PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0657%/8h= −72.0% APRnext payment −$0.82 per $10,000 · paid last 24h −0.346%

Price spread now: Lighter against Kraken Futures+0.125%7-day average −0.129% · you sell dearer than you buy

Net, funding: paid 7d − costs−$166as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1461.463% 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−0.200%−$20 on $10k

Price spread, last 3 days (all we have)−0.204%−$20 · spread now +0.125%, 7d avg −0.129%

Together, before fees−0.404%+ Points / potential airdropLighter: Season 3 · farm board−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.254% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.125% now, against its 7-day average of −0.129%): +$25 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 31 hours. At the pace of the last 7 days (−0.200% in total) that is about 8.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.200% in total (about -10.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.82 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	2.5009	0.0753	pay 0.0094% / 1h	49m 30s	$149K	$273K	20x
Short	Lighter PENDLE	2.5040	0.0096	get 0.0012% / 1h	49m 30s	$525K	$421K	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 +0.125%Rate

Funding earned: −$138.01
Price spread: +0.125% → −0.129%: $25.41
Slippage, 4 orders: −$136.32
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$258.93
Costs to cover: 1.463%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 33 min ago; Lighter: live order book, 26 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, 33 min ago	15.82 bp	74.7 bp −$75	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 26 min ago	10.75 bp	11.3 bp −$11	112.8 bp −$1,128	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	−0.3656%	1h	2.4770	−0.955%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0509%	1h	2.5003	−0.023%	$29K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5062	+0.214%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0031%	8h	2.4997	−0.047%	$20K	$16K	10x	as long as short
BloFin PENDLE-USDT	+0.0037%	8h	2.5026	+0.069%	$1.3M	$728K	75x	as long as short
MEXC PENDLE_USDT	+0.0037%	8h	2.5008	−0.003%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0038%	8h	2.5015	+0.025%	$27.2M	$39.7M	75x	as long as short
Reya PENDLERUSDPERP	+0.0039%	1h	2.5018	+0.036%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.4996	−0.049%	$165K	$524K	10x	as long as short
Variational Omni PENDLE	+0.0065%	8h	2.5028	+0.076%	$604K	$2.1M	—	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	+0.0088%	1h	2.4994	−0.058%	$26K	—	3x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5040	+0.125%	$525K	$421K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5037	+0.113%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5022	+0.052%	$41K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5004	−0.019%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5020	+0.045%	$3.2M	$5.8M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5020	+0.045%	$853K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5045	+0.145%	$893K	$605K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5032	+0.093%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5008	−0.003%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5030	+0.087%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5028	+0.077%	$422K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5072	+0.253%	$76K	$239K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5035	+0.105%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5005	−0.015%	$1K	$1.7M	20x	as long as short
Hyperliquid PENDLE	+0.0131%	1h	2.5059	+0.199%	$12.4M	$5.6M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5022	+0.055%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.5030	+0.085%	$117K	$413K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.0753%	1h	2.5009	long leg	$149K	$273K	20x
Backpack PENDLE_USDC_PERP	+0.0854%	1h	2.5062	+0.213%	$357K	$460K	15x	as long as short