PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0694%/8h= −75.9% APRnext payment −$0.87 per $10,000 · paid last 24h −0.138%

Price spread now: Extended against Backpack−0.398%48s7-day average −0.213% · you buy dearer than you sell

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$470.472% of the position

Long on Backpack Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.775%−$78 on $10k

Price spread, last 4 days (all we have)+0.407%+$41 · spread now −0.398%, 7d avg −0.213%

Together, before fees−0.368%+ Points / potential airdropExtended: Active · farm board−$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Extended is 0.185% cheaper against Backpack than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.213%). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.4774	0.0638	pay 0.0080% / 1h	32m 19s	$357K	$470K	15x
Short	Extended PENDLE-USD	2.4675	−0.0056	pay 0.0007% / 1h	32m 19s	$159K	$574K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.398%Rate

Funding earned: −$145.64
Price spread: −0.398% → −0.213%: −$18.53
Slippage, 4 orders: −$32.22
Fee Backpack: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$211.4
Costs to cover: 0.472%
Break-even: never at this rate

Slippage from Backpack: live order book, 26 min ago; Extended: live order book, 25 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, 26 min ago	1.62 bp	9.8 bp −$10	27.0 bp −$270	doesn't fit	doesn't fit
Sell Extended live order book, 25 min ago	0.81 bp	14.0 bp −$14	122.7 bp −$1,227	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	−0.4334%	1h	2.4340	−1.752%	$2K	$54K	5.5x	as long as short
BloFin PENDLE-USDT	−0.0075%	8h	2.4703	−0.287%	$1.2M	$630K	75x	as long as short
MEXC PENDLE_USDT	−0.0057%	8h	2.4681	−0.375%	$17.3M	$2.0M	125x	as long as short
Extended PENDLE-USDshort	−0.0056%	1h	2.4675	−0.398%	$159K	$574K	10x
Binance PENDLEUSDT	−0.0054%	8h	2.4680	−0.378%	$26.2M	$44.0M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4695	−0.319%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0034%	8h	2.4660	−0.460%	$720K	$1.1M	75x	as long as short
Aster PENDLEUSDT	−0.0033%	8h	2.4676	−0.396%	$46K	$178K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4645	−0.521%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4697	−0.311%	$25K	$14K	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	+0.0043%	8h	2.4586	−0.760%	$552K	$1.6M	—	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4686	−0.357%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0064%	1h	2.4680	−0.378%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0089%	8h	2.4622	−0.614%	$407K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4691	−0.335%	$518K	$424K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4692	−0.333%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4670	−0.420%	$14.6M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4690	−0.339%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4659	−0.464%	$866K	$585K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4664	−0.444%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4682	−0.371%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4614	−0.647%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4623	−0.610%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4706	−0.274%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4694	−0.323%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4688	−0.348%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0427%	1h	2.4727	−0.190%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4770	−0.016%	$148K	$497K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0638%	1h	2.4774	long leg	$357K	$470K	15x
Kraken Futures PF_PENDLEUSD	+0.1177%	1h	2.4704	−0.282%	$115K	$277K	20x	as long as short