PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0845%/8h= −92.5% APRnext payment −$1.06 per $10,000 · paid last 24h −0.135%

Price spread now: dYdX against Backpack−0.177%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 dYdX

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 −$25 a day on $10k at the current rate, and dYdX is 0.177% cheaper against Backpack than usual: you would sell low and buy high (−$18 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	2.5239	0.0845	pay 0.0106% / 1h	16m 26s	$365K	$460K	15x
Short	dYdX PENDLE-USD	2.5194	0	get 0.0000% / 1h	16m 26s	$11K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.177%Rate

Funding earned: −$177.4
Price spread: −0.177% → 0.000%: −$17.73
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$215.14
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 7 min ago; dYdX: 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, 7 min ago	1.77 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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	−0.4806%	1h	2.5200	−0.155%	$2K	$53K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0428%	1h	2.5270	+0.124%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0345%	1h	2.5208	−0.123%	$30K	$10K	10x	as long as short
dYdX PENDLE-USDshort	0.0000%	1h	2.5194	−0.177%	$11K	—	5x
BloFin PENDLE-USDT	+0.0020%	8h	2.5190	−0.194%	$1.3M	$741K	75x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5208	−0.123%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5195	−0.174%	$4K	—	15x	as long as short
MEXC PENDLE_USDT	+0.0045%	8h	2.5204	−0.139%	$17.0M	$2.3M	125x	as long as short
Binance PENDLEUSDT	+0.0046%	8h	2.5196	−0.172%	$27.4M	$39.1M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5193	−0.180%	$166K	$524K	10x	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	+0.0053%	8h	2.5229	−0.041%	$621K	$2.3M	—	as long as short
Lighter PENDLE	+0.0096%	1h	2.5210	−0.115%	$548K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5198	−0.162%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5203	−0.143%	$35K	$22K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5223	−0.063%	$12.4M	$5.6M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5199	−0.157%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5170	−0.273%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5210	−0.115%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5200	−0.155%	$842K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5217	−0.087%	$917K	$610K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5196	−0.170%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5194	−0.178%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5210	−0.113%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5216	−0.091%	$425K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5236	−0.012%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5210	−0.115%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5214	−0.099%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5218	−0.085%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.479%	$117K	$422K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0845%	1h	2.5239	long leg	$365K	$460K	15x