# PENDLE funding rates and arbitrage

Updated 2026-11-11 23:39 UTC · https://afterfees.xyz/coin/PENDLE

## Best PENDLE arbitrage after every cost

No PENDLE pair nets a profit at this size right now.

_At $10,000 per side, held 7 days, after taker fees, order-book slippage and carry._

## PENDLE funding rate on every exchange

| Exchange | Contract | Rate | Every | Annualised | Settled 7d, annualised | Open interest | Next settlement |
|---|---|---|---|---|---|---|---|
| [Kraken](https://afterfees.xyz/venues/kraken) | PF_PENDLEUSD | 0.0071% | 1 h | +62.6% | +4.9% | $51.3K | 2026-11-12 00:00 |
| [KuCoin](https://afterfees.xyz/venues/kucoin) | PENDLEUSDTM | 0.0100% | 8 h | +10.9% | +11.0% | $804.4K | 2026-11-12 00:00 |
| [Backpack](https://afterfees.xyz/venues/backpack) | PENDLE_USDC_PERP | 0.0013% | 1 h | +10.9% | −23.8% | $103.7K | 2026-11-12 00:00 |
| [Phemex](https://afterfees.xyz/venues/phemex) | PENDLEUSDT | 0.0100% | 8 h | +10.9% | — | $1.4M | 2026-11-12 00:00 |
| [WhiteBIT](https://afterfees.xyz/venues/whitebit) | PENDLE_PERP | 0.0100% | 8 h | +10.9% | +11.0% | $2M | 2026-11-12 00:00 |
| [Bitget](https://afterfees.xyz/venues/bitget) | PENDLEUSDT | 0.0100% | 8 h | +10.9% | +11.0% | $2.8M | 2026-11-12 00:00 |
| [OKX](https://afterfees.xyz/venues/okx) | PENDLE-USDT-SWAP | 0.0050% | 4 h | +10.9% | +11.0% | $2.7M | 2026-11-12 00:00 |
| [GRVT](https://afterfees.xyz/venues/grvt) | PENDLE_USDT_Perp | 0.0100% | 8 h | +10.9% | +10.3% | $249.1K | 2026-11-12 00:00 |
| [BingX](https://afterfees.xyz/venues/bingx) | PENDLE-USDT | 0.0100% | 8 h | +10.9% | +11.0% | $1.3M | 2026-11-12 00:00 |
| [Aster](https://afterfees.xyz/venues/aster) | PENDLEUSDT | 0.0100% | 8 h | +10.9% | +10.9% | $69.1K | 2026-11-12 00:00 |
| [Hyperliquid](https://afterfees.xyz/venues/hyperliquid) | PENDLE | 0.0013% | 1 h | +10.9% | +10.9% | $7.7M | 2026-11-12 00:00 |
| [Paradex](https://afterfees.xyz/venues/paradex) | PENDLE-USD-PERP | 0.0097% | 8 h | +10.7% | — | $19K | 2026-11-12 00:00 |
| [Lighter](https://afterfees.xyz/venues/lighter) | PENDLE | 0.0012% | 1 h | +10.5% | +8.5% | $277.8K | 2026-11-12 00:00 |
| [Gate](https://afterfees.xyz/venues/gate) | PENDLE_USDT | 0.0095% | 8 h | +10.4% | +5.0% | $424.1K | 2026-11-12 00:00 |
| [Variational](https://afterfees.xyz/venues/variational) | PENDLE-PERP | 0.0094% | 8 h | +10.3% | +11.4% | $259.5K | 2026-11-12 00:00 |
| [BloFin](https://afterfees.xyz/venues/blofin) | PENDLE-USDT | 0.0055% | 8 h | +6.0% | +20.1% | $483.3K | 2026-11-12 00:00 |
| [TXFlow](https://afterfees.xyz/venues/txflow) | PENDLE-USDC | 0.0006% | 1 h | +5.4% | — | $5.1K | 2026-11-12 00:00 |
| [WOO X](https://afterfees.xyz/venues/woox) | PERP_PENDLE_USDT | 0.0042% | 8 h | +4.6% | +10.3% | $175 | 2026-11-12 00:00 |
| [LBank](https://afterfees.xyz/venues/lbank) | PENDLEUSDT | 0.0042% | 8 h | +4.6% | +11.4% | — | 2026-11-12 00:00 |
| [Binance](https://afterfees.xyz/venues/binance) | PENDLEUSDT | 0.0042% | 8 h | +4.6% | +10.3% | $10.5M | 2026-11-12 00:00 |
| [MEXC](https://afterfees.xyz/venues/mexc) | PENDLE_USDT | 0.0042% | 8 h | +4.6% | +10.3% | $6.5M | 2026-11-12 00:00 |
| [Extended](https://afterfees.xyz/venues/extended) | PENDLE-USD | 0.0005% | 1 h | +4.4% | +10.5% | $69.6K | 2026-11-12 00:00 |
| [Bitunix](https://afterfees.xyz/venues/bitunix) | PENDLEUSDT | 0.0035% | 8 h | +3.9% | +10.5% | — | 2026-11-12 00:00 |
| [ApeX](https://afterfees.xyz/venues/apex) | PENDLE-USDT | 0.0002% | 1 h | +1.9% | +10.0% | $22.3K | 2026-11-12 00:00 |
| [dYdX](https://afterfees.xyz/venues/dydx) | PENDLE-USD | 0.0000% | 1 h | 0.0% | −0.3% | $16.4K | 2026-11-12 00:00 |
| [Bybit](https://afterfees.xyz/venues/bybit) | PENDLEUSDT | -0.0025% | 8 h | −2.7% | +4.9% | $8M | 2026-11-12 00:00 |
| [Crypto.com](https://afterfees.xyz/venues/cryptocom) | PENDLEUSD-PERP | -0.0089% | 1 h | −77.8% | −54.6% | $44.4K | 2026-11-12 00:00 |

