PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.4375%/8h= −479.0% APRnext payment −$5.47 per $10,000 · paid last 24h −0.723%

Price spread now: Injective against Kraken Futures−1.264%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 4 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 −$131 a day on $10k at the current rate, and Injective is 1.264% cheaper against Kraken Futures than usual: you would sell low and buy high (−$126 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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENDLEUSD	2.5087	−0.0432	get 0.0054% / 1h	59m 28s	$149K	$275K	20x
Short	Injective PENDLE/USDC PERP	2.4770	−0.4806	pay 0.0601% / 1h	59m 28s	$2K	$53K	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 −1.264%Rate

Funding earned: −$918.68
Price spread: −1.264% → 0.000%: −$126.44
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: −$1,055.13
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 23 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, 23 min ago	15.82 bp	74.7 bp −$75	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	−0.4806%	1h	2.4770	−1.264%	$2K	$53K	5.5x
Kraken Futures PF_PENDLEUSDlong	−0.0432%	1h	2.5087	long leg	$149K	$275K	20x
Deribit PENDLE_USDC-PERPETUAL	−0.0189%	1h	2.5059	−0.112%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5059	−0.110%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0032%	8h	2.5070	−0.069%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5071	−0.063%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0039%	8h	2.5066	−0.084%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0040%	8h	2.5062	−0.100%	$27.2M	$39.6M	75x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5038	−0.195%	$165K	$524K	10x	as long as short
BloFin PENDLE-USDT	+0.0043%	8h	2.5054	−0.132%	$1.3M	$735K	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0053%	8h	2.5054	−0.133%	$615K	$2.1M	—	as long as short
ApeX Omni PENDLEUSDT	+0.0077%	1h	2.5038	−0.196%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5046	−0.166%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5039	−0.192%	$525K	$421K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5040	−0.186%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5078	−0.037%	$12.3M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5043	−0.176%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5050	−0.148%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5080	−0.029%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5040	−0.188%	$854K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5052	−0.140%	$893K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5047	−0.160%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5061	−0.104%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5039	−0.194%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5032	−0.221%	$422K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5077	−0.041%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5063	−0.096%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5079	−0.034%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5090	+0.011%	$117K	$418K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0817%	1h	2.5097	+0.039%	$359K	$459K	15x	as long as short