Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0726%/8h= +79.5% APRpaid last 24h +0.052%

Price spread now: KuCoin against Deribit+0.108%7-day average — · you sell dearer than you buy

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

Long on Deribit 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 +$22 a day on $10k at the current rate, and KuCoin is 0.108% dearer against Deribit than usual: you sell high and buy low: +$11 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	Deribit PENDLE_USDC-PERPETUAL	2.5083	−0.0626	get 0.0078% / 1h	41m 21s	$26K	$14K	10x
Short	KuCoin PENDLEUSDTM	2.5110	0.0100	get 0.0100% / 8h	6h 41m	$853K	$593K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Deribit. 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 DeribitbpFee KuCoinbpOrdersPrice spread, now +0.108%Rate

Funding earned: $152.53
Price spread: +0.108% → 0.000%: $10.76
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $144.29
Costs to cover: 0.190%
Break-even: 0.4 days

Slippage unknown: Deribit: no order-book sample; KuCoin: live order book, 8 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 Deribit no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 8 min ago	9.93 bp	45.3 bp −$45	176.7 bp −$1,767	doesn't fit	doesn't fit

Deribit: 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	−0.4742%	1h	2.4750	−1.328%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0626%	1h	2.5083	long leg	$26K	$14K	10x
ApeX Omni PENDLEUSDT	−0.0160%	1h	2.5186	+0.411%	$77K	$237K	50x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5065	−0.070%	$167K	$569K	10x	as long as short
Binance PENDLEUSDT	−0.0111%	8h	2.5085	+0.008%	$27.1M	$43.3M	75x	as long as short
MEXC PENDLE_USDT	−0.0107%	8h	2.5115	+0.128%	$17.4M	$1.8M	125x	as long as short
Bybit PENDLEUSDT	−0.0106%	8h	2.5090	+0.028%	$15.3M	$12.1M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0097%	8h	2.5096	+0.052%	$421K	$1.7M	10x	as long as short
BloFin PENDLE-USDT	−0.0095%	8h	2.5143	+0.239%	$1.3M	$654K	75x	as long as short
Variational Omni PENDLE	−0.0039%	8h	2.5061	−0.087%	$598K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0033%	8h	2.5085	+0.008%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5095	+0.048%	$11K	—	5x	as long as short
Gate PENDLE_USDT	+0.0005%	8h	2.5110	+0.108%	$763K	$1.2M	75x	as long as short
Aster PENDLEUSDT	+0.0005%	8h	2.5109	+0.103%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0054%	1h	2.5092	+0.034%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5086	+0.011%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5089	+0.024%	$534K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5108	+0.100%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5080	−0.012%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5110	+0.108%	$853K	$593K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5090	+0.028%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5086	+0.012%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5176	+0.371%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5116	+0.132%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5094	+0.044%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5113	+0.119%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0280%	1h	2.5143	+0.239%	$12.9M	$6.4M	5x	as long as short
Backpack PENDLE_USDC_PERP	+0.0358%	1h	2.5144	+0.243%	$352K	$485K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5130	+0.187%	$146K	$469K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0867%	1h	2.5141	+0.233%	$117K	$291K	20x	as long as short