## Borrow PENDLE to sell spot

| Exchange | Borrow APR | Per-account limit |
|---|---|---|
| Bitget | 2.27% | — |
| Binance | 4.99% | — |
| Bybit | 7.48% | — |
| Gate | 12.05% | $30K |

## Cost to enter $10,000 of PENDLE

| Exchange | Contract | Fee + slippage | Source |
|---|---|---|---|
| Backpack | PENDLE_USDC_PERP | 10.0 bp * | order-book snapshot, 45 min old |
| GRVT | PENDLE_USDT_Perp | 20.0 bp | order-book snapshot, 43 min old |
| MEXC | PENDLE_USDT | 2.7 bp | top of book only |
| Extended | PENDLE-USD | 3.5 bp | top of book only |
| Lighter | PENDLE | 3.6 bp | top of book only |
| Variational | PENDLE-PERP | 4.0 bp | top of book only |
| BingX | PENDLE-USDT | 5.3 bp | top of book only |
| Binance | PENDLEUSDT | 6.0 bp | top of book only |
| BloFin | PENDLE-USDT | 6.7 bp | top of book only |
| Paradex | PENDLE-USD-PERP | 7.3 bp | top of book only |
| Bitget | PENDLEUSDT | 7.3 bp | top of book only |
| Bybit | PENDLEUSDT | 7.5 bp | top of book only |

_Taker fee plus slippage of a market buy of $10,000 from the mid price, at standard (VIP0) fees. * fee estimated: the exchange publishes no fee schedule without an account._

## More on PENDLE

- [Borrow PENDLE: rates on every exchange](https://afterfees.xyz/borrow/PENDLE)
- [PENDLE transfer arbitrage](https://afterfees.xyz/transfers/PENDLE)

## Questions

**Is PENDLE funding-rate arbitrage profitable right now?**

Not at $10,000 per side for 7 days: no PENDLE pair shows a verified profit after fees and order-book slippage right now. Rates change every hour; the live page re-ranks continuously.

**Which exchange has the highest PENDLE funding rate?**

Kraken at +62.6% a year (0.0071% every 1 h); the lowest is Crypto.com at −77.8%. A positive rate is paid by longs to shorts, a negative one by shorts to longs.

_The method behind every number on AfterFees is published; Pro opens each figure into its line-by-line calculation. Estimates from current data, not investment advice. We never hold funds or trade for you._