PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.5690%/8h= −623.0% APRnext payment −$7.11 per $10,000 · paid last 24h −0.989%

Price spread now: Injective against Kraken Futures−0.851%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 Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.369%−$137 on $10k

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 −$171 a day on $10k at the current rate, and Injective is 0.851% cheaper against Kraken Futures than usual: you would sell low and buy high (−$85 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.369% in total (about -71.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$7.11 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	2.4932	0.0752	pay 0.0094% / 1h	8m 56s	$116K	$278K	20x
Short	Injective PENDLE/USDC PERP	2.4720	−0.4938	pay 0.0617% / 1h	8m 56s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.851%Rate

Funding earned: −$1,194.82
Price spread: −0.851% → 0.000%: −$85.12
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,289.96
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 54 min ago; Injective: 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, 54 min ago	29.82 bp	63.1 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.4938%	1h	2.4720	−0.851%	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUAL	−0.0393%	1h	2.4873	−0.238%	$26K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0095%	8h	2.4870	−0.250%	$1.3M	$652K	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4824	−0.435%	$162K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0072%	8h	2.4840	−0.370%	$17.4M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0071%	8h	2.4850	−0.330%	$26.5M	$43.7M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4873	−0.238%	$19K	$15K	10x	as long as short
Aster PENDLEUSDT	−0.0026%	8h	2.4866	−0.264%	$47K	$177K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4889	−0.175%	$10K	—	5x	as long as short
Variational Omni PENDLE	+0.0023%	8h	2.4940	+0.032%	$566K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	+0.0036%	8h	2.4840	−0.370%	$721K	$1.1M	75x	as long as short
Reya PENDLERUSDPERP	+0.0061%	1h	2.4867	−0.260%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4866	−0.265%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0087%	8h	2.4958	+0.105%	$413K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4880	−0.209%	$531K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4867	−0.260%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4917	−0.061%	$12.7M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4830	−0.410%	$14.8M	$12.3M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4830	−0.410%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4890	−0.169%	$841K	$574K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4851	−0.326%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4832	−0.402%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4947	+0.058%	$25K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4992	+0.240%	$76K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4891	−0.165%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4868	−0.258%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0257%	1h	2.4877	−0.223%	$7K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4980	+0.192%	$148K	$496K	25x	as long as short
Kraken Futures PF_PENDLEUSDlong	+0.0752%	1h	2.4932	long leg	$116K	$278K	20x
Backpack PENDLE_USDC_PERP	+0.0783%	1h	2.4912	−0.081%	$360K	$488K	15x	as long as short