PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1559%/8h= −170.7% APRnext payment −$1.95 per $10,000 · paid last 24h −0.296%

Price spread now: ApeX Omni against Kraken Futures−0.290%75s7-day average −0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs−$184as 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−$1451.446% of the position

Long on Kraken Futures Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.389%−$39 on $10k

Price spread, last 4 days (all we have)+0.249%+$25 · spread now −0.290%, 7d avg −0.120%

Together, before fees−0.141%−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$47 a day on $10k at the current rate, and ApeX Omni is 0.170% cheaper against Kraken Futures than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.120%). Swap the legs. 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 -0.389% in total (about -20.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.95 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	2.4569	0.1659	pay 0.0207% / 1h	29m 39s	$115K	$262K	20x
Short	ApeX Omni PENDLEUSDT	2.4498	0.0100	get 0.0013% / 1h	29m 39s	$75K	$233K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now −0.290%Rate

Funding earned: −$327.38
Price spread: −0.290% → −0.120%: −$17.03
Slippage, 4 orders: −$124.59
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$488.99
Costs to cover: 1.446%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 13 min ago; ApeX Omni: live order book, 12 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, 13 min ago	16.33 bp	87.0 bp −$87	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 12 min ago	4.49 bp	12.0 bp −$12	89.9 bp −$899	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	−0.4348%	1h	2.4250	−1.300%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0076%	1h	2.4510	−0.241%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0026%	8h	2.4503	−0.270%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4510	−0.241%	$10K	—	5x	as long as short
Gate PENDLE_USDT	+0.0017%	8h	2.4500	−0.282%	$754K	$1.0M	75x	as long as short
BloFin PENDLE-USDT	+0.0031%	8h	2.4496	−0.298%	$1.1M	$498K	75x	as long as short
MEXC PENDLE_USDT	+0.0044%	8h	2.4488	−0.331%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0047%	8h	2.4493	−0.311%	$25.9M	$45.2M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.4494	−0.308%	$158K	$478K	10x	as long as short
Reya PENDLERUSDPERP	+0.0079%	1h	2.4509	−0.245%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.4495	−0.302%	$519K	$416K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.4509	−0.246%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4482	−0.356%	$34K	$7K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4527	−0.172%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4501	−0.277%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4477	−0.376%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4480	−0.363%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4507	−0.254%	$874K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4500	−0.282%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4502	−0.274%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4486	−0.340%	$590K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4487	−0.335%	$24K	$372K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4497	−0.296%	$412K	$2.3M	10x	as long as short
ApeX Omni PENDLEUSDTshort	+0.0100%	1h	2.4498	−0.290%	$75K	$233K	50x
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4533	−0.148%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4520	−0.201%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4511	−0.235%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0543%	1h	2.4556	−0.054%	$351K	$434K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0688%	1h	2.4540	−0.119%	$159K	$504K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1659%	1h	2.4569	long leg	$115K	$262K	20x