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: Backpack against Kraken Futures−0.036%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$141as in the Price arb table

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

Long on Kraken Futures Short on Backpack

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

Funding pays, the price is against you. Backpack is 0.027% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.036% now, against its 7-day average of −0.009%). If the spread goes back, that is −$3 on $10k: about 2 hours of funding at the current rate (+$38 a day). 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	Kraken Futures PF_PENDLEUSD	2.5172	−0.0430	get 0.0054% / 1h	14m 32s	$150K	$277K	20x
Short	Backpack PENDLE_USDC_PERP	2.5163	0.0845	get 0.0106% / 1h	14m 32s	$364K	$460K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.036%Rate

Funding earned: $267.71
Price spread: −0.036% → −0.009%: −$2.65
Slippage, 4 orders: −$118.47
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $126.59
Costs to cover: 1.385%
Break-even: 3.7 days

Slippage from Kraken Futures: live order book, 8 min ago; Backpack: live order book, 9 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 Kraken Futures live order book, 8 min ago	15.82 bp	74.7 bp −$75	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 9 min ago	1.77 bp	10.4 bp −$10	30.4 bp −$304	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	+0.111%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSDlong	−0.0430%	1h	2.5172	long leg	$150K	$277K	20x
Deribit PENDLE_USDC-PERPETUAL	−0.0307%	1h	2.5126	−0.183%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5138	−0.136%	$11K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0031%	8h	2.5104	−0.270%	$1.3M	$739K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5116	−0.222%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5097	−0.298%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0044%	8h	2.5142	−0.119%	$27.3M	$39.2M	75x	as long as short
MEXC PENDLE_USDT	+0.0044%	8h	2.5111	−0.242%	$16.9M	$2.3M	125x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5125	−0.185%	$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	+0.008%	$619K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0075%	1h	2.5188	+0.064%	$77K	$239K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5113	−0.234%	$545K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5113	−0.234%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5090	−0.325%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5136	−0.143%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5126	−0.181%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5150	−0.087%	$15.6M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5180	+0.032%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5100	−0.286%	$838K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5132	−0.159%	$916K	$599K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5103	−0.274%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5137	−0.139%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5193	+0.083%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5173	+0.006%	$425K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5123	−0.195%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5137	−0.139%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5129	−0.172%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5170	−0.008%	$116K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0845%	1h	2.5163	−0.036%	$364K	$460K	15x