PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0143%/8h= −15.7% APRnext payment −$0.18 per $10,000 · paid last 24h −0.072%

Price spread now: GMX against Backpack−0.190%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 GMX

What this pair did over the last

the charts below follow

Funding, last 3 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 −$4 a day on $10k at the current rate, and GMX is 0.190% cheaper against Backpack than usual: you would sell low and buy high (−$19 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	2.5133	0.0399	pay 0.0050% / 1h	11m 08s	$352K	$481K	15x
Short	GMX PENDLE/USD [PENDLE-USDC]	2.5085	L +0.0158% / S −0.0256%	get 0.0032% / 1h	11m 08s	$7K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.190%Rate

Funding earned: −$30.06
Price spread: −0.190% → 0.000%: −$18.96
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$71.02
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 58 min ago; GMX: 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, 58 min ago	1.57 bp	7.1 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 29 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	2.4870	−1.046%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0427%	1h	2.5087	−0.183%	$26K	$14K	10x	as long as short
Binance PENDLEUSDT	−0.0132%	8h	2.5077	−0.223%	$27.0M	$43.4M	75x	as long as short
Extended PENDLE-USD	−0.0128%	1h	2.5067	−0.262%	$163K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0128%	8h	2.5087	−0.183%	$17.4M	$1.8M	125x	as long as short
GRVT PENDLE_USDT_Perp	−0.0121%	8h	2.5086	−0.186%	$422K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0097%	1h	2.5098	−0.139%	$77K	$236K	50x	as long as short
Variational Omni PENDLE	−0.0044%	8h	2.5046	−0.348%	$612K	$1.8M	—	as long as short
Gate PENDLE_USDT	−0.0040%	8h	2.5080	−0.211%	$762K	$1.2M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.5084	−0.195%	$20K	$16K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENDLEUSDT	−0.0037%	8h	2.5109	−0.095%	$50K	$181K	10x	as long as short
Bybit PENDLEUSDT	−0.0022%	8h	2.5066	−0.267%	$15.2M	$12.0M	50x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5120	−0.052%	$11K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.5079	−0.216%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0056%	1h	2.5067	−0.264%	$4K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5096	−0.147%	$534K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5071	−0.248%	$35K	$16K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5133	0.000%	$12.9M	$6.4M	5x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5060	−0.290%	$3.2M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5098	−0.139%	$867K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5082	−0.203%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5087	−0.183%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5110	−0.092%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5094	−0.155%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5078	−0.219%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]short	L +0.0158% / S −0.0256%	1h	2.5085	−0.190%	$7K	—	100x
Backpack PENDLE_USDC_PERPlong	+0.0399%	1h	2.5133	long leg	$352K	$481K	15x
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5260	+0.505%	$145K	$473K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0867%	1h	2.5134	+0.003%	$117K	$289K	20x	as long as short