PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0878%/8h= −96.2% APRnext payment −$1.10 per $10,000 · paid last 24h −0.187%

Price spread now: Deribit against Backpack−0.125%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 Deribit

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 −$26 a day on $10k at the current rate, and Deribit is 0.125% cheaper against Backpack than usual: you would sell low and buy high (−$13 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	2.4723	0.0683	pay 0.0085% / 1h	59m 36s	$360K	$400K	15x
Short	Deribit PENDLE_USDC-PERPETUAL	2.4692	−0.0195	pay 0.0024% / 1h	59m 36s	$25K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$184.43
Price spread: −0.125% → 0.000%: −$12.54
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$213.97
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 59 min ago; Deribit: 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, 59 min ago	1.62 bp	9.8 bp −$10	27.0 bp −$270	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−1.509%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALshort	−0.0195%	1h	2.4692	−0.125%	$25K	$14K	10x
BloFin PENDLE-USDT	−0.0060%	8h	2.4684	−0.158%	$1.2M	$593K	75x	as long as short
Binance PENDLEUSDT	−0.0049%	8h	2.4676	−0.190%	$26.1M	$43.5M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4659	−0.259%	$159K	$578K	10x	as long as short
MEXC PENDLE_USDT	−0.0048%	8h	2.4682	−0.166%	$17.4M	$1.9M	125x	as long as short
Gate PENDLE_USDT	−0.0045%	8h	2.4700	−0.093%	$719K	$1.1M	75x	as long as short
Aster PENDLEUSDT	−0.0044%	8h	2.4706	−0.068%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4688	−0.142%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4693	−0.123%	$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-PERP	+0.0064%	1h	2.4689	−0.138%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0067%	1h	2.4693	−0.120%	$3K	—	15x	as long as short
Variational Omni PENDLE	+0.0074%	8h	2.4726	+0.011%	$555K	$1.4M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0077%	8h	2.4709	−0.057%	$417K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4690	−0.133%	$518K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4668	−0.222%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4670	−0.214%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4700	−0.093%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4713	−0.040%	$869K	$556K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4669	−0.218%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4699	−0.097%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4709	−0.058%	$24K	$378K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4730	+0.028%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4720	−0.012%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4720	−0.012%	$1K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0171%	1h	2.4726	+0.011%	$12.8M	$6.0M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4704	−0.076%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4750	+0.109%	$147K	$498K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0683%	1h	2.4723	long leg	$360K	$400K	15x
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4739	+0.064%	$115K	$268K	20x	as long as short