Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.003%

Price spread now: KuCoin against Aevo+0.135%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on KuCoin

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 for this trade now. Funding pays +$1 a day on $10k at the current rate, and KuCoin is 0.135% dearer against Aevo than usual: you sell high and buy low: +$14 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	Aevo PENDLE-PERP	2.4423	0.0080	pay 0.0010% / 1h	27m 39s	$26K	—	3x
Short	KuCoin PENDLEUSDTM	2.4456	0.0100	get 0.0100% / 8h	2h 27m	$862K	$555K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Aevo. 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 AevobpFee KuCoinbpOrdersPrice spread, now +0.135%Rate

Funding earned: $4.2
Price spread: +0.135% → 0.000%: $13.51
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$10.29
Costs to cover: 0.280%
Break-even: 24.1 days

Slippage unknown: Aevo: no order-book sample; KuCoin: live order book, 2 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 Aevo no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 2 min ago	7.15 bp	50.9 bp −$51	139.3 bp −$1,393	doesn't fit	doesn't fit

Aevo: 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	−0.3926%	1h	2.4160	−1.077%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0404%	1h	2.4434	+0.045%	$24K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0041%	8h	2.4430	+0.029%	$716K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4432	+0.037%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4446	+0.095%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0015%	8h	2.4432	+0.037%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0015%	8h	2.4435	+0.050%	$25.8M	$44.3M	75x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4420	−0.012%	$157K	$582K	10x	as long as short
BloFin PENDLE-USDT	+0.0027%	8h	2.4441	+0.074%	$1.1M	$600K	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4429	+0.023%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERPlong	+0.0080%	1h	2.4423	long leg	$26K	—	3x
Lighter PENDLE	+0.0096%	1h	2.4441	+0.074%	$515K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4432	+0.036%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4464	+0.168%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4445	+0.091%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4420	−0.012%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4440	+0.070%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.4456	+0.135%	$862K	$555K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4425	+0.008%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4439	+0.066%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4386	−0.151%	$548K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4473	+0.203%	$24K	$371K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4461	+0.154%	$411K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4486	+0.258%	$74K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4454	+0.127%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4437	+0.057%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4440	+0.069%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.479%	$155K	$523K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0671%	1h	2.4501	+0.319%	$355K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1192%	1h	2.4467	+0.180%	$115K	$262K	20x	as long as short