Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0375%/8h= −41.0% APRpaid last 24h −0.062%

Price spread now: Deribit against KuCoin−0.069%7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Deribit is 0.069% cheaper against KuCoin than usual: you would sell low and buy high (−$7 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	KuCoin PENDLEUSDTM	2.4779	0.0100	pay 0.0100% / 8h	5h 05m	$838K	$574K	50x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4762	−0.0275	pay 0.0034% / 1h	5m 52s	$25K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$78.7
Price spread: −0.069% → 0.000%: −$6.86
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$104.56
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 38 min ago; Deribit: 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 KuCoin live order book, 38 min ago	9.46 bp	44.0 bp −$44	147.0 bp −$1,470	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.4938%	1h	2.4720	−0.238%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0275%	1h	2.4762	−0.069%	$25K	$14K	10x
Binance PENDLEUSDT	−0.0073%	8h	2.4735	−0.178%	$26.4M	$43.7M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4730	−0.198%	$162K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0071%	8h	2.4743	−0.145%	$17.3M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0068%	8h	2.4803	+0.097%	$1.3M	$653K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4761	−0.073%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0032%	8h	2.4757	−0.089%	$47K	$177K	10x	as long as short
Gate PENDLE_USDT	−0.0005%	8h	2.4760	−0.077%	$720K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4798	+0.078%	$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	+0.0027%	8h	2.4745	−0.137%	$562K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.4758	−0.083%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4753	−0.104%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0083%	8h	2.4872	+0.375%	$411K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4762	−0.069%	$528K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4757	−0.088%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4798	+0.077%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4731	−0.194%	$14.7M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4730	−0.198%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4779	long leg	$838K	$574K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4754	−0.101%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4745	−0.137%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4874	+0.383%	$25K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4869	+0.363%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4778	−0.004%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4750	−0.117%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4768	−0.043%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4890	+0.448%	$148K	$494K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4823	+0.176%	$115K	$278K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.0758%	1h	2.4807	+0.113%	$355K	$488K	15x	as long as short