PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0674%/8h= −73.8% APRnext payment −$0.84 per $10,000 · paid last 24h −0.139%

Price spread now: Polymarket Perps against Backpack−0.287%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 Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.870%−$87 on $10k

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 −$20 a day on $10k at the current rate, and Polymarket Perps is 0.287% cheaper against Backpack than usual: you would sell low and buy high (−$29 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	2.4725	0.0774	pay 0.0097% / 1h	19m 57s	$358K	$401K	15x
Short	Polymarket Perps PENDLE-USD	2.4654	0.0100	get 0.0013% / 1h	19m 57s	$16K	$7K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.287%Rate

Funding earned: −$141.56
Price spread: −0.287% → 0.000%: −$28.72
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$188.28
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 29 min ago; Polymarket Perps: 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, 29 min ago	1.83 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps no order-book sample	—	—	—	—	—

Polymarket Perps: 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	2.4200	−2.123%	$2K	$54K	5.5x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4652	−0.295%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0019%	8h	2.4640	−0.344%	$723K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4563	−0.655%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4657	−0.275%	$24K	$15K	10x	as long as short
BloFin PENDLE-USDT	+0.0016%	8h	2.4497	−0.922%	$1.1M	$602K	75x	as long as short
MEXC PENDLE_USDT	+0.0026%	8h	2.4652	−0.295%	$17.5M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0030%	8h	2.4665	−0.243%	$26.0M	$44.4M	75x	as long as short
Extended PENDLE-USD	+0.0032%	1h	2.4639	−0.347%	$158K	$577K	10x	as long as short
Reya PENDLERUSDPERP	+0.0075%	1h	2.4634	−0.369%	$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	2.4646	−0.321%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4656	−0.279%	$520K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4589	−0.549%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4712	−0.053%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4647	−0.317%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4650	−0.303%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4680	−0.182%	$3.1M	$6.5M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4686	−0.158%	$870K	$555K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4660	−0.263%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4662	−0.255%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4491	−0.948%	$551K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4478	−0.997%	$24K	$372K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4500	−0.909%	$410K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4490	−0.950%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USDshort	+0.0100%	1h	2.4654	−0.287%	$16K	$7K	5x
SunX PENDLE-USDT	+0.0100%	8h	2.4585	−0.566%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4651	−0.299%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4690	−0.142%	$157K	$527K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0774%	1h	2.4725	long leg	$358K	$401K	15x
Kraken Futures PF_PENDLEUSD	+0.1180%	1h	2.4716	−0.037%	$116K	$262K	20x	as long as short