Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1223%/8h= +133.9% APRpaid last 24h +0.292%

Price spread now: Kraken Futures against BloFin+0.254%7-day average +0.156% · you sell dearer than you buy

Net, funding: paid 7d − costs−$140as in the Funding arb table

Net, price: spread back to 7d avg − costs−$162as in the Price arb table

costs, in and out, $10k−$1721.715% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.315%+$31 on $10k

Price spread, last 4 days (all we have)−0.368%−$37 · spread now +0.254%, 7d avg +0.156%

Together, before fees−0.054%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$37 a day on $10k at the current rate, and Kraken Futures is 0.097% dearer against BloFin than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.156%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.315% in total (about 16.4% 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	BloFin PENDLE-USDT	2.4631	−0.0045	get 0.0045% / 8h	4h 14m	$1.1M	$605K	75x
Short	Kraken Futures PF_PENDLEUSD	2.4693	0.1178	get 0.0147% / 1h	14m 52s	$115K	$268K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now +0.254%Rate

Funding earned: $256.85
Price spread: +0.254% → +0.156%: $9.74
Slippage, 4 orders: −$149.53
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $95.07
Costs to cover: 1.715%
Break-even: 4.4 days

Slippage from BloFin: live order book, 2 min ago; Kraken Futures: live order book, 43 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 BloFin live order book, 2 min ago	0.20 bp	8.5 bp −$9	18.4 bp −$184	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 43 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	−0.0066%	8h	2.4630	−0.004%	$718K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.4625	−0.025%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0061%	8h	2.4633	+0.008%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0061%	8h	2.4632	+0.004%	$17.3M	$2.0M	125x	as long as short
Aster PENDLEUSDT	−0.0051%	8h	2.4644	+0.053%	$47K	$179K	10x	as long as short
BloFin PENDLE-USDTlong	−0.0045%	8h	2.4631	long leg	$1.1M	$605K	75x
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4629	−0.008%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4620	−0.043%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4644	+0.053%	$25K	$14K	10x	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	+0.0054%	8h	2.4606	−0.103%	$553K	$1.4M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0064%	8h	2.4622	−0.038%	$410K	$1.9M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4623	−0.030%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0065%	1h	2.4639	+0.031%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4638	+0.028%	$516K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4599	−0.128%	$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	2.4650	+0.077%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4629	−0.008%	$866K	$559K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4621	−0.041%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4633	+0.008%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4604	−0.109%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4603	−0.114%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4668	+0.150%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4644	+0.053%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4639	+0.031%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0331%	1h	2.4681	+0.203%	$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	+0.0712%	1h	2.4684	+0.215%	$357K	$465K	15x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.1178%	1h	2.4693	+0.254%	$115K	$268K	20x