Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.017%

Price spread now: Extended against KuCoin−0.217%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs−$148as in the Price arb table

costs, in and out, $10k−$1341.337% of the position

Long on KuCoin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.077%−$8 on $10k

Price spread, last 4 days (all we have)+0.198%+$20 · spread now −0.217%, 7d avg −0.072%

Together, before fees+0.121%+ Points / potential airdropExtended: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Extended is 0.145% cheaper against KuCoin than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.072%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4464	0.0100	pay 0.0100% / 8h	2h 30m	$860K	$554K	50x
Short	Extended PENDLE-USD	2.4411	0.0008	get 0.0001% / 1h	30m 22s	$157K	$582K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.217%Rate

Funding earned: −$19.32
Price spread: −0.217% → −0.072%: −$14.48
Slippage, 4 orders: −$116.72
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$167.51
Costs to cover: 1.337%
Break-even: never at this rate

Slippage from KuCoin: live order book, 64 min ago; Extended: live order book, 17 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, 64 min ago	6.50 bp	45.1 bp −$45	140.7 bp −$1,407	doesn't fit	doesn't fit
Sell Extended live order book, 17 min ago	1.02 bp	14.1 bp −$14	120.8 bp −$1,208	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	−0.3926%	1h	2.4150	−1.284%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0160%	1h	2.4403	−0.249%	$24K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0037%	8h	2.4450	−0.057%	$717K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4405	−0.241%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0010%	8h	2.4399	−0.266%	$1.1M	$599K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4416	−0.198%	$10K	—	5x	as long as short
Extended PENDLE-USDshort	+0.0008%	1h	2.4411	−0.217%	$157K	$582K	10x
MEXC PENDLE_USDT	+0.0008%	8h	2.4471	+0.029%	$17.3M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0010%	8h	2.4459	−0.021%	$25.8M	$44.3M	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4468	+0.015%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4395	−0.280%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4430	−0.139%	$515K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4420	−0.180%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4504	+0.164%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4461	−0.014%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4460	−0.016%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4470	+0.025%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4464	long leg	$860K	$554K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4453	−0.045%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4459	−0.020%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4386	−0.318%	$548K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4392	−0.293%	$24K	$375K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4410	−0.221%	$408K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4389	−0.307%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4476	+0.049%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4400	−0.262%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4473	+0.035%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.311%	$155K	$522K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0654%	1h	2.4444	−0.082%	$354K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1193%	1h	2.4457	−0.031%	$114K	$262K	20x	as long as short