Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.4343%/8h= −475.6% APRpaid last 24h −0.818%

Price spread now: Injective against KuCoin−1.216%55s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.272%−$127 on $10k

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 −$130 a day on $10k at the current rate, and Injective is 1.216% cheaper against KuCoin than usual: you would sell low and buy high (−$122 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.272% in total (about -66.3% 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	KuCoin PENDLEUSDTM	2.4579	0.0100	pay 0.0100% / 8h	3h 20m	$887K	$558K	50x
Short	Injective PENDLE/USDC PERP	2.4280	−0.4243	pay 0.0530% / 1h	20m 19s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.216%Rate

Funding earned: −$912.07
Price spread: −1.216% → 0.000%: −$121.65
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,045.74
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 14 min ago; Injective: 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, 14 min ago	6.50 bp	45.1 bp −$45	140.7 bp −$1,407	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.4243%	1h	2.4280	−1.216%	$2K	$54K	5.5x
ApeX Omni PENDLEUSDT	−0.0149%	1h	2.4526	−0.216%	$75K	$234K	50x	as long as short
Gate PENDLE_USDT	−0.0070%	8h	2.4560	−0.077%	$718K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4539	−0.164%	$158K	$576K	10x	as long as short
MEXC PENDLE_USDT	−0.0062%	8h	2.4588	+0.037%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0060%	8h	2.4556	−0.096%	$26.0M	$44.3M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0040%	8h	2.4574	−0.020%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0038%	8h	2.4562	−0.069%	$1.1M	$596K	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0035%	1h	2.4581	+0.008%	$25K	$14K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4560	−0.077%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0017%	8h	2.4608	+0.119%	$47K	$172K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0033%	8h	2.4530	−0.199%	$415K	$2.0M	10x	as long as short
Variational Omni PENDLE	+0.0063%	8h	2.4551	−0.115%	$551K	$1.4M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4560	−0.076%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0070%	1h	2.4602	+0.094%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4550	−0.118%	$515K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4585	+0.025%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4530	−0.199%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4580	+0.004%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4579	long leg	$887K	$558K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4566	−0.053%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4567	−0.049%	—	$8.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4508	−0.289%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4618	+0.159%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4594	+0.061%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4578	−0.003%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0234%	1h	2.4647	+0.277%	$12.8M	$6.1M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4610	+0.126%	$152K	$508K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0670%	1h	2.4618	+0.159%	$358K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1183%	1h	2.4611	+0.129%	$115K	$269K	20x	as long as short