Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0516%/8h= −56.5% APRpaid last 24h −0.332%

Price spread now: BingX against Kraken Futures−0.186%7-day average −0.167% · you buy dearer than you sell

Net, funding: paid 7d − costs−$181as in the Funding arb table

Net, price: spread back to 7d avg − costs−$161as in the Price arb table

costs, in and out, $10k−$1591.588% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.227%−$23 on $10k

Price spread, last 3 days (all we have)+0.194%+$19 · spread now −0.186%, 7d avg −0.167%

Together, before fees−0.033%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.167%, so right now this pair is about funding alone: −$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.227% in total (about -11.8% 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	Kraken Futures PF_PENDLEUSD	2.5297	0.0616	pay 0.0077% / 1h	55m 43s	$119K	$298K	20x
Short	BingX PENDLE-USDT	2.5250	0.0100	get 0.0100% / 8h	7h 55m	—	$35.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now −0.186%Rate

Funding earned: −$108.28
Price spread: −0.186% → −0.167%: −$1.86
Slippage, 4 orders: −$138.79
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$268.93
Costs to cover: 1.588%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 17 min ago; BingX: live order book, 3 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 Kraken Futures live order book, 17 min ago	13.91 bp	83.1 bp −$83	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	4.56 bp	13.2 bp −$13	23.2 bp −$232	156.4 bp −$15.6K	415.3 bp −$207.7K

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	2.4940	−1.411%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0423%	1h	2.5259	−0.150%	$28K	$11K	10x	as long as short
Bybit PENDLEUSDT	−0.0160%	8h	2.5202	−0.375%	$15.6M	$12.0M	50x	as long as short
ApeX Omni PENDLEUSDT	−0.0085%	1h	2.5129	−0.664%	$77K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5247	−0.198%	$166K	$524K	10x	as long as short
MEXC PENDLE_USDT	−0.0070%	8h	2.5229	−0.269%	$17.1M	$1.8M	125x	as long as short
Binance PENDLEUSDT	−0.0070%	8h	2.5227	−0.277%	$27.3M	$42.5M	75x	as long as short
BloFin PENDLE-USDT	−0.0051%	8h	2.5183	−0.451%	$1.3M	$709K	75x	as long as short
Gate PENDLE_USDT	−0.0041%	8h	2.5250	−0.186%	$782K	$1.2M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0012%	8h	2.5259	−0.150%	$20K	$16K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.5273	−0.095%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0012%	8h	2.5257	−0.160%	$600K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0015%	8h	2.5166	−0.518%	$426K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0048%	1h	2.5226	−0.279%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5202	−0.377%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5241	−0.221%	$532K	$407K	5x	as long as short
Aster PENDLEUSDT	+0.0098%	8h	2.5278	−0.074%	$47K	$178K	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5198	−0.392%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5274	−0.091%	$12.8M	$6.2M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5190	−0.423%	$3.2M	$6.0M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5255	−0.166%	$886K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5190	−0.423%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.5250	−0.186%	—	$35.7M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.5212	−0.335%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5256	−0.162%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5263	−0.134%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5244	−0.211%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.0616%	1h	2.5297	long leg	$119K	$298K	20x
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5270	−0.107%	$141K	$430K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0784%	1h	2.5310	+0.052%	$333K	$488K	15x	as long as short