PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0689%/8h= +75.4% APRnext payment +$0.86 per $10,000 · paid last 24h +0.326%

Price spread now: Kraken Futures against ApeX Omni+0.323%75s7-day average +0.119% · you sell dearer than you buy

Net, funding: paid 7d − costs−$123as 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−$1561.564% of the position

Long on ApeX Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.330%+$33 on $10k

Price spread, last 3 days (all we have)−0.282%−$28 · spread now +0.323%, 7d avg +0.119%

Together, before fees+0.049%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Kraken Futures is 0.204% dearer against ApeX Omni than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.119%. The two prices were read 75 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 0.330% in total (about 17.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.86 per $10,000. 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	ApeX Omni PENDLEUSDT	2.5345	−0.0076	get 0.0010% / 1h	12m 14s	$77K	$238K	50x
Short	Kraken Futures PF_PENDLEUSD	2.5427	0.0612	get 0.0077% / 1h	12m 14s	$118K	$292K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against ApeX Omni. 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 ApeX OmnibpFee Kraken FuturesbpOrdersPrice spread, now +0.323%Rate

Funding earned: $144.64
Price spread: +0.323% → +0.119%: $20.4
Slippage, 4 orders: −$136.41
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $8.63
Costs to cover: 1.564%
Break-even: 6.6 days

Slippage from ApeX Omni: live order book, 59 min ago; Kraken Futures: live order book, 60 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 ApeX Omni live order book, 59 min ago	4.18 bp	11.0 bp −$11	96.4 bp −$964	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 60 min ago	13.91 bp	50.3 bp −$50	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	−0.4643%	1h	2.5030	−1.243%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0223%	1h	2.5371	+0.103%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0194%	8h	2.5350	+0.020%	$15.6M	$11.9M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0162%	8h	2.5294	−0.202%	$418K	$1.7M	10x	as long as short
BloFin PENDLE-USDT	−0.0114%	8h	2.5346	+0.004%	$1.3M	$672K	75x	as long as short
MEXC PENDLE_USDT	−0.0100%	8h	2.5349	+0.016%	$17.2M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0098%	8h	2.5357	+0.046%	$27.4M	$42.7M	75x	as long as short
Extended PENDLE-USD	−0.0096%	1h	2.5344	−0.003%	$165K	$565K	10x	as long as short
ApeX Omni PENDLEUSDTlong	−0.0076%	1h	2.5345	long leg	$77K	$238K	50x
Orderly PERP_PENDLE_USDC	−0.0024%	8h	2.5365	+0.079%	$20K	$16K	10x	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	−0.0013%	8h	2.5261	−0.331%	$609K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5376	+0.122%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0043%	8h	2.5360	+0.058%	$48K	$173K	10x	as long as short
Reya PENDLERUSDPERP	+0.0051%	1h	2.5354	+0.036%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5358	+0.053%	$27K	—	3x	as long as short
Gate PENDLE_USDT	+0.0062%	8h	2.5360	+0.059%	$789K	$1.2M	75x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5361	+0.063%	$539K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5353	+0.033%	$35K	$18K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5320	−0.099%	$3.2M	$6.0M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5360	+0.059%	$887K	$588K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5343	−0.008%	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5350	+0.020%	—	$35.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5317	−0.109%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5369	+0.095%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5364	+0.075%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5375	+0.119%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0353%	1h	2.5415	+0.276%	$13.1M	$6.4M	5x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0612%	1h	2.5427	+0.323%	$118K	$292K	20x
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5400	+0.217%	$143K	$462K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0880%	1h	2.5399	+0.213%	$356K	$488K	15x	as long as short