PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1058%/8h= −115.8% APRnext payment −$1.32 per $10,000 · paid last 24h −0.168%

Price spread now: Deribit against Backpack−0.115%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack 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 −$32 a day on $10k at the current rate, and Deribit is 0.115% cheaper against Backpack than usual: you would sell low and buy high (−$12 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	Backpack PENDLE_USDC_PERP	2.5198	0.0315	pay 0.0039% / 1h	51m 07s	$353K	$485K	15x
Short	Deribit PENDLE_USDC-PERPETUAL	2.5169	−0.0742	pay 0.0093% / 1h	51m 07s	$26K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.115%Rate

Funding earned: −$222.09
Price spread: −0.115% → 0.000%: −$11.51
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$250.6
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 18 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 Backpack live order book, 18 min ago	1.57 bp	7.1 bp −$7	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	−0.4742%	1h	2.4750	−1.778%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0742%	1h	2.5169	−0.115%	$26K	$14K	10x
ApeX Omni PENDLEUSDT	−0.0640%	1h	2.5131	−0.266%	$77K	$237K	50x	as long as short
Bybit PENDLEUSDT	−0.0182%	8h	2.5130	−0.270%	$15.4M	$12.1M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0129%	8h	2.5154	−0.175%	$420K	$1.7M	10x	as long as short
MEXC PENDLE_USDT	−0.0114%	8h	2.5154	−0.175%	$17.4M	$1.8M	125x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5125	−0.290%	$163K	$565K	10x	as long as short
BloFin PENDLE-USDT	−0.0112%	8h	2.5148	−0.198%	$1.3M	$655K	75x	as long as short
Binance PENDLEUSDT	−0.0111%	8h	2.5153	−0.179%	$27.2M	$43.2M	75x	as long as short
Gate PENDLE_USDT	−0.0057%	8h	2.5140	−0.230%	$784K	$1.2M	75x	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	−0.0040%	8h	2.5116	−0.325%	$599K	$1.8M	—	as long as short
Orderly PERP_PENDLE_USDC	−0.0031%	8h	2.5133	−0.258%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5120	−0.310%	$11K	—	5x	as long as short
Aster PENDLEUSDT	+0.0011%	8h	2.5149	−0.193%	$50K	$180K	10x	as long as short
Reya PENDLERUSDPERP	+0.0053%	1h	2.5133	−0.258%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5125	−0.290%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5155	−0.171%	$535K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5104	−0.373%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	−0.230%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5146	−0.206%	$855K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5160	−0.151%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5132	−0.262%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5102	−0.380%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5149	−0.194%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5146	−0.206%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5166	−0.127%	$7K	—	100x	as long as short
Hyperliquid PENDLE	+0.0300%	1h	2.5201	+0.012%	$13.0M	$6.4M	5x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0315%	1h	2.5198	long leg	$353K	$485K	15x
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5140	−0.230%	$145K	$468K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0865%	1h	2.5188	−0.041%	$117K	$291K	20x	as long as short