Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: OKX against KuCoin+0.065%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$153as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1501.501% of the position

Long on KuCoin Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 7 days+0.020%+$2 · spread now +0.065%, 7d avg −0.010%

Together, before fees−0.004%$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: OKX is 0.075% dearer against KuCoin than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PENDLEUSDTM	2.4524	0.0100	pay 0.0100% / 8h	1h 09m	$872K	$549K	50x
Short	OKX PENDLE-USDT-SWAP	2.4540	0.0100	get 0.0050% / 4h	1h 09m	$3.1M	$6.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.065%Rate

Funding earned: $0
Price spread: +0.065% → −0.010%: $7.48
Slippage, 4 orders: −$128.12
Fee KuCoin: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$142.64
Costs to cover: 1.501%
Break-even: never at this rate

Slippage from KuCoin: live order book, 15 min ago; OKX: 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, 15 min ago	9.50 bp	61.1 bp −$61	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	4.08 bp	13.7 bp −$14	62.6 bp −$626	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	−0.4348%	1h	2.4230	−1.199%	$2K	$54K	5.5x	as long as short
Orderly PERP_PENDLE_USDC	−0.0018%	8h	2.4510	−0.057%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4546	+0.088%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4528	+0.016%	$25K	$16K	10x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4498	−0.105%	$158K	$473K	10x	as long as short
MEXC PENDLE_USDT	+0.0025%	8h	2.4506	−0.073%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0026%	8h	2.4504	−0.082%	$25.8M	$45.3M	75x	as long as short
BloFin PENDLE-USDT	+0.0040%	8h	2.4492	−0.130%	$1.1M	$478K	75x	as long as short
Gate PENDLE_USDT	+0.0041%	8h	2.4520	−0.016%	$784K	$1.0M	75x	as long as short
Reya PENDLERUSDPERP	+0.0080%	1h	2.4519	−0.022%	$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	+0.0088%	1h	2.4506	−0.073%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4517	−0.029%	$520K	$417K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4498	−0.107%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4548	+0.098%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4504	−0.082%	$46K	$168K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4500	−0.098%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.4540	+0.065%	$3.1M	$6.7M	50x
KuCoin PENDLEUSDTMlong	+0.0100%	8h	2.4524	long leg	$872K	$549K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.4518	−0.024%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4509	−0.061%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4490	−0.137%	$595K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4496	−0.113%	$24K	$369K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4513	−0.045%	$408K	$2.4M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4520	−0.016%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4540	+0.065%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4542	+0.073%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4530	+0.025%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0544%	1h	2.4577	+0.216%	$351K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4540	+0.065%	$158K	$507K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1658%	1h	2.4583	+0.240%	$115K	$260K	20x	as long as short