PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.5415%/8h= +592.9% APRnext payment +$6.77 per $10,000 · paid last 24h +0.819%

Price spread now: Backpack against Injective+1.450%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+1.849%+$185 on $10k

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 +$162 a day on $10k at the current rate, and Backpack is 1.450% dearer against Injective than usual: you sell high and buy low: +$145 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.849% in total (about 96.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$6.77 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PENDLE/USDC PERP	2.4490	−0.4938	get 0.0617% / 1h	40m 29s	$2K	$54K	5.5x
Short	Backpack PENDLE_USDC_PERP	2.4845	0.0477	get 0.0060% / 1h	40m 29s	$351K	$483K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee BackpackbpOrdersPrice spread, now +1.450%Rate

Funding earned: $1,137.06
Price spread: +1.450% → 0.000%: $144.96
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: $1,272
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Backpack: live order book, 23 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 Injective no order-book sample	—	—	—	—	—
Sell Backpack live order book, 23 min ago	1.59 bp	9.1 bp −$9	45.9 bp −$459	doesn't fit	doesn't fit

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 PERPlong	−0.4938%	1h	2.4490	long leg	$2K	$54K	5.5x
BloFin PENDLE-USDT	−0.0121%	8h	2.4784	+1.200%	$1.3M	$644K	75x	as long as short
Extended PENDLE-USD	−0.0120%	1h	2.4803	+1.278%	$163K	$568K	10x	as long as short
MEXC PENDLE_USDT	−0.0117%	8h	2.4814	+1.323%	$17.1M	$1.8M	125x	as long as short
Binance PENDLEUSDT	−0.0116%	8h	2.4823	+1.358%	$26.7M	$43.2M	75x	as long as short
Aster PENDLEUSDT	−0.0056%	8h	2.4816	+1.330%	$47K	$175K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4795	+1.245%	$19K	$15K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0034%	8h	2.4875	+1.572%	$417K	$1.7M	10x	as long as short
Variational Omni PENDLE	−0.0009%	8h	2.4780	+1.185%	$546K	$1.8M	—	as long as short
Gate PENDLE_USDT	−0.0006%	8h	2.4800	+1.266%	$721K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4803	+1.277%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4798	+1.258%	$25K	$14K	10x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4788	+1.218%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0059%	1h	2.4813	+1.317%	$4K	—	15x	as long as short
ApeX Omni PENDLEUSDT	+0.0073%	1h	2.4866	+1.535%	$76K	$235K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4818	+1.339%	$530K	$418K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4808	+1.299%	$35K	$15K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4850	+1.470%	$12.6M	$6.0M	5x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4810	+1.307%	$14.9M	$12.2M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4810	+1.307%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4808	+1.298%	$848K	$578K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4822	+1.356%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4817	+1.335%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4852	+1.480%	$25K	$377K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4836	+1.413%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4802	+1.274%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0191% / S −0.0316%	1h	2.4807	+1.295%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0477%	1h	2.4845	+1.450%	$351K	$483K	15x
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4840	+1.429%	$149K	$491K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0755%	1h	2.4838	+1.421%	$115K	$283K	20x	as long as short