Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0724%/8hpaid last 24h −0.444%

Price spread now: Gate against Kraken Futures−0.144%7-day average −0.175% · you buy dearer than you sell

Net, funding: paid 7d − costs−$184as in the Funding arb table

Net, price: spread back to 7d avg − costs−$153as in the Price arb table

costs, in and out, $10k−$1561.563% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.281%−$28 on $10k

Price spread, last 3 days (all we have)+0.159%+$16 · spread now −0.144%, 7d avg −0.175%

Together, before fees−0.122%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Gate is 0.031% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.175%. Mind the row above: over the last 7 days funding on this pair cost −0.281%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.281% in total (about -14.7% 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	2.5477	−0.0624	get 0.0078% / 1h	7m 05s	$158K	$248K	20x
Short	Gate PENDLE_USDT	2.5440	0.0100	get 0.0100% / 8h	4h 07m	$814K	$1.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.144%Rate

Funding earned: $152
Price spread: −0.144% → −0.175%: $3.11
Slippage, 4 orders: −$131.28
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$1.17
Costs to cover: 1.563%
Break-even: 7.1 days

Slippage from Kraken Futures: live order book, 24 min ago; Gate: live order book, 4 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, 24 min ago	5.88 bp	46.3 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	1.96 bp	25.0 bp −$25	164.0 bp −$1,640	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	−0.4300%	1h	2.5140	−1.321%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSDlong	−0.0624%	1h	2.5477	long leg	$158K	$248K	20x
Variational Omni PENDLE	−0.0017%	8h	2.5445	−0.124%	$657K	$2.2M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5465	−0.045%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5468	−0.034%	$30K	$11K	10x	as long as short
Aster PENDLEUSDT	+0.0018%	8h	2.5458	−0.073%	$52K	$140K	10x	as long as short
Reya PENDLERUSDPERP	+0.0027%	1h	2.5468	−0.035%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0041%	8h	2.5464	−0.049%	$23K	$8K	10x	as long as short
MEXC PENDLE_USDT	+0.0078%	8h	2.5451	−0.100%	$17.1M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0078%	8h	2.5452	−0.098%	$27.9M	$37.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0080%	1h	2.5443	−0.133%	$167K	$519K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5465	−0.045%	$556K	$380K	5x	as long as short
BloFin PENDLE-USDT	+0.0097%	8h	2.5452	−0.096%	$1.4M	$822K	75x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5440	−0.145%	$36K	$26K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5510	+0.131%	$12.4M	$5.3M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5450	−0.104%	$15.9M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5470	−0.026%	$3.3M	$5.4M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.5440	−0.144%	$814K	$1.0M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5478	+0.006%	$928K	$596K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5468	−0.034%	$3.8M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5453	−0.093%	—	$34.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5441	−0.138%	$25K	$414K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5456	−0.081%	$430K	$1.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5443	−0.132%	$78K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5486	+0.037%	$16K	$30K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5474	−0.010%	$2K	$1.6M	20x	as long as short
Aevo PENDLE-PERP	+0.0104%	1h	2.5511	+0.136%	$27K	—	3x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0272%	1h	2.5477	+0.001%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0576%	1h	2.5520	+0.170%	$118K	$438K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0976%	1h	2.5514	+0.147%	$377K	$458K	15x	as long as short