PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1361%/8h= −149.1% APRnext payment −$1.70 per $10,000 · paid last 24h −0.356%

Price spread now: Deribit against Kraken Futures−0.201%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and Deribit is 0.201% cheaper against Kraken Futures than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENDLEUSD	2.5334	0.0860	pay 0.0108% / 1h	27m 43s	$118K	$290K	20x
Short	Deribit PENDLE_USDC-PERPETUAL	2.5283	−0.0501	pay 0.0063% / 1h	27m 43s	$26K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.201%Rate

Funding earned: −$285.88
Price spread: −0.201% → 0.000%: −$20.08
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$322.96
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 40 min ago; Deribit: no order-book sample. Net counts fees only.

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, 40 min ago	15.77 bp	74.7 bp −$75	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2.4870	−1.831%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0501%	1h	2.5283	−0.201%	$26K	$14K	10x
ApeX Omni PENDLEUSDT	−0.0235%	1h	2.5127	−0.817%	$77K	$236K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0124%	8h	2.5140	−0.764%	$417K	$1.7M	10x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.5240	−0.372%	$168K	$566K	10x	as long as short
MEXC PENDLE_USDT	−0.0119%	8h	2.5258	−0.300%	$17.5M	$1.8M	125x	as long as short
Binance PENDLEUSDT	−0.0117%	8h	2.5267	−0.265%	$27.2M	$43.4M	75x	as long as short
Bybit PENDLEUSDT	−0.0089%	8h	2.5247	−0.343%	$15.3M	$12.1M	50x	as long as short
Variational Omni PENDLE	−0.0043%	8h	2.5131	−0.800%	$599K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.5273	−0.240%	$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
Aster PENDLEUSDT	−0.0009%	8h	2.5254	−0.314%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5214	−0.472%	$11K	—	5x	as long as short
Gate PENDLE_USDT	+0.0020%	8h	2.5270	−0.252%	$768K	$1.2M	75x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5235	−0.390%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0055%	1h	2.5234	−0.393%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5268	−0.260%	$538K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5230	−0.412%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5317	−0.065%	$13.0M	$6.4M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5260	−0.292%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5260	−0.292%	$872K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5251	−0.327%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5273	−0.240%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5132	−0.798%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5244	−0.355%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5260	−0.292%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5269	−0.254%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0429%	1h	2.5316	−0.071%	$355K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5260	−0.292%	$146K	$473K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.0860%	1h	2.5334	long leg	$118K	$290K	20x