PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0655%/8h= +71.7% APRnext payment +$0.82 per $10,000 · paid last 24h +0.300%

Price spread now: Kraken Futures against ApeX Omni−0.187%75s7-day average +0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1581.584% of the position

Long on ApeX Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.367%+$37 on $10k

Price spread, last 4 days (all we have)+0.450%+$45 · spread now −0.187%, 7d avg +0.117%

Together, before fees+0.818%+$82 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.303% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.187% now, against its 7-day average of +0.117%). If the spread goes back, that is −$30 on $10k: about 37 hours of funding at the current rate (+$20 a day). At the pace of the last 7 days (+0.367% in total) that is about 5.8 days. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.367% in total (about 19.2% 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	ApeX Omni PENDLEUSDT	2.4869	0.0100	pay 0.0013% / 1h	5m 42s	$76K	$235K	50x
Short	Kraken Futures PF_PENDLEUSD	2.4823	0.0755	get 0.0094% / 1h	5m 42s	$115K	$278K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against ApeX Omni. 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 ApeX OmnibpFee Kraken FuturesbpOrdersPrice spread, now −0.187%Rate

Funding earned: $137.58
Price spread: −0.187% → +0.117%: −$30.33
Slippage, 4 orders: −$138.44
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$51.18
Costs to cover: 1.584%
Break-even: 9.6 days

Slippage from ApeX Omni: live order book, 56 min ago; Kraken Futures: live order book, 57 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 ApeX Omni live order book, 56 min ago	6.78 bp	14.0 bp −$14	116.0 bp −$1,160	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 57 min ago	29.82 bp	66.6 bp −$67	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	−0.4938%	1h	2.4720	−0.599%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0275%	1h	2.4762	−0.430%	$25K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0076%	8h	2.4720	−0.599%	$26.4M	$43.7M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4730	−0.560%	$162K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0072%	8h	2.4716	−0.615%	$17.3M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0068%	8h	2.4803	−0.265%	$1.3M	$653K	75x	as long as short
Aster PENDLEUSDT	−0.0037%	8h	2.4737	−0.529%	$47K	$177K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4761	−0.434%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0005%	8h	2.4760	−0.438%	$720K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4740	−0.519%	$10K	—	5x	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	+0.0027%	8h	2.4745	−0.498%	$562K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.4758	−0.445%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4753	−0.466%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0083%	8h	2.4872	+0.012%	$411K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4739	−0.523%	$528K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4716	−0.617%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4782	−0.350%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4710	−0.639%	$14.7M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4730	−0.559%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4711	−0.635%	$835K	$574K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4710	−0.639%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4745	−0.499%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4874	+0.020%	$25K	$377K	10x	as long as short
ApeX Omni PENDLEUSDTlong	+0.0100%	1h	2.4869	long leg	$76K	$235K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4778	−0.366%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4750	−0.479%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4768	−0.404%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4890	+0.084%	$148K	$494K	25x	as long as short
Kraken Futures PF_PENDLEUSDshort	+0.0755%	1h	2.4823	−0.187%	$115K	$278K	20x
Backpack PENDLE_USDC_PERP	+0.0758%	1h	2.4807	−0.249%	$355K	$488K	15x	as long as short