PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0213%/8h= −23.3% APRnext payment −$0.27 per $10,000 · paid last 24h −0.071%

Price spread now: Coinbase International against Backpack−0.117%7-day average −0.069% · you buy dearer than you sell

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

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.713%−$71 on $10k

Price spread, last 4 days (all we have)+0.148%+$15 · spread now −0.117%, 7d avg −0.069%

Together, before fees−0.565%−$56 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Coinbase International is 0.047% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.069%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.4849	0.0805	pay 0.0101% / 1h	18m 34s	$360K	$402K	15x
Short	Coinbase International PENDLE-PERP-INTX	2.4820	0.0592	get 0.0074% / 1h	18m 34s	$158K	$530K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$44.72
Price spread: −0.117% → −0.069%: −$4.74
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$69.46
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 30 min ago; Coinbase International: live order book, 30 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 Backpack live order book, 30 min ago	1.83 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 30 min ago	12.23 bp	28.2 bp −$28	doesn't fit	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	−0.3926%	1h	2.4200	−2.612%	$2K	$54K	5.5x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4761	−0.354%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0013%	8h	2.4830	−0.076%	$733K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4793	−0.226%	$10K	—	5x	as long as short
BloFin PENDLE-USDT	+0.0011%	8h	2.4787	−0.250%	$1.1M	$609K	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.4803	−0.184%	$159K	$577K	10x	as long as short
MEXC PENDLE_USDT	+0.0035%	8h	2.4819	−0.121%	$17.6M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0042%	8h	2.4836	−0.050%	$26.2M	$44.5M	75x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4757	−0.371%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.4751	−0.396%	$26K	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PENDLE	+0.0096%	1h	2.4812	−0.149%	$526K	$426K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4826	−0.091%	$35K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4850	+0.004%	$12.8M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4803	−0.183%	$47K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4836	−0.052%	$14.5M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4850	+0.004%	$3.2M	$6.6M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4827	−0.089%	$879K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4823	−0.105%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4811	−0.153%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4491	−1.442%	$551K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4507	−1.375%	$24K	$373K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4500	−1.404%	$410K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4490	−1.445%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4777	−0.290%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4777	−0.290%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4755	−0.378%	$5K	—	100x	as long as short
Deribit PENDLE_USDC-PERPETUAL	+0.0356%	1h	2.4772	−0.310%	$24K	$15K	10x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0592%	1h	2.4820	−0.117%	$158K	$530K	25x
Backpack PENDLE_USDC_PERPlong	+0.0805%	1h	2.4849	long leg	$360K	$402K	15x
Kraken Futures PF_PENDLEUSD	+0.1175%	1h	2.4840	−0.035%	$116K	$262K	20x	as long as short