PENDLE

Alert

Funding spread now, next payment 15:00 UTC+0.1258%/8h

next payment, per $10,000+$1.57paid, last 24h+0.326%paid, last 7 days−0.457%to open and close $10k−$164

Long on Backpack Short on Kraken Futures

The current rate is far above what this pair has been paying: over the last 7 days it paid -0.457% in total (about -23.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.57 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	Backpack PENDLE_USDC_PERP	2.6523	0.0201	pay 0.0025% / 1h	51m 08s	$375K	$446K	15x
Short	Kraken Futures PF_PENDLEUSD	2.6433	0.1459	get 0.0182% / 1h	51m 08s	$170K	$216K	20x

Funding history

latest

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee Kraken FuturesbpOrdersRate

Funding earned: $264.09
Slippage, 4 orders: −$144.18
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $99.91
Break-even: 4.4 days

Slippage from Backpack: live order book, 4 min ago; Kraken Futures: live order book, 3 min ago.

Price risk

price view

Price gap now: −0.341%
Avg gap 7d: +0.015%

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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 Backpack live order book, 4 min ago	2.06 bp	11.3 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	13.23 bp	59.3 bp −$59	doesn't fit	doesn't fit	doesn't fit

PENDLE on 29 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Injective PENDLE/USDC PERP	−0.3627%	1h	$4K	$51K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0243%	1h	$31K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0234%	1h	$80K	$236K	50x	as long as short
Variational Omni PENDLE	−0.0189%	8h	$886K	$2.1M	—	as long as short
Bybit PENDLEUSDT	−0.0185%	8h	$16.4M	$11.1M	50x	as long as short
Gate PENDLE_USDT	−0.0025%	8h	$828K	$1.0M	75x	as long as short
Reya PENDLERUSDPERP	0.0000%	1h	$4K	—	15x	as long as short
dYdX PENDLE-USD	0.0000%	1h	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0046%	8h	$21K	$4K	10x	as long as short
BloFin PENDLE-USDT	+0.0091%	8h	$1.5M	$831K	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Aster PENDLEUSDT	+0.0093%	8h	$50K	$115K	10x	as long as short
Lighter PENDLE	+0.0096%	1h	$581K	$326K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	$37K	$31K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	$12.5M	$4.9M	5x	as long as short
Binance PENDLEUSDT	+0.0100%	8h	$29.6M	$30.6M	75x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	$3.2M	$4.7M	50x	as long as short
MEXC PENDLE_USDT	+0.0100%	8h	$16.8M	$2.0M	125x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	$1.1M	$454K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	$3.9M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	—	$34.1M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	$26K	$415K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	$19K	$71K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	$1K	$1.4M	20x	as long as short
Extended PENDLE-USD	+0.0104%	1h	$174K	$520K	10x	as long as short
Aevo PENDLE-PERP	+0.0104%	1h	$28K	—	3x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0269%	1h	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0201%	1h	$375K	$446K	15x
Coinbase International PENDLE-PERP-INTX	+0.0368%	1h	$68K	$330K	25x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.1459%	1h	$170K	$216K	20x