PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0741%/8h= −81.1% APRnext payment −$0.93 per $10,000 · paid last 24h −0.288%

Price spread now: Hyperliquid against Kraken Futures+0.066%50s7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$170as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on Kraken Futures Short on Hyperliquid

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)+0.015%+$1 · spread now +0.066%, 7d avg −0.045%

Together, before fees−0.165%+ Points / potential airdropHyperliquid: Season 2 · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.111% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.066% now, against its 7-day average of −0.045%): +$11 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.179% in total) that is about 4.3 days. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

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 −$0.93 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	2.5178	0.0866	pay 0.0108% / 1h	32m 37s	$117K	$290K	20x
Short	Hyperliquid PENDLE	2.5195	0.0125	get 0.0016% / 1h	32m 37s	$12.9M	$6.4M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.066%Rate

Funding earned: −$155.51
Price spread: +0.066% → −0.045%: $11.11
Slippage, 4 orders: −$132.93
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$296.33
Costs to cover: 1.519%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 35 min ago; Hyperliquid: 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, 35 min ago	15.77 bp	74.7 bp −$75	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	3.38 bp	16.3 bp −$16	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	−1.384%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0943%	1h	2.5118	−0.240%	$26K	$14K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0249%	1h	2.5126	−0.208%	$77K	$236K	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0127%	8h	2.5147	−0.125%	$422K	$1.7M	10x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.5147	−0.125%	$167K	$566K	10x	as long as short
Binance PENDLEUSDT	−0.0118%	8h	2.5170	−0.034%	$27.1M	$43.4M	75x	as long as short
MEXC PENDLE_USDT	−0.0118%	8h	2.5175	−0.013%	$17.4M	$1.8M	125x	as long as short
Bybit PENDLEUSDT	−0.0090%	8h	2.5140	−0.152%	$15.3M	$12.1M	50x	as long as short
Variational Omni PENDLE	−0.0036%	8h	2.5186	+0.031%	$600K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.5111	−0.268%	$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	−0.0007%	8h	2.5194	+0.063%	$50K	$181K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5178	−0.002%	$11K	—	5x	as long as short
Gate PENDLE_USDT	0.0000%	8h	2.5160	−0.073%	$762K	$1.2M	75x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5105	−0.293%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0054%	1h	2.5146	−0.130%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5173	−0.021%	$536K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5167	−0.044%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	−0.152%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5168	−0.041%	$869K	$595K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5144	−0.136%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5150	−0.113%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5129	−0.198%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5178	−0.001%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5117	−0.244%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLEshort	+0.0125%	1h	2.5195	+0.066%	$12.9M	$6.4M	5x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5143	−0.139%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0368%	1h	2.5189	+0.042%	$353K	$483K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5150	−0.113%	$146K	$471K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.0866%	1h	2.5178	long leg	$117K	$290K	20x