Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1523%/8h= +166.8% APRpaid last 24h +0.304%

Price spread now: Kraken Futures against Binance+0.218%7-day average +0.148% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$1441.444% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.322%+$32 on $10k

Price spread, last 4 days (all we have)−0.235%−$24 · spread now +0.218%, 7d avg +0.148%

Together, before fees+0.087%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$46 a day on $10k at the current rate, and Kraken Futures is 0.070% dearer against Binance than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.148%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.322% in total (about 16.8% 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	Binance PENDLEUSDT	2.4200	0.0005	pay 0.0005% / 8h	20m 55s	$25.4M	$46.0M	75x
Short	Kraken Futures PF_PENDLEUSD	2.4253	0.1529	get 0.0191% / 1h	20m 55s	$115K	$263K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.218%Rate

Funding earned: $319.93
Price spread: +0.218% → +0.148%: $7.03
Slippage, 4 orders: −$124.4
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $182.56
Costs to cover: 1.444%
Break-even: 3.0 days

Slippage from Binance: live order book, 6 min ago; Kraken Futures: live order book, 17 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 Binance live order book, 6 min ago	0.21 bp	10.8 bp −$11	25.8 bp −$258	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 17 min ago	20.57 bp	38.8 bp −$39	doesn't fit	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	−0.4810%	1h	2.3940	−1.074%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0122%	1h	2.4197	−0.012%	$24K	$16K	10x	as long as short
BloFin PENDLE-USDT	−0.0018%	8h	2.4193	−0.029%	$1.1M	$501K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4187	−0.054%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4199	−0.005%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4198	−0.008%	$17.9M	$2.1M	125x	as long as short
Binance PENDLEUSDTlong	+0.0005%	8h	2.4200	long leg	$25.4M	$46.0M	75x
Extended PENDLE-USD	+0.0008%	1h	2.4189	−0.046%	$157K	$927K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0062%	1h	2.4193	−0.029%	$74K	$231K	50x	as long as short
Gate PENDLE_USDT	+0.0069%	8h	2.4200	0.000%	$758K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0078%	8h	2.4192	−0.034%	$408K	$2.5M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4190	−0.040%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0084%	1h	2.4195	−0.020%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4201	+0.004%	$521K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4190	−0.040%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4226	+0.107%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4214	+0.058%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4196	−0.017%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4210	+0.041%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4194	−0.025%	$719K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4199	−0.004%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4203	+0.012%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4186	−0.060%	$563K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4183	−0.071%	$24K	$369K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4226	+0.107%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4224	+0.099%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4206	+0.026%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0607%	1h	2.4252	+0.215%	$350K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4230	+0.124%	$156K	$505K	25x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.1529%	1h	2.4253	+0.218%	$115K	$263K	20x