PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0524%/8h= +57.4% APRnext payment +$0.66 per $10,000 · paid last 24h −0.375%

Price spread now: Lighter against Kraken Futures−0.179%7-day average −0.127% · you buy dearer than you sell

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$123as in the Price arb table

costs, in and out, $10k−$1171.174% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.199%−$20 on $10k

Price spread, last 3 days (all we have)−0.024%−$2 · spread now −0.179%, 7d avg −0.127%

Together, before fees−0.224%+ Points / potential airdropLighter: Season 3 · farm board−$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.052% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.179% now, against its 7-day average of −0.127%). If the spread goes back, that is −$5 on $10k: about 8 hours of funding at the current rate (+$16 a day). Mind the row above: over the last 7 days funding on this pair cost −0.199%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.199% in total (about -10.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.66 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	2.5282	−0.0428	get 0.0054% / 1h	30m 06s	$150K	$279K	20x
Short	Lighter PENDLE	2.5237	0.0096	get 0.0012% / 1h	30m 06s	$546K	$385K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.179%Rate

Funding earned: $110.08
Price spread: −0.179% → −0.127%: −$5.21
Slippage, 4 orders: −$107.38
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$12.51
Costs to cover: 1.174%
Break-even: 7.8 days

Slippage from Kraken Futures: live order book, 57 min ago; Lighter: live order book, 54 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, 57 min ago	7.82 bp	51.0 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 54 min ago	8.07 bp	12.6 bp −$13	85.1 bp −$851	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	−0.4806%	1h	2.4860	−1.670%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSDlong	−0.0428%	1h	2.5282	long leg	$150K	$279K	20x
Deribit PENDLE_USDC-PERPETUAL	−0.0067%	1h	2.5251	−0.123%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5209	−0.287%	$11K	—	5x	as long as short
ApeX Omni PENDLEUSDT	+0.0005%	1h	2.5151	−0.519%	$77K	$240K	50x	as long as short
Variational Omni PENDLE	+0.0034%	8h	2.5159	−0.488%	$608K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0035%	1h	2.5240	−0.166%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5248	−0.135%	$25K	$11K	10x	as long as short
MEXC PENDLE_USDT	+0.0047%	8h	2.5237	−0.179%	$17.0M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0047%	8h	2.5236	−0.182%	$27.5M	$39.2M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PENDLE-USD	+0.0048%	1h	2.5222	−0.236%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0065%	8h	2.5205	−0.305%	$1.3M	$746K	75x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5237	−0.179%	$546K	$385K	5x
Aevo PENDLE-PERP	+0.0096%	1h	2.5248	−0.137%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5236	−0.181%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5258	−0.096%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5236	−0.182%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5230	−0.206%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5260	−0.088%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.285%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5224	−0.230%	$912K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5225	−0.226%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5227	−0.218%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5148	−0.529%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5180	−0.406%	$416K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5256	−0.104%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5259	−0.092%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5254	−0.112%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5290	+0.031%	$117K	$432K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0800%	1h	2.5289	+0.027%	$366K	$465K	15x	as long as short