Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: KuCoin against OKX+0.028%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

costs, in and out, $10k−$1301.297% of the position

Long on OKX Short on KuCoin

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−0.122%−$12 · spread now +0.028%, 7d avg +0.006%

Together, before fees−0.098%−$10 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: KuCoin is 0.022% dearer against OKX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PENDLE-USDT-SWAP	2.5290	0.0100	pay 0.0050% / 4h	46m 26s	$3.3M	$6.0M	50x
Short	KuCoin PENDLEUSDTM	2.5297	0.0100	get 0.0100% / 8h	46m 26s	$896K	$597K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.028%Rate

Funding earned: $0
Price spread: +0.028% → +0.006%: $2.2
Slippage, 4 orders: −$107.7
Fee OKX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$127.5
Costs to cover: 1.297%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; KuCoin: live order book, 18 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	1.98 bp	14.0 bp −$14	69.4 bp −$694	doesn't fit	doesn't fit
Sell KuCoin live order book, 18 min ago	8.40 bp	35.6 bp −$36	221.6 bp −$2,216	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	−0.5000%	1h	2.4860	−1.700%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0078%	1h	2.5207	−0.328%	$77K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0012%	8h	2.5293	+0.012%	$27.3M	$41.8M	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5257	−0.130%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0005%	8h	2.5292	+0.008%	$17.1M	$1.9M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5248	−0.167%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5227	−0.249%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0006%	8h	2.5301	+0.043%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0016%	8h	2.5213	−0.304%	$1.3M	$760K	75x	as long as short
Reya PENDLERUSDPERP	+0.0044%	1h	2.5278	−0.046%	$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	+0.0050%	8h	2.5212	−0.309%	$557K	$1.8M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0072%	8h	2.5320	+0.119%	$419K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5308	+0.072%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5227	−0.249%	$532K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5228	−0.245%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5335	+0.178%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5270	−0.078%	$45K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5289	−0.004%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPlong	+0.0100%	4h	2.5290	long leg	$3.3M	$6.0M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5270	−0.079%	$789K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5297	+0.028%	$896K	$597K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5265	−0.099%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5271	−0.075%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5357	+0.265%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5305	+0.059%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5231	−0.233%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5312	+0.086%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5280	−0.040%	$120K	$300K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.198%	$141K	$459K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1061%	1h	2.5261	−0.115%	$329K	$492K	15x	as long as short