PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0525%/8h= −57.4% APRnext payment −$0.66 per $10,000 · paid last 24h +0.375%

Price spread now: Kraken Futures against Lighter+0.125%7-day average +0.127% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

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

Long on Lighter Short on Kraken Futures

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)+0.078%+$8 · spread now +0.125%, 7d avg +0.127%

Together, before fees+0.277%+ Points / potential airdropLighter: Season 3 · farm board+$28 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.127%, so right now this pair is about funding alone: −$16 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.199%, so the current rate has only just turned against you.

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	Lighter PENDLE	2.5232	0.0096	pay 0.0012% / 1h	30m 51s	$546K	$385K	5x
Short	Kraken Futures PF_PENDLEUSD	2.5264	−0.0429	pay 0.0054% / 1h	30m 51s	$150K	$279K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Lighter. 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 LighterbpFee Kraken FuturesbpOrdersPrice spread, now +0.125%Rate

Funding earned: −$110.15
Price spread: +0.125% → +0.127%: −$0.13
Slippage, 4 orders: −$107.38
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$227.65
Costs to cover: 1.174%
Break-even: never at this rate

Slippage from Lighter: live order book, 53 min ago; Kraken Futures: live order book, 56 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 Lighter live order book, 53 min ago	8.07 bp	8.9 bp −$9	62.8 bp −$628	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 56 min ago	7.82 bp	44.9 bp −$45	doesn't fit	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	−1.474%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSDshort	−0.0429%	1h	2.5264	+0.125%	$150K	$279K	20x
dYdX PENDLE-USD	0.0000%	1h	2.5179	−0.209%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5219	−0.052%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0005%	1h	2.5151	−0.321%	$77K	$240K	50x	as long as short
Variational Omni PENDLE	+0.0024%	8h	2.5124	−0.428%	$609K	$2.3M	—	as long as short
Reya PENDLERUSDPERP	+0.0035%	1h	2.5185	−0.186%	$4K	—	15x	as long as short
Orderly PERP_PENDLE_USDC	+0.0036%	8h	2.5213	−0.075%	$25K	$11K	10x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5225	−0.028%	$17.0M	$2.2M	125x	as long as short
Binance PENDLEUSDT	+0.0047%	8h	2.5224	−0.032%	$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	2.5219	−0.052%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0065%	8h	2.5205	−0.107%	$1.3M	$746K	75x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.5232	long leg	$546K	$385K	5x
Aevo PENDLE-PERP	+0.0096%	1h	2.5209	−0.090%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5169	−0.248%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5258	+0.103%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5221	−0.045%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5210	−0.087%	$15.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5230	−0.008%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.087%	$847K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5198	−0.135%	$912K	$609K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5216	−0.063%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5221	−0.044%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5148	−0.332%	$25K	$413K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5180	−0.208%	$416K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5209	−0.091%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5197	−0.139%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5204	−0.110%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5250	+0.071%	$116K	$432K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0795%	1h	2.5272	+0.159%	$366K	$465K	15x	as long as short