Funding arb · Price arb /

PENDLE

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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 −0.009%

Price spread now: Gate against KuCoin−0.088%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$149as in the Funding arb table

Net, price: spread back to 7d avg − costs−$150as in the Price arb table

costs, in and out, $10k−$1431.432% of the position

Long on KuCoin Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now −0.088%, 7d avg −0.024%

Together, before fees−0.003%$0 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Gate is 0.064% cheaper against KuCoin than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4932	0.0100	pay 0.0100% / 8h	1h 18m	$891K	$614K	50x
Short	Gate PENDLE_USDT	2.4910	0.0100	get 0.0100% / 8h	1h 18m	$781K	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.088%Rate

Funding earned: $0
Price spread: −0.088% → −0.024%: −$6.41
Slippage, 4 orders: −$116.16
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$149.57
Costs to cover: 1.432%
Break-even: never at this rate

Slippage from KuCoin: live order book, 55 min ago; Gate: live order book, 3 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, 55 min ago	8.16 bp	53.2 bp −$53	173.5 bp −$1,735	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	6.01 bp	22.6 bp −$23	188.6 bp −$1,886	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	−0.3656%	1h	2.4770	−0.650%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0231%	1h	2.4921	−0.044%	$29K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0050%	1h	2.4960	+0.112%	$76K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0009%	8h	2.4911	−0.084%	$1.3M	$736K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4968	+0.146%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4906	−0.104%	$16.8M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0006%	8h	2.4890	−0.170%	$26.8M	$40.9M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4880	−0.210%	$164K	$526K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0019%	8h	2.4913	−0.076%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0041%	1h	2.4915	−0.070%	$4K	—	15x	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	+0.0065%	8h	2.4937	+0.020%	$551K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4959	+0.108%	$415K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4912	−0.082%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4923	−0.036%	$524K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4913	−0.078%	$35K	$20K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4913	−0.076%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4920	−0.050%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4877	−0.221%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4880	−0.209%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.4910	−0.088%	$781K	$1.2M	75x
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4932	long leg	$891K	$614K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4861	−0.285%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4905	−0.108%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4953	+0.086%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4943	+0.044%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4934	+0.008%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4931	−0.003%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5020	+0.353%	$139K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0683%	1h	2.4962	+0.120%	$352K	$474K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0754%	1h	2.4976	+0.177%	$120K	$304K	20x	as long as short