Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0514%/8h= +56.3% APRpaid last 24h +0.318%

Price spread now: Kraken Futures against edgeX+0.261%7-day average +0.186% · you sell dearer than you buy

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1481.476% of the position

Long on edgeX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.182%+$18 on $10k

Price spread, last 3 days (all we have)−0.250%−$25 · spread now +0.261%, 7d avg +0.186%

Together, before fees−0.068%+ Points / potential airdropedgeX: Active · farm board−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Kraken Futures is 0.075% dearer against edgeX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.186%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.182% in total (about 9.5% 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	edgeX PENDLEUSDC	2.5293	0.0100	pay 0.0050% / 4h	3h 31m	$25K	$382K	10x
Short	Kraken Futures PF_PENDLEUSD	2.5359	0.0614	get 0.0077% / 1h	31m 07s	$118K	$293K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against edgeX. 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 edgeXbpFee Kraken FuturesbpOrdersPrice spread, now +0.261%Rate

Funding earned: $107.96
Price spread: +0.261% → +0.186%: $7.54
Slippage, 4 orders: −$128.59
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$32.1
Costs to cover: 1.476%
Break-even: 9.1 days

Slippage from edgeX: live order book, 42 min ago; Kraken Futures: live order book, 41 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 edgeX live order book, 42 min ago	1.99 bp	6.9 bp −$7	30.1 bp −$301	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 41 min ago	13.91 bp	50.3 bp −$50	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	−0.4643%	1h	2.4970	−1.278%	$2K	$54K	5.5x	as long as short
Extended PENDLE-USD	−0.0088%	1h	2.5297	+0.016%	$165K	$640K	10x	as long as short
Binance PENDLEUSDT	−0.0085%	8h	2.5309	+0.060%	$27.3M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0082%	8h	2.5314	+0.082%	$17.1M	$1.9M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0066%	8h	2.5297	+0.014%	$428K	$1.6M	10x	as long as short
BloFin PENDLE-USDT	−0.0064%	8h	2.5307	+0.054%	$1.3M	$706K	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0041%	1h	2.5293	−0.001%	$77K	$237K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0018%	8h	2.5312	+0.074%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5281	−0.049%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5322	+0.113%	$26K	$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	+0.0009%	8h	2.5276	−0.068%	$610K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0050%	1h	2.5318	+0.098%	$4K	—	15x	as long as short
Gate PENDLE_USDT	+0.0056%	8h	2.5310	+0.066%	$787K	$1.2M	75x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5317	+0.094%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0070%	8h	2.5341	+0.188%	$47K	$178K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5311	+0.070%	$537K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5303	+0.040%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5300	+0.026%	$15.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5300	+0.026%	$3.3M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5343	+0.196%	$891K	$592K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5305	+0.046%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5302	+0.034%	—	$35.7M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.5293	long leg	$25K	$382K	10x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5333	+0.157%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5315	+0.086%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5318	+0.097%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0342%	1h	2.5368	+0.295%	$13.0M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0614%	1h	2.5359	+0.261%	$118K	$293K	20x
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5350	+0.224%	$140K	$443K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0856%	1h	2.5359	+0.260%	$334K	$486K	15x	as long as short