PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1275%/8h= −139.6% APRnext payment −$1.59 per $10,000 · paid last 24h +0.270%

Price spread now: Kraken Futures against Backpack+0.036%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$187as in the Funding arb table

Net, price: spread back to 7d avg − costs−$136as in the Price arb table

costs, in and out, $10k−$1381.385% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.484%−$48 on $10k

Price spread, last 3 days (all we have)−0.127%−$13 · spread now +0.036%, 7d avg +0.009%

Together, before fees−0.611%−$61 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.027% dearer against Backpack than usual: you sell high and buy low (spread +0.036% now, against its 7-day average of +0.009%): +$3 on $10k if it goes back. Holding the pair costs −$38 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.484% in total) that is about 9 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.484% in total (about -25.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.59 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	Backpack PENDLE_USDC_PERP	2.5163	0.0845	pay 0.0106% / 1h	14m 43s	$364K	$460K	15x
Short	Kraken Futures PF_PENDLEUSD	2.5172	−0.0430	pay 0.0054% / 1h	14m 43s	$150K	$277K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Backpack. 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 BackpackbpFee Kraken FuturesbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$267.71
Price spread: +0.036% → +0.009%: $2.66
Slippage, 4 orders: −$118.47
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$403.52
Costs to cover: 1.385%
Break-even: never at this rate

Slippage from Backpack: live order book, 9 min ago; Kraken Futures: live order book, 8 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 Backpack live order book, 9 min ago	1.77 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 8 min ago	15.82 bp	45.8 bp −$46	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	−0.4806%	1h	2.5200	+0.147%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSDshort	−0.0430%	1h	2.5172	+0.036%	$150K	$277K	20x
Deribit PENDLE_USDC-PERPETUAL	−0.0307%	1h	2.5126	−0.147%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5138	−0.100%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0031%	8h	2.5104	−0.234%	$1.3M	$739K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5116	−0.187%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5097	−0.262%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.5114	−0.195%	$27.3M	$39.2M	75x	as long as short
MEXC PENDLE_USDT	+0.0044%	8h	2.5111	−0.207%	$16.9M	$2.3M	125x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5114	−0.196%	$165K	$524K	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	+0.0055%	8h	2.5174	+0.043%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0075%	1h	2.5188	+0.099%	$77K	$239K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5113	−0.199%	$545K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5113	−0.199%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5090	−0.289%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5136	−0.107%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5125	−0.151%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5094	−0.274%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5110	−0.211%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5100	−0.250%	$838K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5112	−0.203%	$915K	$599K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5101	−0.246%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5115	−0.191%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5193	+0.118%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	+0.042%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5123	−0.159%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5137	−0.103%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5129	−0.137%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5170	+0.028%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0845%	1h	2.5163	long leg	$364K	$460K	15x