PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0074%/8h= −8.1% APRnext payment −$0.09 per $10,000 · paid last 24h −0.132%

Price spread now: Coinbase International against Backpack+0.739%7-day average −0.070% · you sell dearer than you buy

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−0.700%−$70 on $10k

Price spread, last 3 days (all we have)−0.708%−$71 · spread now +0.739%, 7d avg −0.070%

Together, before fees−1.408%−$141 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.810% dearer against Backpack than usual: you sell high and buy low (spread +0.739% now, against its 7-day average of −0.070%): +$81 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 36 days. At the pace of the last 7 days (−0.700% in total) that is about 8.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5154	0.0674	pay 0.0084% / 1h	6m 06s	$330K	$489K	15x
Short	Coinbase International PENDLE-PERP-INTX	2.5340	0.0600	get 0.0075% / 1h	6m 06s	$141K	$450K	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

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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 BackpackbpFee Coinbase InternationalbpOrdersPrice spread, now +0.739%Rate

Funding earned: −$15.6
Price spread: +0.739% → −0.070%: $80.96
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $45.35
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Backpack: live order book, 8 min ago; Coinbase International: live order book, 7 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, 8 min ago	1.39 bp	7.2 bp −$7	33.0 bp −$330	doesn't fit	doesn't fit
Sell Coinbase International live order book, 7 min ago	13.90 bp	395.5 bp −$395	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	−0.5000%	1h	2.4940	−0.851%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0467%	1h	2.5099	−0.219%	$28K	$11K	10x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.5086	−0.271%	$165K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0070%	8h	2.5118	−0.143%	$27.2M	$42.3M	75x	as long as short
MEXC PENDLE_USDT	−0.0068%	8h	2.5106	−0.191%	$17.0M	$1.9M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0061%	1h	2.5164	+0.040%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0056%	8h	2.5130	−0.095%	$1.3M	$708K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0010%	8h	2.5101	−0.211%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5134	−0.081%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5177	+0.091%	$417K	$1.6M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0021%	8h	2.5077	−0.308%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5095	−0.233%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5093	−0.244%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5104	−0.199%	$529K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5111	−0.170%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5104	−0.200%	$47K	$178K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5090	−0.254%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5090	−0.254%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5110	−0.175%	$776K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5107	−0.187%	$882K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5133	−0.083%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5110	−0.175%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5160	+0.024%	$25K	$381K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5122	−0.127%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5100	−0.215%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5117	−0.147%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0297%	1h	2.5153	−0.004%	$12.7M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5165	+0.045%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTXshort	+0.0600%	1h	2.5340	+0.739%	$141K	$450K	25x
Backpack PENDLE_USDC_PERPlong	+0.0674%	1h	2.5154	long leg	$330K	$489K	15x