Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0654%/8h= +71.6% APRpaid last 24h +0.288%

Price spread now: Kraken Futures against OKX+0.402%45s7-day average +0.203% · you sell dearer than you buy

Net, funding: paid 7d − costs−$138as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1621.620% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.238%+$24 on $10k

Price spread, last 4 days (all we have)−0.169%−$17 · spread now +0.402%, 7d avg +0.203%

Together, before fees+0.069%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Kraken Futures is 0.199% dearer against OKX than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.203%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.238% in total (about 12.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.4760	0.0100	pay 0.0050% / 4h	1h 06m	$3.1M	$6.2M	50x
Short	Kraken Futures PF_PENDLEUSD	2.4859	0.0754	get 0.0094% / 1h	6m 23s	$116K	$278K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.402%Rate

Funding earned: $137.35
Price spread: +0.402% → +0.203%: $19.9
Slippage, 4 orders: −$141.99
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$4.75
Costs to cover: 1.620%
Break-even: 7.2 days

Slippage from OKX: live order book, 1 min ago; Kraken Futures: live order book, 56 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 OKX live order book, 1 min ago	2.02 bp	16.1 bp −$16	84.5 bp −$845	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 56 min ago	29.82 bp	66.6 bp −$67	doesn't fit	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	−0.4938%	1h	2.4720	−0.162%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0113%	1h	2.4808	+0.194%	$25K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0073%	8h	2.4752	−0.031%	$26.4M	$43.7M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4747	−0.052%	$162K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0071%	8h	2.4753	−0.028%	$17.3M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0068%	8h	2.4803	+0.174%	$1.3M	$653K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4808	+0.194%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0032%	8h	2.4757	−0.012%	$47K	$177K	10x	as long as short
Gate PENDLE_USDT	−0.0005%	8h	2.4770	+0.040%	$719K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4798	+0.155%	$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	+0.0023%	8h	2.4940	+0.728%	$566K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.4758	−0.007%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4796	+0.146%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0083%	8h	2.4872	+0.452%	$411K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4783	+0.093%	$529K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4757	−0.012%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4801	+0.166%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4760	0.000%	$14.7M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.4760	long leg	$3.1M	$6.2M	50x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4784	+0.097%	$838K	$574K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4754	−0.024%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4761	+0.004%	—	$33.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4874	+0.460%	$25K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4869	+0.440%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4778	+0.073%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4810	+0.202%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4809	+0.198%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4890	+0.525%	$148K	$494K	25x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0754%	1h	2.4859	+0.402%	$116K	$278K	20x
Backpack PENDLE_USDC_PERP	+0.0774%	1h	2.4848	+0.355%	$356K	$488K	15x	as long as short