PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0288%/8h= −31.5% APRnext payment −$0.36 per $10,000 · paid last 24h −0.132%

Price spread now: Coinbase International against Backpack+0.325%7-day average −0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$620.618% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.700%−$70 on $10k

Price spread, last 3 days (all we have)−0.293%−$29 · spread now +0.325%, 7d avg −0.070%

Together, before fees−0.993%−$99 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.395% dearer against Backpack than usual: you sell high and buy low (spread +0.325% now, against its 7-day average of −0.070%): +$39 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 4.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5258	0.0888	pay 0.0111% / 1h	37m 22s	$329K	$491K	15x
Short	Coinbase International PENDLE-PERP-INTX	2.5340	0.0600	get 0.0075% / 1h	37m 22s	$141K	$458K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Backpack. 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 BackpackbpFee Coinbase InternationalbpOrdersPrice spread, now +0.325%Rate

Funding earned: −$60.48
Price spread: +0.325% → −0.070%: $39.48
Slippage, 4 orders: −$41.84
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$82.84
Costs to cover: 0.618%
Break-even: never at this rate

Slippage from Backpack: live order book, 41 min ago; Coinbase International: live order book, 41 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 Backpack live order book, 41 min ago	2.00 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 41 min ago	10.03 bp	29.4 bp −$29	doesn't fit	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	−0.5000%	1h	2.4940	−1.259%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0344%	1h	2.5219	−0.154%	$30K	$10K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0123%	1h	2.5202	−0.222%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0026%	8h	2.5192	−0.261%	$1.3M	$762K	75x	as long as short
Extended PENDLE-USD	−0.0024%	1h	2.5185	−0.290%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0023%	8h	2.5211	−0.186%	$27.3M	$41.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0021%	8h	2.5199	−0.234%	$17.1M	$1.9M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5218	−0.157%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0002%	8h	2.5217	−0.162%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0044%	1h	2.5217	−0.163%	$4K	—	15x	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	+0.0045%	8h	2.5177	−0.321%	$590K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0054%	8h	2.5216	−0.168%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5211	−0.186%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5213	−0.178%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5191	−0.267%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5234	−0.096%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5210	−0.190%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	−0.230%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5200	−0.230%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5237	−0.083%	$894K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5191	−0.265%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5214	−0.174%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5196	−0.244%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5246	−0.048%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5219	−0.154%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5227	−0.121%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0203%	1h	2.5267	+0.038%	$12.7M	$6.1M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5256	−0.007%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0600%	1h	2.5340	+0.325%	$141K	$458K	25x
Backpack PENDLE_USDC_PERPlong	+0.0888%	1h	2.5258	long leg	$329K	$491K	15x