Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: BingX against KuCoin+0.008%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$1021.025% of the position

Long on KuCoin Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 7 days+0.086%+$9 · spread now +0.008%, 7d avg −0.006%

Together, before fees+0.053%+$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4651	0.0100	pay 0.0100% / 8h	4h 20m	$866K	$575K	50x
Short	BingX PENDLE-USDT	2.4653	0.0100	get 0.0100% / 8h	4h 20m	—	$8.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against KuCoin. 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 KuCoinbpFee BingXbpOrdersPrice spread, now +0.008%Rate

Funding earned: $0
Price spread: +0.008% → −0.006%: $1.39
Slippage, 4 orders: −$80.48
Fee KuCoin: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$101.09
Costs to cover: 1.025%
Break-even: never at this rate

Slippage from KuCoin: live order book, 19 min ago; BingX: live order book, 2 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 KuCoin live order book, 19 min ago	9.52 bp	47.4 bp −$47	149.0 bp −$1,490	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	4.26 bp	13.0 bp −$13	23.2 bp −$232	132.5 bp −$13.3K	401.6 bp −$200.8K

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	−0.4334%	1h	2.4340	−1.262%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0156%	1h	2.4637	−0.057%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0075%	8h	2.4629	−0.089%	$1.1M	$605K	75x	as long as short
Gate PENDLE_USDT	−0.0068%	8h	2.4650	−0.004%	$719K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4653	+0.009%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0055%	8h	2.4664	+0.052%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0054%	8h	2.4668	+0.069%	$17.4M	$2.0M	125x	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.4675	+0.098%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4633	−0.073%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	−0.025%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0052%	8h	2.4615	−0.144%	$552K	$1.4M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4630	−0.083%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0065%	1h	2.4634	−0.067%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0083%	8h	2.4638	−0.053%	$412K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4665	+0.057%	$517K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4650	−0.003%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4652	+0.004%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4680	+0.118%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4651	long leg	$866K	$575K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4648	−0.012%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDTshort	+0.0100%	8h	2.4653	+0.008%	—	$8.5M	—
edgeX PENDLEUSDC	+0.0100%	4h	2.4632	−0.077%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4642	−0.037%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4658	+0.028%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4644	−0.028%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4640	−0.044%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0359%	1h	2.4712	+0.247%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+0.686%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0712%	1h	2.4691	+0.162%	$357K	$467K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4679	+0.115%	$115K	$269K	20x	as long as short