PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1155%/8h= +126.4% APRnext payment +$1.44 per $10,000 · paid last 24h +0.201%

Price spread now: Backpack against Deribit+0.225%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Backpack

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 for this trade now. Funding pays +$35 a day on $10k at the current rate, and Backpack is 0.225% dearer against Deribit than usual: you sell high and buy low: +$22 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.4489	−0.0444	get 0.0055% / 1h	23m 01s	$24K	$15K	10x
Short	Backpack PENDLE_USDC_PERP	2.4544	0.0711	get 0.0089% / 1h	23m 01s	$356K	$401K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.225%Rate

Funding earned: $242.47
Price spread: +0.225% → 0.000%: $22.46
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $247.93
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; Backpack: live order book, 26 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 Deribit no order-book sample	—	—	—	—	—
Sell Backpack live order book, 26 min ago	1.83 bp	7.2 bp −$7	26.4 bp −$264	doesn't fit	doesn't fit

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	−0.3926%	1h	2.4200	−1.180%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0444%	1h	2.4489	long leg	$24K	$15K	10x
Orderly PERP_PENDLE_USDC	−0.0036%	8h	2.4483	−0.025%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0028%	8h	2.4480	−0.037%	$718K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4476	−0.053%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0019%	8h	2.4511	+0.090%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	+0.0023%	8h	2.4501	+0.049%	$25.8M	$44.3M	75x	as long as short
Extended PENDLE-USD	+0.0024%	1h	2.4490	+0.003%	$157K	$582K	10x	as long as short
BloFin PENDLE-USDT	+0.0032%	8h	2.4483	−0.025%	$1.1M	$601K	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4481	−0.033%	$3K	—	15x	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	+0.0088%	1h	2.4480	−0.035%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4497	+0.033%	$516K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4491	+0.010%	$34K	$9K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4539	+0.204%	$12.6M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4501	+0.051%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4490	+0.004%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4510	+0.086%	$3.1M	$6.5M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4482	−0.029%	$863K	$555K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4497	+0.033%	$3.6M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4507	+0.074%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4441	−0.196%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4427	−0.255%	$24K	$371K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4483	−0.025%	$405K	$2.2M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4429	−0.245%	$74K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4504	+0.061%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4480	−0.037%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4488	−0.005%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4570	+0.331%	$155K	$524K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0711%	1h	2.4544	+0.225%	$356K	$401K	15x
Kraken Futures PF_PENDLEUSD	+0.1188%	1h	2.4555	+0.270%	$115K	$262K	20x	as long as short