Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0655%/8h= +71.7% APRpaid last 24h +0.345%

Price spread now: Kraken Futures against Paradex+0.273%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Kraken Futures is 0.273% dearer against Paradex than usual: you sell high and buy low: +$27 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex PENDLE-USD-PERP	2.4894	0.0100	pay 0.0100% / 8h	1h 04m	$35K	$20K	10x
Short	Kraken Futures PF_PENDLEUSD	2.4962	0.0755	get 0.0094% / 1h	4m 53s	$118K	$305K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Paradex. 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 ParadexbpFee Kraken FuturesbpOrdersPrice spread, now +0.273%Rate

Funding earned: $137.47
Price spread: +0.273% → 0.000%: $27.27
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $150.74
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Kraken Futures: live order book, 13 min ago. Net counts fees only.

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 Paradex no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 13 min ago	14.06 bp	53.4 bp −$53	doesn't fit	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2.4550	−1.381%	$2K	$53K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0086%	1h	2.4893	−0.003%	$76K	$239K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0071%	1h	2.4933	+0.158%	$29K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0039%	8h	2.4914	+0.081%	$1.3M	$743K	75x	as long as short
Binance PENDLEUSDT	−0.0017%	8h	2.4946	+0.210%	$26.9M	$41.3M	75x	as long as short
Extended PENDLE-USD	−0.0016%	1h	2.4921	+0.109%	$164K	$526K	10x	as long as short
MEXC PENDLE_USDT	−0.0016%	8h	2.4944	+0.202%	$16.8M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4899	+0.020%	$10K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0012%	8h	2.4920	+0.106%	$19K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0042%	1h	2.4918	+0.099%	$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	+0.0058%	8h	2.4872	−0.089%	$550K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0059%	8h	2.4871	−0.091%	$413K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4917	+0.092%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4929	+0.142%	$526K	$427K	5x	as long as short
Paradex PENDLE-USD-PERPlong	+0.0100%	8h	2.4894	long leg	$35K	$20K	10x
Hyperliquid PENDLE	+0.0100%	1h	2.4960	+0.266%	$12.3M	$6.0M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4919	+0.103%	$44K	$176K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4950	+0.226%	$15.3M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4960	+0.266%	$3.2M	$5.9M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.4920	+0.106%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4917	+0.094%	$886K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4933	+0.158%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4937	+0.174%	—	$36.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4880	−0.054%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4938	+0.178%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4949	+0.222%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.4930	+0.148%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4930	+0.146%	$139K	$460K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0660%	1h	2.4975	+0.327%	$355K	$476K	15x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0755%	1h	2.4962	+0.273%	$118K	$305K	20x