PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0076%/8h= +8.4% APRnext payment +$0.10 per $10,000 · paid last 24h +0.090%

Price spread now: Backpack against Coinbase International+0.032%7-day average +0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs+$7as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$630.632% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.707%+$71 on $10k

Price spread, last 4 days (all we have)+0.183%+$18 · spread now +0.032%, 7d avg +0.072%

Together, before fees+0.889%+$89 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.040% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.032% now, against its 7-day average of +0.072%). If the spread goes back, that is −$4 on $10k: about 42 hours of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.707% in total) that is about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PENDLE-PERP-INTX	2.4760	0.0608	pay 0.0076% / 1h	2m 01s	$147K	$496K	25x
Short	Backpack PENDLE_USDC_PERP	2.4768	0.0684	get 0.0086% / 1h	2m 01s	$360K	$445K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now +0.032%Rate

Funding earned: $16.04
Price spread: +0.032% → +0.072%: −$3.98
Slippage, 4 orders: −$43.23
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$51.17
Costs to cover: 0.632%
Break-even: 29.3 days

Slippage from Coinbase International: live order book, 56 min ago; Backpack: live order book, 57 min ago.

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 Coinbase International live order book, 56 min ago	8.11 bp	20.1 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 57 min ago	1.62 bp	8.4 bp −$8	581.2 bp −$5,812	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	−0.4334%	1h	2.4350	−1.656%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0154%	1h	2.4721	−0.158%	$25K	$14K	10x	as long as short
MEXC PENDLE_USDT	−0.0053%	8h	2.4714	−0.186%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0051%	8h	2.4713	−0.189%	$26.2M	$43.6M	75x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.4711	−0.199%	$159K	$578K	10x	as long as short
Aster PENDLEUSDT	−0.0044%	8h	2.4728	−0.129%	$47K	$179K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0039%	8h	2.4719	−0.166%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0038%	8h	2.4730	−0.121%	$721K	$1.1M	75x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.4723	−0.149%	$1.2M	$594K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4698	−0.250%	$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	2.4705	−0.223%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4591	−0.684%	$552K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0066%	1h	2.4718	−0.168%	$3K	—	15x	as long as short
GRVT PENDLE_USDT_Perp	+0.0071%	8h	2.4627	−0.537%	$409K	$1.9M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4720	−0.162%	$518K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4710	−0.201%	$35K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4711	−0.198%	$14.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4720	−0.162%	$3.1M	$6.3M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4729	−0.125%	$869K	$558K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4712	−0.194%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4727	−0.133%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4620	−0.567%	$24K	$377K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4643	−0.473%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4740	−0.081%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4742	−0.073%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4722	−0.154%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0341%	1h	2.4754	−0.024%	$12.8M	$6.0M	5x	as long as short
Coinbase International PENDLE-PERP-INTXlong	+0.0608%	1h	2.4760	long leg	$147K	$496K	25x
Backpack PENDLE_USDC_PERPshort	+0.0684%	1h	2.4768	+0.032%	$360K	$445K	15x
Kraken Futures PF_PENDLEUSD	+0.1174%	1h	2.4770	+0.041%	$115K	$268K	20x	as long as short