PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0620%/8h= −67.9% APRnext payment −$0.78 per $10,000 · paid last 24h −0.126%

Price spread now: Aevo against Backpack−0.256%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 Aevo

What this pair did over the last

the charts below follow

Funding, last 5 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 −$19 a day on $10k at the current rate, and Aevo is 0.256% cheaper against Backpack than usual: you would sell low and buy high (−$26 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	2.4768	0.0684	pay 0.0086% / 1h	2m 01s	$360K	$445K	15x
Short	Aevo PENDLE-PERP	2.4705	0.0064	get 0.0008% / 1h	2m 01s	$26K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo 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 AevobpOrdersPrice spread, now −0.256%Rate

Funding earned: −$130.28
Price spread: −0.256% → 0.000%: −$25.56
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$181.84
Costs to cover: 0.260%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 57 min ago; Aevo: 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, 57 min ago	1.62 bp	9.8 bp −$10	27.0 bp −$270	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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	−0.4334%	1h	2.4350	−1.688%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0154%	1h	2.4721	−0.190%	$25K	$14K	10x	as long as short
MEXC PENDLE_USDT	−0.0053%	8h	2.4714	−0.218%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0051%	8h	2.4713	−0.221%	$26.2M	$43.6M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4711	−0.231%	$159K	$578K	10x	as long as short
Aster PENDLEUSDT	−0.0044%	8h	2.4728	−0.162%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4719	−0.198%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0038%	8h	2.4730	−0.153%	$721K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.4723	−0.182%	$1.2M	$594K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4698	−0.282%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERPshort	+0.0064%	1h	2.4705	−0.256%	$26K	—	3x
Variational Omni PENDLE	+0.0066%	8h	2.4591	−0.716%	$552K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0066%	1h	2.4718	−0.200%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4627	−0.569%	$409K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4720	−0.194%	$518K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4710	−0.233%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4711	−0.230%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4720	−0.194%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4729	−0.157%	$869K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4712	−0.226%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4727	−0.166%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4620	−0.599%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4643	−0.505%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4740	−0.113%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4742	−0.105%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4722	−0.187%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0341%	1h	2.4754	−0.057%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4760	−0.032%	$147K	$496K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0684%	1h	2.4768	long leg	$360K	$445K	15x
Kraken Futures PF_PENDLEUSD	+0.1174%	1h	2.4770	+0.009%	$115K	$268K	20x	as long as short