Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.024%

Price spread now: KuCoin against GMX+0.042%7-day average — · you sell dearer than you buy

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. KuCoin is 0.042% dearer against GMX than usual: you sell high and buy low (spread +0.042% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.4494	L +0.0196% / S −0.0222%	pay 0.0024% / 1h	46m 20s	$5K	—	100x
Short	KuCoin PENDLEUSDTM	2.4504	0.0100	get 0.0100% / 8h	1h 46m	$877K	$559K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against GMX. 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 GMXbpFee KuCoinbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$20.15
Price spread: +0.042% → 0.000%: $4.18
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$39.97
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 43 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 GMX no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 43 min ago	7.15 bp	50.9 bp −$51	139.3 bp −$1,393	doesn't fit	doesn't fit

GMX: 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	−0.4348%	1h	2.4250	−0.995%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0281%	1h	2.4490	−0.015%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0033%	8h	2.4483	−0.044%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0002%	8h	2.4490	−0.015%	$748K	$1.0M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4530	+0.147%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0019%	8h	2.4485	−0.036%	$1.1M	$487K	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.4473	−0.084%	$160K	$573K	10x	as long as short
Binance PENDLEUSDT	+0.0032%	8h	2.4478	−0.066%	$25.8M	$45.0M	75x	as long as short
MEXC PENDLE_USDT	+0.0033%	8h	2.4482	−0.048%	$17.5M	$2.0M	125x	as long as short
Reya PENDLERUSDPERP	+0.0077%	1h	2.4486	−0.033%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0085%	1h	2.4504	+0.042%	$75K	$233K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4482	−0.049%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4497	+0.013%	$518K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4474	−0.082%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4529	+0.144%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4507	+0.052%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4480	−0.056%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4490	−0.015%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.4504	+0.042%	$877K	$559K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4499	+0.021%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4479	−0.060%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4506	+0.050%	$565K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4497	+0.013%	$24K	$372K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4512	+0.074%	$416K	$2.3M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4507	+0.054%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4504	+0.042%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0196% / S −0.0222%	1h	2.4494	long leg	$5K	—	100x
Backpack PENDLE_USDC_PERP	+0.0501%	1h	2.4537	+0.177%	$348K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4580	+0.352%	$161K	$527K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1662%	1h	2.4527	+0.136%	$115K	$262K	20x	as long as short