%	8h	2.4872	−0.090%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0059%	8h	2.4871	−0.093%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4917	+0.091%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4929	+0.141%	$526K	$427K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4894	−0.001%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4948	+0.217%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4901	+0.029%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4926	+0.129%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4940	+0.185%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4880	−0.056%	$781K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4894	long leg	$885K	$597K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4916	+0.088%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4918	+0.096%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4880	−0.055%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4938	+0.177%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4949	+0.221%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4930	+0.147%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4930	+0.145%	$139K	$460K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0652%	1h	2.4956	+0.249%	$355K	$476K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4962	+0.272%	$118K	$305K	20x	as long as short