Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1424%/8h= −155.9% APRpaid last 24h −0.286%

Price spread now: OKX against Kraken Futures−0.154%7-day average −0.196% · you buy dearer than you sell

Net, funding: paid 7d − costs−$180as in the Funding arb table

Net, price: spread back to 7d avg − costs−$150as in the Price arb table

costs, in and out, $10k−$1541.541% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.262%−$26 on $10k

Price spread, last 4 days (all we have)+0.087%+$9 · spread now −0.154%, 7d avg −0.196%

Together, before fees−0.175%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.042% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.154% now, against its 7-day average of −0.196%): +$4 on $10k if it goes back. Holding the pair costs −$43 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.262% in total) that is about 27 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.262% in total (about -13.7% 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	2.4327	0.1524	pay 0.0191% / 1h	13m 06s	$115K	$261K	20x
Short	OKX PENDLE-USDT-SWAP	2.4290	0.0100	get 0.0050% / 4h	13m 06s	$3.1M	$6.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.154%Rate

Funding earned: −$299.05
Price spread: −0.154% → −0.196%: $4.22
Slippage, 4 orders: −$134.12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$448.95
Costs to cover: 1.541%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 24 min ago; OKX: live order book, 5 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	20.57 bp	83.9 bp −$84	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	2.06 bp	14.1 bp −$14	65.0 bp −$650	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	−0.4810%	1h	2.3940	−1.593%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0285%	1h	2.4287	−0.166%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0013%	8h	2.4283	−0.183%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4306	−0.090%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0011%	8h	2.4273	−0.224%	$18.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0013%	8h	2.4275	−0.216%	$25.5M	$46.1M	75x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4266	−0.251%	$158K	$927K	10x	as long as short
BloFin PENDLE-USDT	+0.0038%	8h	2.4270	−0.236%	$1.1M	$502K	75x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4277	−0.208%	$25K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0083%	8h	2.4273	−0.223%	$407K	$2.5M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0084%	8h	2.4280	−0.195%	$760K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0085%	1h	2.4285	−0.175%	$3K	—	15x	as long as short
ApeX Omni PENDLEUSDT	+0.0085%	1h	2.4281	−0.191%	$74K	$232K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4288	−0.162%	$523K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4270	−0.235%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4311	−0.068%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4283	−0.183%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4278	−0.203%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4290	−0.154%	$3.1M	$6.7M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4289	−0.158%	$721K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4281	−0.191%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4296	−0.129%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4266	−0.252%	$565K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4265	−0.258%	$24K	$371K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4314	−0.055%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4306	−0.088%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4282	−0.187%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0620%	1h	2.4333	+0.023%	$351K	$435K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4320	−0.031%	$157K	$509K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1524%	1h	2.4327	long leg	$115K	$261K	20x