PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0594%/8h= −65.0% APRnext payment −$0.74 per $10,000 · paid last 24h −0.152%

Price spread now: Reya against Backpack−0.167%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 Reya

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Reya is 0.167% cheaper against Backpack than usual: you would sell low and buy high (−$17 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	2.4677	0.0660	pay 0.0082% / 1h	4m 53s	$359K	$473K	15x
Short	Reya PENDLERUSDPERP	2.4636	0.0066	get 0.0008% / 1h	4m 53s	$3K	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.167%Rate

Funding earned: −$124.69
Price spread: −0.167% → 0.000%: −$16.73
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$157.42
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 54 min ago; Reya: 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, 54 min ago	1.62 bp	9.8 bp −$10	27.0 bp −$270	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.4334%	1h	2.4340	−1.366%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0156%	1h	2.4643	−0.138%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDT	−0.0069%	8h	2.4638	−0.158%	$1.1M	$592K	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4611	−0.268%	$159K	$578K	10x	as long as short
Binance PENDLEUSDT	−0.0055%	8h	2.4630	−0.189%	$26.1M	$43.6M	75x	as long as short
MEXC PENDLE_USDT	−0.0054%	8h	2.4629	−0.195%	$17.3M	$2.0M	125x	as long as short
Gate PENDLE_USDT	−0.0051%	8h	2.4610	−0.272%	$718K	$1.1M	75x	as long as short
Aster PENDLEUSDT	−0.0049%	8h	2.4640	−0.151%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0038%	8h	2.4635	−0.170%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4636	−0.168%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0064%	1h	2.4625	−0.211%	$26K	—	3x	as long as short
Reya PENDLERUSDPERPshort	+0.0066%	1h	2.4636	−0.167%	$3K	—	15x
Variational Omni PENDLE	+0.0066%	8h	2.4591	−0.350%	$552K	$1.4M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4627	−0.203%	$409K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4640	−0.150%	$517K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4620	−0.229%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4610	−0.272%	$14.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4640	−0.150%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4638	−0.158%	$866K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4613	−0.259%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4633	−0.178%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4600	−0.312%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4612	−0.263%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4653	−0.097%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4669	−0.032%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4644	−0.135%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0339%	1h	2.4671	−0.024%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4640	−0.150%	$147K	$494K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0660%	1h	2.4677	long leg	$359K	$473K	15x
Kraken Futures PF_PENDLEUSD	+0.1178%	1h	2.4691	+0.055%	$115K	$268K	20x	as long as short