PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1364%/8h= −149.4% APRnext payment −$1.71 per $10,000 · paid last 24h −0.310%

Price spread now: Extended against Kraken Futures−0.643%7-day average −0.232% · you buy dearer than you sell

Net, funding: paid 7d − costs−$188as in the Funding arb table

Net, price: spread back to 7d avg − costs−$194as in the Price arb table

costs, in and out, $10k−$1531.528% of the position

Long on Kraken Futures Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.355%−$35 on $10k

Price spread, last 4 days (all we have)+0.471%+$47 · spread now −0.643%, 7d avg −0.232%

Together, before fees+0.116%+ Points / potential airdropExtended: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and Extended is 0.411% cheaper against Kraken Futures than usual: you would sell low and buy high (−$41 if the spread goes back to its 7-day average of −0.232%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.355% in total (about -18.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.71 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	2.4323	0.1276	pay 0.0160% / 1h	33m 36s	$115K	$253K	20x
Short	Extended PENDLE-USD	2.4166	−0.0088	pay 0.0011% / 1h	33m 36s	$156K	$924K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.643%Rate

Funding earned: −$286.45
Price spread: −0.643% → −0.232%: −$41.14
Slippage, 4 orders: −$137.83
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$480.42
Costs to cover: 1.528%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 64 min ago; Extended: live order book, 64 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, 64 min ago	20.57 bp	83.9 bp −$84	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 64 min ago	1.64 bp	14.5 bp −$14	128.9 bp −$1,289	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	2.3970	−1.450%	$2K	$55K	5.5x	as long as short
GRVT PENDLE_USDT_Perp	−0.0939%	8h	2.4236	−0.356%	$408K	$2.6M	10x	as long as short
Gate PENDLE_USDT	−0.0376%	8h	2.4180	−0.587%	$767K	$992K	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0326%	1h	2.4283	−0.163%	$25K	$16K	10x	as long as short
Binance PENDLEUSDT	−0.0091%	8h	2.4180	−0.587%	$25.3M	$45.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0090%	8h	2.4187	−0.558%	$17.9M	$2.1M	125x	as long as short
Extended PENDLE-USDshort	−0.0088%	1h	2.4166	−0.643%	$156K	$924K	10x
BloFin PENDLE-USDT	−0.0087%	8h	2.4242	−0.332%	$1.1M	$504K	75x	as long as short
Bybit PENDLEUSDT	−0.0038%	8h	2.4170	−0.628%	$14.0M	$11.9M	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.4272	−0.208%	$18K	$15K	10x	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	2.4191	−0.541%	$10K	—	5x	as long as short
ApeX Omni PENDLEUSDT	+0.0003%	1h	2.4283	−0.163%	$74K	$231K	50x	as long as short
Aster PENDLEUSDT	+0.0021%	8h	2.4227	−0.393%	$47K	$168K	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4285	−0.155%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0088%	1h	2.4236	−0.356%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4178	−0.595%	$521K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4167	−0.640%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4215	−0.443%	$12.6M	$6.0M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4180	−0.587%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4200	−0.504%	$685K	$598K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4173	−0.615%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4173	−0.615%	—	$8.3M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4226	−0.398%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4231	−0.376%	$24K	$368K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4250	−0.299%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4257	−0.270%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0151% / S −0.0168%	1h	2.4258	−0.265%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0661%	1h	2.4300	−0.093%	$358K	$432K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4340	+0.071%	$163K	$517K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.1276%	1h	2.4323	long leg	$115K	$253K	20x