PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.6236%/8h= −682.8% APRnext payment −$7.79 per $10,000 · paid last 24h −0.519%

Price spread now: Injective against Backpack−0.313%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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 −$187 a day on $10k at the current rate, and Injective is 0.313% cheaper against Backpack than usual: you would sell low and buy high (−$31 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	2.5209	0.1236	pay 0.0154% / 1h	55m 09s	$327K	$492K	15x
Short	Injective PENDLE/USDC PERP	2.5130	−0.5000	pay 0.0625% / 1h	55m 09s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.313%Rate

Funding earned: −$1,309.47
Price spread: −0.313% → 0.000%: −$31.34
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,350.83
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 24 min ago; Injective: 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, 24 min ago	2.00 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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 PERPshort	−0.5000%	1h	2.5130	−0.313%	$2K	$54K	5.5x
ApeX Omni PENDLEUSDT	−0.0147%	1h	2.5111	−0.389%	$77K	$239K	50x	as long as short
BloFin PENDLE-USDT	−0.0017%	8h	2.5191	−0.071%	$1.3M	$758K	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5165	−0.174%	$165K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.5177	−0.128%	$27.2M	$41.5M	75x	as long as short
MEXC PENDLE_USDT	−0.0006%	8h	2.5169	−0.159%	$17.0M	$1.9M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5152	−0.227%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5186	−0.091%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0009%	8h	2.5181	−0.111%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5132	−0.307%	$4K	—	15x	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	+0.0059%	8h	2.5097	−0.446%	$555K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0069%	8h	2.5089	−0.476%	$417K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5179	−0.119%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5173	−0.143%	$530K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5117	−0.366%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5213	+0.016%	$12.4M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5167	−0.166%	$44K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5160	−0.194%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5170	−0.155%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5150	−0.234%	$783K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5157	−0.206%	$895K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5146	−0.250%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5156	−0.210%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5096	−0.449%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5154	−0.218%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5188	−0.083%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5185	−0.094%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5226	+0.067%	$119K	$303K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5210	+0.004%	$140K	$459K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.1236%	1h	2.5209	long leg	$327K	$492K	15x