PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0733%/8h= +80.3% APRnext payment +$0.92 per $10,000 · paid last 24h +0.288%

Price spread now: Kraken Futures against Hyperliquid−0.177%7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$134as in the Funding arb table

Net, price: spread back to 7d avg − costs−$174as in the Price arb table

costs, in and out, $10k−$1521.519% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 3 days (all we have)+0.096%+$10 · spread now −0.177%, 7d avg +0.045%

Together, before fees+0.275%+ Points / potential airdropHyperliquid: Season 2 · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.222% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.177% now, against its 7-day average of +0.045%). If the spread goes back, that is −$22 on $10k: about 24 hours of funding at the current rate (+$22 a day). At the pace of the last 7 days (+0.179% in total) that is about 8.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.179% in total (about 9.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.92 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	Hyperliquid PENDLE	2.5223	0.0133	pay 0.0017% / 1h	32m 40s	$13.0M	$6.4M	5x
Short	Kraken Futures PF_PENDLEUSD	2.5178	0.0866	get 0.0108% / 1h	32m 40s	$117K	$290K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Hyperliquid. 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 HyperliquidbpFee Kraken FuturesbpOrdersPrice spread, now −0.177%Rate

Funding earned: $153.91
Price spread: −0.177% → +0.045%: −$22.2
Slippage, 4 orders: −$132.93
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$20.22
Costs to cover: 1.519%
Break-even: 7.9 days

Slippage from Hyperliquid: live order book, 10 min ago; Kraken Futures: live order book, 35 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 Hyperliquid live order book, 10 min ago	3.38 bp	13.4 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 35 min ago	15.77 bp	47.5 bp −$47	doesn't fit	doesn't fit	doesn't fit

PENDLE on 29 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	−0.4742%	1h	2.4830	−1.558%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0943%	1h	2.5118	−0.416%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0249%	1h	2.5126	−0.385%	$77K	$236K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0127%	8h	2.5147	−0.301%	$422K	$1.7M	10x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.5161	−0.246%	$167K	$566K	10x	as long as short
Binance PENDLEUSDT	−0.0118%	8h	2.5175	−0.190%	$27.1M	$43.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0118%	8h	2.5175	−0.190%	$17.4M	$1.8M	125x	as long as short
Bybit PENDLEUSDT	−0.0090%	8h	2.5170	−0.210%	$15.3M	$12.1M	50x	as long as short
Variational Omni PENDLE	−0.0036%	8h	2.5186	−0.146%	$600K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5111	−0.444%	$20K	$16K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	−0.0011%	8h	2.5160	−0.250%	$762K	$1.2M	75x	as long as short
Aster PENDLEUSDT	−0.0007%	8h	2.5186	−0.147%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5178	−0.179%	$11K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5105	−0.470%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0054%	1h	2.5109	−0.451%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5173	−0.198%	$536K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5167	−0.221%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	−0.250%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5168	−0.218%	$869K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5160	−0.250%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5171	−0.206%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5129	−0.374%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5130	−0.369%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5117	−0.420%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLElong	+0.0133%	1h	2.5223	long leg	$13.0M	$6.4M	5x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5143	−0.315%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0368%	1h	2.5189	−0.135%	$353K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5150	−0.289%	$146K	$471K	25x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0866%	1h	2.5178	−0.177%	$117K	$290K	20x