PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0568%/8h= −62.1% APRnext payment −$0.71 per $10,000 · paid last 24h −0.240%

Price spread now: Coinbase International against Kraken Futures+0.046%7-day average −0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$214as in the Funding arb table

Net, price: spread back to 7d avg − costs−$178as in the Price arb table

costs, in and out, $10k−$1911.907% of the position

Long on Kraken Futures Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.235%−$23 on $10k

Price spread, last 4 days (all we have)−0.170%−$17 · spread now +0.046%, 7d avg −0.083%

Together, before fees−0.405%−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.129% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.046% now, against its 7-day average of −0.083%): +$13 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.235% in total) that is about 3.8 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.235% in total (about -12.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.71 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	2.4739	0.1176	pay 0.0147% / 1h	59m 41s	$115K	$268K	20x
Short	Coinbase International PENDLE-PERP-INTX	2.4750	0.0608	get 0.0076% / 1h	59m 41s	$147K	$498K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$119.19
Price spread: +0.046% → −0.083%: $12.88
Slippage, 4 orders: −$170.69
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$296.99
Costs to cover: 1.907%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 58 min ago; Coinbase International: live order book, 58 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, 58 min ago	14.18 bp	99.7 bp −$100	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 58 min ago	8.11 bp	24.9 bp −$25	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	−0.4334%	1h	2.4350	−1.571%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0195%	1h	2.4692	−0.189%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0060%	8h	2.4684	−0.221%	$1.2M	$593K	75x	as long as short
Binance PENDLEUSDT	−0.0049%	8h	2.4676	−0.253%	$26.1M	$43.5M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4659	−0.322%	$159K	$578K	10x	as long as short
MEXC PENDLE_USDT	−0.0048%	8h	2.4682	−0.229%	$17.4M	$1.9M	125x	as long as short
Gate PENDLE_USDT	−0.0045%	8h	2.4700	−0.157%	$719K	$1.1M	75x	as long as short
Aster PENDLEUSDT	−0.0044%	8h	2.4706	−0.131%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4688	−0.205%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4693	−0.186%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0064%	1h	2.4689	−0.201%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0067%	1h	2.4693	−0.184%	$3K	—	15x	as long as short
Variational Omni PENDLE	+0.0074%	8h	2.4726	−0.053%	$555K	$1.4M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0077%	8h	2.4709	−0.120%	$417K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4690	−0.197%	$518K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4668	−0.285%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4670	−0.278%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4700	−0.157%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4713	−0.104%	$869K	$556K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4669	−0.282%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4699	−0.161%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4709	−0.122%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4730	−0.035%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4720	−0.076%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4720	−0.076%	$1K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0171%	1h	2.4726	−0.052%	$12.8M	$6.0M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4704	−0.139%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0608%	1h	2.4750	+0.046%	$147K	$498K	25x
Backpack PENDLE_USDC_PERP	+0.0683%	1h	2.4723	−0.064%	$360K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1176%	1h	2.4739	long leg	$115K	$268K	20x