Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1553%/8h= −170.1% APRpaid last 24h −0.283%

Price spread now: KuCoin against Kraken Futures−0.185%7-day average −0.157% · you buy dearer than you sell

Net, funding: paid 7d − costs−$265as in the Funding arb table

Net, price: spread back to 7d avg − costs−$243as in the Price arb table

costs, in and out, $10k−$2402.402% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.243%−$24 on $10k

Price spread, last 4 days (all we have)+0.190%+$19 · spread now −0.185%, 7d avg −0.157%

Together, before fees−0.052%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$47 a day on $10k at the current rate, and KuCoin is 0.028% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.157%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.243% in total (about -12.7% 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	2.4653	0.1653	pay 0.0207% / 1h	16m 33s	$116K	$261K	20x
Short	KuCoin PENDLEUSDTM	2.4607	0.0100	get 0.0100% / 8h	1h 16m	$875K	$550K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.185%Rate

Funding earned: −$326.2
Price spread: −0.185% → −0.157%: −$2.81
Slippage, 4 orders: −$218.24
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$569.24
Costs to cover: 2.402%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 26 min ago; KuCoin: live order book, 8 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, 26 min ago	16.33 bp	87.0 bp −$87	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 8 min ago	9.50 bp	58.3 bp −$58	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	−0.4348%	1h	2.4230	−1.715%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0156%	1h	2.4607	−0.185%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0021%	8h	2.4595	−0.234%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4606	−0.190%	$10K	—	5x	as long as short
Gate PENDLE_USDT	+0.0030%	8h	2.4570	−0.335%	$781K	$1.0M	75x	as long as short
BloFin PENDLE-USDT	+0.0043%	8h	2.4576	−0.311%	$1.1M	$504K	75x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.4562	−0.368%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0045%	8h	2.4561	−0.372%	$25.9M	$45.3M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.4561	−0.372%	$159K	$478K	10x	as long as short
Reya PENDLERUSDPERP	+0.0080%	1h	2.4614	−0.158%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.4587	−0.266%	$521K	$417K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.4604	−0.197%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4566	−0.351%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4617	−0.145%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4575	−0.315%	$48K	$168K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4554	−0.400%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4590	−0.254%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.4607	−0.185%	$875K	$550K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4586	−0.271%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4571	−0.331%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4596	−0.231%	$598K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4604	−0.196%	$24K	$372K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4616	−0.149%	$413K	$2.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4619	−0.137%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4624	−0.116%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4611	−0.169%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4620	−0.133%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0567%	1h	2.4653	+0.001%	$352K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4650	−0.011%	$159K	$509K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1653%	1h	2.4653	long leg	$116K	$261K	20x