PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0061%/8h= +6.7% APRnext payment +$0.08 per $10,000 · paid last 24h +0.078%

Price spread now: Backpack against Coinbase International+0.126%7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs+$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$540.544% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.710%+$71 on $10k

Price spread, last 4 days (all we have)−0.162%−$16 · spread now +0.126%, 7d avg +0.071%

Together, before fees+0.548%+$55 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.055% dearer against Coinbase International than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENDLE-PERP-INTX	2.4620	0.0640	pay 0.0080% / 1h	34m 37s	$146K	$501K	25x
Short	Backpack PENDLE_USDC_PERP	2.4651	0.0701	get 0.0088% / 1h	34m 37s	$358K	$400K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now +0.126%Rate

Funding earned: $12.83
Price spread: +0.126% → +0.071%: $5.5
Slippage, 4 orders: −$34.44
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$36.11
Costs to cover: 0.544%
Break-even: 26.7 days

Slippage from Coinbase International: live order book, 18 min ago; Backpack: live order book, 19 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 Coinbase International live order book, 18 min ago	6.08 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 19 min ago	1.42 bp	6.8 bp −$7	34.1 bp −$341	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	−0.4243%	1h	2.4260	−1.462%	$2K	$54K	5.5x	as long as short
ApeX Omni PENDLEUSDT	−0.0175%	1h	2.4607	−0.053%	$75K	$234K	50x	as long as short
MEXC PENDLE_USDT	−0.0059%	8h	2.4600	−0.081%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0057%	8h	2.4594	−0.107%	$26.0M	$44.0M	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4572	−0.195%	$158K	$581K	10x	as long as short
Gate PENDLE_USDT	−0.0046%	8h	2.4600	−0.081%	$720K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0040%	8h	2.4607	−0.053%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.4602	−0.073%	$1.1M	$596K	75x	as long as short
Aster PENDLEUSDT	−0.0010%	8h	2.4676	+0.227%	$47K	$172K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4600	−0.081%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4614	−0.024%	$25K	$14K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0034%	8h	2.4538	−0.332%	$407K	$2.0M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4601	−0.079%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4571	−0.200%	$552K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0069%	1h	2.4581	−0.157%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4612	−0.032%	$516K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4587	−0.136%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4570	−0.203%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4600	−0.081%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4611	−0.037%	$884K	$551K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4594	−0.106%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4594	−0.106%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4603	−0.070%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4618	−0.008%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4629	+0.037%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4659	+0.158%	$12.8M	$6.1M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4613	−0.028%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0640%	1h	2.4620	long leg	$146K	$501K	25x
Backpack PENDLE_USDC_PERPshort	+0.0701%	1h	2.4651	+0.126%	$358K	$400K	15x
Kraken Futures PF_PENDLEUSD	+0.1182%	1h	2.4623	+0.013%	$115K	$268K	20x	as long as short