PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0587%/8h= +64.2% APRnext payment +$0.73 per $10,000 · paid last 24h +0.112%

Price spread now: Backpack against GMX+0.203%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Backpack

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 for this trade now. Funding pays +$18 a day on $10k at the current rate, and Backpack is 0.203% dearer against GMX than usual: you sell high and buy low: +$20 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX PENDLE/USD [PENDLE-USDC]	2.4588	L +0.0196% / S −0.0222%	pay 0.0024% / 1h	1m 00s	$5K	—	100x
Short	Backpack PENDLE_USDC_PERP	2.4638	0.0783	get 0.0098% / 1h	1m 00s	$354K	$432K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GMX. 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 GMXbpFee BackpackbpOrdersPrice spread, now +0.203%Rate

Funding earned: $123.2
Price spread: +0.203% → 0.000%: $20.3
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $121.5
Costs to cover: 0.220%
Break-even: 0.1 days

Slippage unknown: GMX: no order-book sample; Backpack: live order book, 48 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Backpack live order book, 48 min ago	1.83 bp	7.2 bp −$7	26.4 bp −$264	doesn't fit	doesn't fit

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 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	−0.3926%	1h	2.4410	−0.724%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0075%	1h	2.4585	−0.013%	$25K	$16K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0034%	8h	2.4581	−0.029%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0004%	8h	2.4580	−0.033%	$746K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4606	+0.071%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0034%	8h	2.4582	−0.025%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0037%	8h	2.4573	−0.063%	$25.9M	$44.9M	75x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.4572	−0.066%	$160K	$574K	10x	as long as short
BloFin PENDLE-USDT	+0.0054%	8h	2.4577	−0.045%	$1.1M	$531K	75x	as long as short
Reya PENDLERUSDPERP	+0.0076%	1h	2.4589	+0.003%	$3K	—	15x	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	+0.0088%	1h	2.4584	−0.016%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4590	+0.008%	$520K	$427K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4577	−0.047%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4619	+0.126%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4590	+0.007%	$47K	$170K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4570	−0.074%	$14.3M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4600	+0.048%	$3.1M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4598	+0.040%	$876K	$561K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4593	+0.020%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4594	+0.024%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4566	−0.091%	$562K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4538	−0.205%	$24K	$373K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4544	−0.179%	$413K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4599	+0.044%	$75K	$233K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4608	+0.081%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4585	−0.013%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]long	L +0.0196% / S −0.0222%	1h	2.4588	long leg	$5K	—	100x
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4650	+0.252%	$161K	$539K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0783%	1h	2.4638	+0.203%	$354K	$432K	15x
Kraken Futures PF_PENDLEUSD	+0.1184%	1h	2.4632	+0.179%	$116K	$264K	20x	as long as short