Funding arb · Price arb /

PENDLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0056%/8h= +6.2% APRpaid last 24h +0.034%

Price spread now: KuCoin against Reya+0.037%49s7-day average — · you sell dearer than you buy

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

Long on Reya Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and KuCoin is 0.037% dearer against Reya than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PENDLERUSDPERP	2.5257	0.0044	pay 0.0005% / 1h	43m 41s	$4K	—	15x
Short	KuCoin PENDLEUSDTM	2.5266	0.0100	get 0.0100% / 8h	43m 41s	$895K	$597K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Reya. 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 ReyabpFee KuCoinbpOrdersPrice spread, now +0.037%Rate

Funding earned: $11.8
Price spread: +0.037% → 0.000%: $3.69
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$2.51
Costs to cover: 0.180%
Break-even: 8.5 days

Slippage unknown: Reya: no order-book sample; KuCoin: live order book, 21 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 Reya no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 21 min ago	8.40 bp	35.6 bp −$36	221.6 bp −$2,216	doesn't fit	doesn't fit

Reya: 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	−0.5000%	1h	2.4940	−1.254%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0080%	1h	2.5190	−0.264%	$77K	$240K	50x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0067%	1h	2.5264	+0.029%	$30K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0042%	8h	2.5273	+0.065%	$1.3M	$765K	75x	as long as short
Extended PENDLE-USD	−0.0016%	1h	2.5225	−0.125%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0014%	8h	2.5238	−0.075%	$27.3M	$41.8M	75x	as long as short
MEXC PENDLE_USDT	−0.0012%	8h	2.5242	−0.058%	$17.1M	$1.9M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5245	−0.045%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0005%	8h	2.5258	+0.005%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERPlong	+0.0044%	1h	2.5257	long leg	$4K	—	15x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0052%	8h	2.5252	−0.019%	$588K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0072%	8h	2.5320	+0.251%	$419K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5253	−0.013%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5243	−0.054%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5239	−0.071%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5301	+0.175%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5267	+0.039%	$45K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5224	−0.129%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5230	−0.106%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5230	−0.106%	$784K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5266	+0.037%	$895K	$597K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5221	−0.141%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5239	−0.070%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5357	+0.398%	$25K	$397K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5280	+0.092%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5265	+0.033%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5270	+0.052%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5287	+0.121%	$120K	$300K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.330%	$141K	$459K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.1010%	1h	2.5294	+0.148%	$329K	$492K	15x	as long as short