PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0668%/8h= −73.1% APRnext payment −$0.83 per $10,000 · paid last 24h −0.337%

Price spread now: Extended against Kraken Futures−0.234%7-day average −0.223% · you buy dearer than you sell

Net, funding: paid 7d − costs−$188as in the Funding arb table

Net, price: spread back to 7d avg − costs−$163as in the Price arb table

costs, in and out, $10k−$1621.621% of the position

Long on Kraken Futures Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.255%−$26 on $10k

Price spread, last 3 days (all we have)+0.136%+$14 · spread now −0.234%, 7d avg −0.223%

Together, before fees−0.119%+ Points / potential airdropExtended: Active · farm board−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.223%, so right now this pair is about funding alone: −$20 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.255% in total (about -13.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.83 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	2.5196	0.0596	pay 0.0074% / 1h	3m 05s	$119K	$298K	20x
Short	Extended PENDLE-USD	2.5138	−0.0072	pay 0.0009% / 1h	3m 05s	$165K	$528K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.234%Rate

Funding earned: −$140.23
Price spread: −0.234% → −0.223%: −$1.04
Slippage, 4 orders: −$147.14
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$303.41
Costs to cover: 1.621%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 10 min ago; Extended: live order book, 10 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, 10 min ago	13.91 bp	83.1 bp −$83	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 10 min ago	1.19 bp	14.9 bp −$15	93.7 bp −$937	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	−0.5000%	1h	2.4940	−1.018%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0266%	1h	2.5170	−0.105%	$28K	$11K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0087%	1h	2.5118	−0.311%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0076%	8h	2.5132	−0.256%	$1.3M	$708K	75x	as long as short
MEXC PENDLE_USDT	−0.0073%	8h	2.5127	−0.276%	$17.0M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0072%	8h	2.5128	−0.270%	$27.1M	$42.3M	75x	as long as short
Extended PENDLE-USDshort	−0.0072%	1h	2.5138	−0.234%	$165K	$528K	10x
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.5160	−0.145%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5143	−0.211%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0014%	8h	2.5109	−0.348%	$425K	$1.6M	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	+0.0021%	8h	2.5077	−0.476%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5151	−0.179%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5148	−0.194%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5143	−0.212%	$530K	$416K	5x	as long as short
Aster PENDLEUSDT	+0.0098%	8h	2.5133	−0.252%	$47K	$178K	10x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5144	−0.209%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5112	−0.335%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5110	−0.343%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5130	−0.264%	$775K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5153	−0.173%	$884K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5129	−0.268%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5138	−0.232%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5130	−0.266%	$25K	$382K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5185	−0.046%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5158	−0.153%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5167	−0.117%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0280%	1h	2.5168	−0.113%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.0596%	1h	2.5196	long leg	$119K	$298K	20x
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.570%	$141K	$449K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0694%	1h	2.5185	−0.046%	$331K	$489K	15x	as long as short