PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.1180%/8h= +129.2% APRnext payment +$1.47 per $10,000 · paid last 24h +0.290%

Price spread now: Kraken Futures against Lighter+0.212%7-day average +0.142% · you sell dearer than you buy

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1461.456% 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+0.305%+$31 on $10k

Price spread, last 4 days (all we have)−0.113%−$11 · spread now +0.212%, 7d avg +0.142%

Together, before fees+0.192%+ Points / potential airdropLighter: Season 3 · farm board+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$35 a day on $10k at the current rate, and Kraken Futures is 0.070% dearer against Lighter than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.142%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.305% in total (about 15.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.47 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	2.4275	0.0096	pay 0.0012% / 1h	42m 12s	$523K	$429K	5x
Short	Kraken Futures PF_PENDLEUSD	2.4327	0.1276	get 0.0159% / 1h	42m 12s	$115K	$256K	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 +0.212%Rate

Funding earned: $247.77
Price spread: +0.212% → +0.142%: $7.05
Slippage, 4 orders: −$135.61
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $109.21
Costs to cover: 1.456%
Break-even: 3.9 days

Slippage from Lighter: live order book, 48 min ago; Kraken Futures: live order book, 55 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, 48 min ago	8.47 bp	12.7 bp −$13	58.0 bp −$580	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 55 min ago	20.57 bp	38.8 bp −$39	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	−0.3627%	1h	2.4010	−1.092%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0744%	8h	2.4291	+0.066%	$405K	$2.6M	10x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0326%	1h	2.4271	−0.016%	$25K	$16K	10x	as long as short
Binance PENDLEUSDT	−0.0042%	8h	2.4265	−0.042%	$25.4M	$45.8M	75x	as long as short
BloFin PENDLE-USDT	−0.0041%	8h	2.4268	−0.029%	$1.1M	$504K	75x	as long as short
Extended PENDLE-USD	−0.0040%	1h	2.4268	−0.028%	$156K	$924K	10x	as long as short
MEXC PENDLE_USDT	−0.0036%	8h	2.4268	−0.029%	$18.0M	$2.1M	125x	as long as short
Gate PENDLE_USDT	−0.0017%	8h	2.4270	−0.021%	$769K	$991K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0014%	8h	2.4271	−0.016%	$18K	$15K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0006%	1h	2.4284	+0.037%	$74K	$231K	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4294	+0.078%	$10K	—	5x	as long as short
Aster PENDLEUSDT	+0.0072%	8h	2.4260	−0.062%	$47K	$168K	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.4263	−0.049%	$25K	—	3x	as long as short
Bybit PENDLEUSDT	+0.0080%	8h	2.4260	−0.062%	$14.0M	$11.9M	50x	as long as short
Reya PENDLERUSDPERP	+0.0087%	1h	2.4285	+0.040%	$3K	—	15x	as long as short
Lighter PENDLElong	+0.0096%	1h	2.4275	long leg	$523K	$429K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4254	−0.087%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4299	+0.099%	$12.7M	$6.1M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4270	−0.021%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4290	+0.062%	$687K	$601K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4279	+0.016%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4272	−0.012%	—	$8.3M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4256	−0.078%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4278	+0.012%	$24K	$370K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4280	+0.021%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4301	+0.107%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4283	+0.031%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4310	+0.144%	$163K	$516K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0811%	1h	2.4321	+0.189%	$359K	$431K	15x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.1276%	1h	2.4327	+0.212%	$115K	$256K	20x