Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1078%/8h= +118.1% APRpaid last 24h +0.274%

Price spread now: Kraken Futures against BingX+0.205%7-day average +0.178% · you sell dearer than you buy

Net, funding: paid 7d − costs−$145as in the Funding arb table

Net, price: spread back to 7d avg − costs−$168as in the Price arb table

costs, in and out, $10k−$1711.709% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.262%+$26 on $10k

Price spread, last 4 days (all we have)−0.150%−$15 · spread now +0.205%, 7d avg +0.178%

Together, before fees+0.112%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$32 a day on $10k at the current rate, and Kraken Futures is 0.028% dearer against BingX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.178%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.262% in total (about 13.7% 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	BingX PENDLE-USDT	2.4631	0.0100	pay 0.0100% / 8h	4h 23m	—	$8.5M	—
Short	Kraken Futures PF_PENDLEUSD	2.4682	0.1178	get 0.0147% / 1h	23m 14s	$115K	$269K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.205%Rate

Funding earned: $226.44
Price spread: +0.205% → +0.178%: $2.77
Slippage, 4 orders: −$150.85
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $58.36
Costs to cover: 1.709%
Break-even: 5.2 days

Slippage from BingX: live order book, 15 min ago; Kraken Futures: live order book, 34 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 BingX live order book, 15 min ago	4.26 bp	12.0 bp −$12	24.1 bp −$241	235.4 bp −$23.5K	461.0 bp −$230.5K
Sell Kraken Futures live order book, 34 min ago	14.18 bp	45.9 bp −$46	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	−0.4334%	1h	2.4340	−1.181%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0067%	8h	2.4660	+0.118%	$719K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0062%	8h	2.4628	−0.012%	$1.1M	$604K	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4630	−0.005%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0054%	8h	2.4640	+0.037%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0054%	8h	2.4636	+0.020%	$17.3M	$2.0M	125x	as long as short
Aster PENDLEUSDT	−0.0040%	8h	2.4659	+0.115%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4637	+0.024%	$19K	$15K	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0034%	1h	2.4648	+0.069%	$25K	$14K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	+0.056%	$10K	—	5x	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	+0.0048%	8h	2.4650	+0.079%	$553K	$1.5M	—	as long as short
Reya PENDLERUSDPERP	+0.0065%	1h	2.4639	+0.034%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4630	−0.002%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4647	+0.065%	$517K	$424K	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0096%	8h	2.4681	+0.202%	$408K	$1.9M	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4628	−0.011%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4630	−0.004%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4640	+0.037%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4647	+0.065%	$866K	$576K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4624	−0.028%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDTlong	+0.0100%	8h	2.4631	long leg	—	$8.5M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4644	+0.051%	$24K	$376K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4642	+0.045%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4660	+0.118%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4661	+0.122%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4647	+0.064%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0382%	1h	2.4680	+0.199%	$12.7M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+0.767%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0729%	1h	2.4691	+0.244%	$357K	$467K	15x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.1178%	1h	2.4682	+0.205%	$115K	$269K	20x