Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.1554%/8h= +170.1% APRpaid last 24h +0.283%

Price spread now: Kraken Futures against Paradex+0.582%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$47 a day on $10k at the current rate, and Kraken Futures is 0.582% dearer against Paradex than usual: you sell high and buy low: +$58 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex PENDLE-USD-PERP	2.4505	0.0100	pay 0.0100% / 8h	1h 26m	$34K	$7K	10x
Short	Kraken Futures PF_PENDLEUSD	2.4648	0.1654	get 0.0207% / 1h	26m 48s	$116K	$261K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Paradex. 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 ParadexbpFee Kraken FuturesbpOrdersPrice spread, now +0.582%Rate

Funding earned: $326.28
Price spread: +0.582% → 0.000%: $58.19
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $370.47
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Kraken Futures: live order book, 16 min ago. 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 Paradex no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 16 min ago	16.33 bp	33.7 bp −$34	doesn't fit	doesn't fit	doesn't fit

Paradex: 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	−1.040%	$2K	$54K	5.5x	as long as short
Orderly PERP_PENDLE_USDC	−0.0026%	8h	2.4589	+0.343%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4510	+0.021%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4594	+0.364%	$25K	$16K	10x	as long as short
Gate PENDLE_USDT	+0.0022%	8h	2.4600	+0.388%	$763K	$1.0M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.4601	+0.391%	$158K	$478K	10x	as long as short
MEXC PENDLE_USDT	+0.0048%	8h	2.4604	+0.404%	$17.6M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0051%	8h	2.4602	+0.396%	$26.0M	$45.2M	75x	as long as short
BloFin PENDLE-USDT	+0.0075%	8h	2.4591	+0.351%	$1.1M	$501K	75x	as long as short
Reya PENDLERUSDPERP	+0.0079%	1h	2.4504	−0.006%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.4630	+0.510%	$521K	$416K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.4586	+0.331%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.4505	long leg	$34K	$7K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4638	+0.543%	$12.8M	$6.2M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4583	+0.317%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4590	+0.347%	$14.4M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4610	+0.429%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4616	+0.453%	$877K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4604	+0.404%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4593	+0.359%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4486	−0.078%	$590K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4488	−0.068%	$24K	$369K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4493	−0.049%	$404K	$2.3M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4478	−0.110%	$74K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4585	+0.327%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4531	+0.106%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4593	+0.359%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0529%	1h	2.4657	+0.621%	$352K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4540	+0.143%	$159K	$503K	25x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.1654%	1h	2.4648	+0.582%	$116K	$261K	20x