PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.3383%/8h= −370.4% APRnext payment −$4.23 per $10,000 · paid last 24h −0.963%

Price spread now: Injective against Deribit−1.075%63s7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Injective

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 −$101 a day on $10k at the current rate, and Injective is 1.075% cheaper against Deribit than usual: you would sell low and buy high (−$108 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.4271	−0.0244	get 0.0031% / 1h	51m 51s	$25K	$16K	10x
Short	Injective PENDLE/USDC PERP	2.4010	−0.3627	pay 0.0453% / 1h	51m 51s	$2K	$54K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.075%Rate

Funding earned: −$710.4
Price spread: −1.075% → 0.000%: −$107.54
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$824.96
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; 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 Deribit no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Deribit and 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	−0.3627%	1h	2.4010	−1.075%	$2K	$54K	5.5x
GRVT PENDLE_USDT_Perp	−0.0702%	8h	2.4256	−0.063%	$402K	$2.6M	10x	as long as short
Gate PENDLE_USDT	−0.0579%	8h	2.4260	−0.045%	$767K	$990K	75x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0244%	1h	2.4271	long leg	$25K	$16K	10x
BloFin PENDLE-USDT	−0.0018%	8h	2.4252	−0.078%	$1.1M	$503K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0013%	8h	2.4264	−0.029%	$18K	$15K	10x	as long as short
Binance PENDLEUSDT	−0.0010%	8h	2.4284	+0.054%	$25.4M	$45.9M	75x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.4281	+0.042%	$156K	$924K	10x	as long as short
MEXC PENDLE_USDT	−0.0002%	8h	2.4282	+0.045%	$18.0M	$2.1M	125x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4300	+0.121%	$10K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0032%	1h	2.4225	−0.190%	$74K	$232K	50x	as long as short
Bybit PENDLEUSDT	+0.0074%	8h	2.4280	+0.037%	$14.1M	$12.0M	50x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.4254	−0.070%	$25K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0087%	1h	2.4279	+0.035%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4270	−0.004%	$522K	$429K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4235	−0.147%	$34K	$3K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.4303	+0.132%	$12.7M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.4260	−0.046%	$47K	$168K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4290	+0.078%	$3.1M	$6.7M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4275	+0.016%	$687K	$610K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4283	+0.049%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4291	+0.082%	—	$8.2M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4246	−0.103%	$565K	$1.2M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4230	−0.169%	$24K	$368K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4290	+0.078%	$16K	$4K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4293	+0.091%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4274	+0.014%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0664%	1h	2.4400	+0.531%	$159K	$512K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0803%	1h	2.4323	+0.214%	$359K	$433K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1277%	1h	2.4311	+0.165%	$115K	$258K	20x	as long as short