PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.2017%/8h= −220.9% APRnext payment −$2.52 per $10,000 · paid last 24h −0.359%

Price spread now: Deribit against Kraken Futures−0.192%7-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 Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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 −$61 a day on $10k at the current rate, and Deribit is 0.192% cheaper against Kraken Futures than usual: you would sell low and buy high (−$19 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENDLEUSD	2.4304	0.1526	pay 0.0191% / 1h	8m 03s	$115K	$260K	20x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4257	−0.0491	pay 0.0061% / 1h	8m 03s	$25K	$16K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.192%Rate

Funding earned: −$423.58
Price spread: −0.192% → 0.000%: −$19.18
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$459.75
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 29 min ago; Deribit: 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, 29 min ago	20.57 bp	83.9 bp −$84	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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 PERP	−0.4810%	1h	2.3940	−1.496%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0491%	1h	2.4257	−0.192%	$25K	$16K	10x
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.4252	−0.212%	$18K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4281	−0.092%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0007%	8h	2.4247	−0.233%	$18.0M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0007%	8h	2.4249	−0.224%	$25.4M	$46.2M	75x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4241	−0.257%	$156K	$929K	10x	as long as short
BloFin PENDLE-USDT	+0.0015%	8h	2.4255	−0.200%	$1.1M	$502K	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0055%	1h	2.4255	−0.200%	$74K	$232K	50x	as long as short
GRVT PENDLE_USDT_Perp	+0.0080%	8h	2.4246	−0.236%	$404K	$2.5M	10x	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	+0.0080%	1h	2.4242	−0.256%	$25K	—	3x	as long as short
Gate PENDLE_USDT	+0.0083%	8h	2.4250	−0.221%	$759K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0085%	1h	2.4242	−0.253%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4259	−0.184%	$522K	$432K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4241	−0.256%	$34K	$5K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4282	−0.089%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4238	−0.270%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4248	−0.229%	$14.1M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4260	−0.179%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4260	−0.179%	$701K	$617K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4260	−0.179%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4261	−0.175%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4232	−0.295%	$565K	$1.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4240	−0.260%	$24K	$368K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4271	−0.134%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4282	−0.089%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4258	−0.189%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0562%	1h	2.4302	−0.007%	$358K	$439K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0672%	1h	2.4300	−0.015%	$157K	$509K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1526%	1h	2.4304	long leg	$115K	$260K	20x