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: Paradex against Kraken Futures−0.053%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$43 a day on $10k at the current rate, and Paradex is 0.053% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENDLEUSD	2.4335	0.1524	pay 0.0190% / 1h	37m 17s	$116K	$261K	20x
Short	Paradex PENDLE-USD-PERP	2.4322	0.0100	get 0.0100% / 8h	37m 17s	$34K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.053%Rate

Funding earned: −$298.95
Price spread: −0.053% → 0.000%: −$5.31
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$318.26
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, just now; Paradex: no order-book sample. Net counts fees only.

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, just now	20.57 bp	83.9 bp −$84	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2.4110	−0.924%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0408%	1h	2.4316	−0.077%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0017%	8h	2.4309	−0.106%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4340	+0.023%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0013%	8h	2.4270	−0.266%	$1.1M	$475K	75x	as long as short
Binance PENDLEUSDT	+0.0015%	8h	2.4279	−0.229%	$25.6M	$45.7M	75x	as long as short
Extended PENDLE-USD	+0.0016%	1h	2.4303	−0.130%	$157K	$884K	10x	as long as short
MEXC PENDLE_USDT	+0.0016%	8h	2.4320	−0.061%	$17.4M	$2.0M	125x	as long as short
Gate PENDLE_USDT	+0.0050%	8h	2.4300	−0.143%	$761K	$1.0M	75x	as long as short
Reya PENDLERUSDPERP	+0.0083%	1h	2.4323	−0.050%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0086%	8h	2.4391	+0.231%	$414K	$2.4M	10x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4306	−0.116%	$25K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4291	−0.180%	$513K	$417K	5x	as long as short
Paradex PENDLE-USD-PERPshort	+0.0100%	8h	2.4322	−0.053%	$34K	$5K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4345	+0.042%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4340	+0.021%	$48K	$167K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4303	−0.131%	$14.1M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4330	−0.020%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4337	+0.009%	$865K	$548K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4318	−0.069%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4327	−0.032%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4415	+0.330%	$593K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4372	+0.154%	$24K	$369K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4428	+0.383%	$74K	$232K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4346	+0.046%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4336	+0.005%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4325	−0.041%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4350	+0.062%	$156K	$504K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0784%	1h	2.4404	+0.284%	$349K	$434K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1524%	1h	2.4335	long leg	$116K	$261K	20x