PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.4815%/8h= −527.2% APRnext payment −$6.02 per $10,000 · paid last 24h −0.409%

Price spread now: Injective against Deribit−1.259%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 −$144 a day on $10k at the current rate, and Injective is 1.259% cheaper against Deribit than usual: you would sell low and buy high (−$126 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	Deribit PENDLE_USDC-PERPETUAL	2.5258	−0.0185	get 0.0023% / 1h	32m 25s	$30K	$10K	10x
Short	Injective PENDLE/USDC PERP	2.4940	−0.5000	pay 0.0625% / 1h	32m 25s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Deribit. 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 DeribitbpFee InjectivebpOrdersPrice spread, now −1.259%Rate

Funding earned: −$1,011.08
Price spread: −1.259% → 0.000%: −$125.9
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,144
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Injective: 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 Deribit no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Deribit and Injective: 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 PERPshort	−0.5000%	1h	2.4940	−1.259%	$2K	$54K	5.5x
Deribit PENDLE_USDC-PERPETUALlong	−0.0185%	1h	2.5258	long leg	$30K	$10K	10x
ApeX Omni PENDLEUSDT	−0.0079%	1h	2.5215	−0.170%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0037%	8h	2.5249	−0.036%	$1.3M	$754K	75x	as long as short
Extended PENDLE-USD	−0.0032%	1h	2.5226	−0.126%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0029%	8h	2.5229	−0.116%	$27.3M	$41.9M	75x	as long as short
MEXC PENDLE_USDT	−0.0028%	8h	2.5239	−0.075%	$17.1M	$1.9M	125x	as long as short
Orderly PERP_PENDLE_USDC	−0.0001%	8h	2.5216	−0.166%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5242	−0.064%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0043%	8h	2.5187	−0.281%	$594K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya PENDLERUSDPERP	+0.0045%	1h	2.5225	−0.132%	$4K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0050%	8h	2.5225	−0.132%	$418K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5240	−0.073%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5223	−0.139%	$531K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5208	−0.199%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5251	−0.027%	$46K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5217	−0.162%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	−0.230%	$3.3M	$6.1M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5200	−0.230%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5249	−0.036%	$894K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5208	−0.198%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5211	−0.186%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5204	−0.215%	$25K	$396K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5262	+0.016%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5212	−0.182%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5236	−0.089%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0236%	1h	2.5278	+0.079%	$12.7M	$6.1M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0593%	1h	2.5292	+0.136%	$120K	$299K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.325%	$141K	$458K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0809%	1h	2.5279	+0.083%	$330K	$491K	15x	as long as short