PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.5508%/8h= −603.1% APRnext payment −$6.88 per $10,000 · paid last 24h −1.038%

Price spread now: Injective against Kraken Futures−1.696%63s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.447%−$145 on $10k

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 −$165 a day on $10k at the current rate, and Injective is 1.696% cheaper against Kraken Futures than usual: you would sell low and buy high (−$170 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 63 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 -1.447% in total (about -75.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$6.88 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	2.4770	0.1174	pay 0.0147% / 1h	1m 37s	$115K	$268K	20x
Short	Injective PENDLE/USDC PERP	2.4350	−0.4334	pay 0.0542% / 1h	1m 37s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.696%Rate

Funding earned: −$1,156.68
Price spread: −1.696% → 0.000%: −$169.63
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,336.33
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 56 min ago; Injective: 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, 56 min ago	14.18 bp	99.7 bp −$100	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 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 PERPshort	−0.4334%	1h	2.4350	−1.696%	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0154%	1h	2.4721	−0.199%	$25K	$14K	10x	as long as short
MEXC PENDLE_USDT	−0.0051%	8h	2.4752	−0.073%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0048%	8h	2.4746	−0.097%	$26.2M	$43.5M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4755	−0.062%	$159K	$578K	10x	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.4730	−0.161%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4719	−0.207%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.4723	−0.190%	$1.2M	$594K	75x	as long as short
Gate PENDLE_USDT	−0.0034%	8h	2.4750	−0.081%	$722K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4750	−0.080%	$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	2.4705	−0.264%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4591	−0.725%	$552K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0066%	1h	2.4718	−0.209%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4627	−0.578%	$409K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4755	−0.061%	$519K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4752	−0.072%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4750	−0.081%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4780	+0.040%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4759	−0.045%	$870K	$556K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4752	−0.073%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4766	−0.017%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4620	−0.608%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4643	−0.513%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4740	−0.122%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4742	−0.114%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4722	−0.195%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0342%	1h	2.4787	+0.067%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	−0.041%	$147K	$496K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0684%	1h	2.4768	−0.009%	$360K	$445K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1174%	1h	2.4770	long leg	$115K	$268K	20x