PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1334%/8h= −146.1% APRnext payment −$1.67 per $10,000 · paid last 24h −0.337%

Price spread now: Deribit against Kraken Futures−0.172%7-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 Deribit

What this pair did over the last

the charts below follow

Funding, last 5 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 −$40 a day on $10k at the current rate, and Deribit is 0.172% cheaper against Kraken Futures than usual: you would sell low and buy high (−$17 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PENDLEUSD	2.4679	0.1178	pay 0.0147% / 1h	20m 36s	$115K	$269K	20x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4637	−0.0156	pay 0.0019% / 1h	20m 36s	$25K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.172%Rate

Funding earned: −$280.16
Price spread: −0.172% → 0.000%: −$17.15
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$314.32
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 37 min ago; Deribit: 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, 37 min ago	14.18 bp	99.7 bp −$100	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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 PERP	−0.4334%	1h	2.4340	−1.375%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0156%	1h	2.4637	−0.172%	$25K	$14K	10x
BloFin PENDLE-USDT	−0.0075%	8h	2.4629	−0.204%	$1.1M	$605K	75x	as long as short
Gate PENDLE_USDT	−0.0068%	8h	2.4650	−0.119%	$719K	$1.1M	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4653	−0.105%	$159K	$574K	10x	as long as short
Binance PENDLEUSDT	−0.0055%	8h	2.4664	−0.063%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0054%	8h	2.4668	−0.046%	$17.4M	$2.0M	125x	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.4675	−0.017%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0037%	8h	2.4633	−0.188%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	−0.140%	$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	+0.0052%	8h	2.4615	−0.259%	$552K	$1.4M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4630	−0.198%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0065%	1h	2.4634	−0.182%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0083%	8h	2.4638	−0.167%	$412K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4665	−0.058%	$517K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4650	−0.118%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4652	−0.111%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4680	+0.003%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4651	−0.115%	$866K	$575K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4648	−0.127%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4653	−0.107%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4632	−0.191%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4642	−0.151%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4658	−0.086%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4644	−0.143%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4640	−0.159%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0359%	1h	2.4712	+0.132%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4820	+0.570%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0712%	1h	2.4691	+0.047%	$357K	$467K	15x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1178%	1h	2.4679	long leg	$115K	$269K	20x