Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1165%/8h= −127.6% APRpaid last 24h −0.323%

Price spread now: Bybit against Kraken Futures+0.167%7-day average −0.197% · you sell dearer than you buy

Net, funding: paid 7d − costs−$222as in the Funding arb table

Net, price: spread back to 7d avg − costs−$141as in the Price arb table

costs, in and out, $10k−$1781.777% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.442%−$44 on $10k

Price spread, last 4 days (all we have)−0.331%−$33 · spread now +0.167%, 7d avg −0.197%

Together, before fees−0.773%−$77 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.364% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.167% now, against its 7-day average of −0.197%): +$36 on $10k if it goes back. Holding the pair costs −$35 a day in funding at the current rate, which eats that in about 25 hours. At the pace of the last 7 days (−0.442% in total) that is about 5.8 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.442% in total (about -23.0% 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	2.4537	0.1265	pay 0.0158% / 1h	0m 41s	$116K	$253K	20x
Short	Bybit PENDLEUSDT	2.4578	0.0100	get 0.0100% / 8h	7h 00m	$14.3M	$11.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.167%Rate

Funding earned: −$244.63
Price spread: +0.167% → −0.197%: $36.42
Slippage, 4 orders: −$156.74
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$385.95
Costs to cover: 1.777%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 32 min ago; Bybit: 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, 32 min ago	33.17 bp	91.6 bp −$92	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.04 bp	18.2 bp −$18	51.5 bp −$515	384.2 bp −$38.4K	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	−0.3627%	1h	2.3930	−2.474%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0110%	8h	2.4541	+0.016%	$407K	$2.8M	10x	as long as short
MEXC PENDLE_USDT	−0.0074%	8h	2.4577	+0.163%	$18.7M	$2.2M	125x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.4601	+0.262%	$25.7M	$46.8M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4566	+0.117%	$162K	$934K	10x	as long as short
BloFin PENDLE-USDT	−0.0061%	8h	2.4545	+0.032%	$1.1M	$517K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0004%	8h	2.4546	+0.037%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4571	+0.138%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4562	+0.102%	$25K	$14K	10x	as long as short
Aster PENDLEUSDT	+0.0033%	8h	2.4575	+0.155%	$50K	$179K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0064%	1h	2.4549	+0.049%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0087%	8h	2.4520	−0.068%	$584K	$1.2M	—	as long as short
Reya PENDLERUSDPERP	+0.0091%	1h	2.4550	+0.051%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4583	+0.187%	$531K	$446K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4570	+0.133%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4626	+0.363%	$13.0M	$6.0M	5x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.4578	+0.167%	$14.3M	$11.8M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4580	+0.175%	$3.1M	$6.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4560	+0.094%	$778K	$997K	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4585	+0.195%	$703K	$596K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4577	+0.163%	$3.9M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4570	+0.134%	—	$8.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4541	+0.014%	$23K	$371K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4544	+0.028%	$75K	$231K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4570	+0.134%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4554	+0.069%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4559	+0.088%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4640	+0.420%	$171K	$539K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0850%	1h	2.4614	+0.314%	$366K	$433K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1265%	1h	2.4537	long leg	$116K	$253K	20x