Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.037%

Price spread now: Bybit against KuCoin−0.008%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$159as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1401.404% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.188%−$19 on $10k

Price spread, last 7 days+0.029%+$3 · spread now −0.008%, 7d avg −0.025%

Together, before fees−0.160%−$16 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.5072	0.0100	pay 0.0100% / 8h	2h 07m	$894K	$608K	50x
Short	Bybit PENDLEUSDT	2.5070	0.0100	get 0.0100% / 8h	2h 07m	$15.5M	$12.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.008%Rate

Funding earned: $0
Price spread: −0.008% → −0.025%: $1.75
Slippage, 4 orders: −$117.4
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$138.65
Costs to cover: 1.404%
Break-even: never at this rate

Slippage from KuCoin: live order book, 7 min ago; Bybit: live order book, 1 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, 7 min ago	8.16 bp	53.2 bp −$53	173.5 bp −$1,735	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.00 bp	22.4 bp −$22	54.2 bp −$542	292.8 bp −$29.3K	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	−0.4806%	1h	2.4840	−0.925%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0431%	1h	2.5098	+0.104%	$149K	$275K	20x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5079	+0.029%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5087	+0.060%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0033%	8h	2.5075	+0.012%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0037%	1h	2.5077	+0.022%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5062	−0.040%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0041%	8h	2.5053	−0.076%	$1.3M	$737K	75x	as long as short
MEXC PENDLE_USDT	+0.0043%	8h	2.5071	−0.004%	$16.9M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0043%	8h	2.5071	−0.004%	$27.2M	$39.3M	75x	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	+0.0050%	8h	2.5034	−0.150%	$616K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0074%	1h	2.5055	−0.068%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5071	−0.004%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5068	−0.016%	$543K	$397K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5056	−0.064%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5101	+0.116%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5074	+0.008%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDTshort	+0.0100%	8h	2.5070	−0.008%	$15.5M	$12.0M	50x
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5100	+0.112%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5070	−0.008%	$850K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.5072	long leg	$894K	$608K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5093	+0.084%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5072	0.000%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5061	−0.043%	$25K	$410K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5064	−0.030%	$423K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5092	+0.080%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5094	+0.088%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5083	+0.044%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5130	+0.231%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0845%	1h	2.5122	+0.199%	$362K	$460K	15x	as long as short