PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.6276%/8h= +687.2% APRnext payment +$7.84 per $10,000 · paid last 24h +0.519%

Price spread now: Backpack against Injective+1.908%72s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Backpack

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 for this trade now. Funding pays +$188 a day on $10k at the current rate, and Backpack is 1.908% dearer against Injective than usual: you sell high and buy low: +$191 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 72 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	Injective PENDLE/USDC PERP	2.4740	−0.5000	get 0.0625% / 1h	56m 17s	$2K	$54K	5.5x
Short	Backpack PENDLE_USDC_PERP	2.5212	0.1276	get 0.0159% / 1h	56m 17s	$327K	$492K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now +1.908%Rate

Funding earned: $1,317.89
Price spread: +1.908% → 0.000%: $190.78
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: $1,498.65
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Backpack: live order book, 22 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 Injective no order-book sample	—	—	—	—	—
Sell Backpack live order book, 22 min ago	2.00 bp	8.4 bp −$8	30.5 bp −$305	doesn't fit	doesn't fit

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 PERPlong	−0.5000%	1h	2.4740	long leg	$2K	$54K	5.5x
ApeX Omni PENDLEUSDT	−0.0049%	1h	2.5046	+1.237%	$76K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0008%	1h	2.5140	+1.619%	$165K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0008%	8h	2.5160	+1.698%	$17.0M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0007%	8h	2.5159	+1.694%	$27.2M	$41.5M	75x	as long as short
BloFin PENDLE-USDT	−0.0007%	8h	2.5102	+1.463%	$1.3M	$755K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5106	+1.480%	$11K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.5165	+1.718%	$30K	$10K	10x	as long as short
Orderly PERP_PENDLE_USDC	+0.0009%	8h	2.5151	+1.661%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0043%	1h	2.5148	+1.649%	$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	+0.0061%	8h	2.4982	+0.977%	$552K	$2.0M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0065%	8h	2.5031	+1.176%	$416K	$1.6M	10x	as long as short
Aevo PENDLE-PERP	+0.0080%	1h	2.5147	+1.645%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5160	+1.698%	$530K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5106	+1.481%	$35K	$18K	10x	as long as short
Hyperliquid PENDLE	+0.0100%	1h	2.5187	+1.805%	$12.4M	$6.1M	5x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5143	+1.628%	$44K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5150	+1.657%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5160	+1.698%	$3.3M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5160	+1.698%	$782K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5177	+1.766%	$895K	$597K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5153	+1.669%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5148	+1.649%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5027	+1.160%	$25K	$395K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5165	+1.718%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5174	+1.754%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5161	+1.700%	$5K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0595%	1h	2.5212	+1.908%	$119K	$303K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5140	+1.617%	$140K	$457K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.1276%	1h	2.5212	+1.908%	$327K	$492K	15x