PENDLE funding rates and arbitrage

PENDLE perpetuals trade on 19 contracts across 17 venues, forming 169 cross-venue arbitrage pairs. By net APR the current best pair is long Deribit against short Coinbase, netting +896.65%, though note the legs settle on different cadences (8h / 1h)。

PENDLE perpetual funding rates by venue

APR = current rate × (24 ÷ settlement interval) × 365. Venues settle on different cadences, so rates must be annualised before comparing.

Venue	Contract	Margin	Settlement	Current rate	APR	24h avg APR	24h volume	Mark
Binance	PENDLEUSDT	USDT	8h	0.0060%	+6.55%	+5.28%	$14.5M	2.073
LBank	PENDLEUSDT	USDT	8h	0.0060%	+6.55%	+5.27%	$8.5M	2.073
BingX	PENDLE-USDT	USDT	8h	0.0100%	+10.95%	+10.56%	$6.6M	2.072
Bybit	PENDLEUSDT	USDT	8h	0.0100%	+10.95%	+6.90%	$3.1M	2.072
OKX	PENDLE-USDT-SWAP	USDT	4h	0.0050%	+10.95%	+10.95%	$2.9M	2.073
WhiteBIT	PENDLE_PERP	USDT	8h	0.0100%	+10.95%	+10.95%	$1.7M	2.074
MEXC	PENDLE_USDT	USDT	8h	0.0057%	+6.24%	+5.26%	$1.4M	2.073
Hyperliquid	PENDLE	USDC	1h	0.0013%	+10.95%	+10.95%	$1.3M	2.074
Bitget	PENDLEUSDT	USDT	8h	0.0100%	+10.95%	+8.94%	$881K	2.071
Lighter	PENDLE	USDC	1h	0.0012%	+10.51%	+10.51%	$363K	2.073
Gate	PENDLE_USDT	USDT	8h	0.0061%	+6.68%	-2.16%	$325K	2.073
KuCoin	PENDLEUSDTM	USDT	8h	0.0100%	+10.95%	+10.95%	$298K	2.075
MEXC	PENDLE_USDC	USDC	8h	0.0057%	+6.24%	+5.26%	$105K	2.071
Aster	PENDLEUSDT	USDT	8h	0.0100%	+10.95%	+9.70%	$57K	2.073
Bybit	PENDLEPERP	USDC	4h	0.0050%	+10.95%	-32.09%	$42K	2.072
Kraken	PF_PENDLEUSD	USD	1h	0.0014%	+12.36%	-17.06%	$25K	2.073
Crypto.com	PENDLEUSD-PERP	USD	4h	0.0005%	+1.09%	-9.20%	$17K	2.072
Deribit	PENDLE_USDC-PERPETUAL	USDC	8h	-0.0037%	-4.00%	-4.18%	$17K	2.072
Coinbase	PENDLE-PERP	USDC	1h	0.1019%	+892.64%	+892.64%	$0	2.465

PENDLE cross-venue arbitrage pairs

Short the higher-APR leg and go long the lower one; net APR = short leg − long leg.

Long	Short	Net APR	Daily	24h avg	Settlement	Liquidity
Deribit USDC	Coinbase USDC	+896.65%	2.4566%	+896.83%	8h / 1h	$0
Crypto.com USD	Coinbase USDC	+891.55%	2.4426%	+901.84%	4h / 1h	$0
MEXC USDC	Coinbase USDC	+886.40%	2.4285%	+887.38%	8h / 1h	$0
MEXC USDT	Coinbase USDC	+886.40%	2.4285%	+887.38%	8h / 1h	$0
Binance USDT	Coinbase USDC	+886.10%	2.4277%	+887.37%	8h / 1h	$0
LBank USDT	Coinbase USDC	+886.10%	2.4277%	+887.37%	8h / 1h	$0
Gate USDT	Coinbase USDC	+885.96%	2.4273%	+894.81%	8h / 1h	$0
Lighter USDC	Coinbase USDC	+882.13%	2.4168%	+882.13%	1h matched	$0
Aster USDT	Coinbase USDC	+881.69%	2.4156%	+882.94%	8h / 1h	$0
BingX USDT	Coinbase USDC	+881.69%	2.4156%	+882.09%	8h / 1h	$0
Bitget USDT	Coinbase USDC	+881.69%	2.4156%	+883.70%	8h / 1h	$0
Bybit USDC	Coinbase USDC	+881.69%	2.4156%	+924.73%	4h / 1h	$0

Pendle project profile

Website Whitepaper GitHub X (Twitter)Telegram Discord

Key facts

Total: 281.53M
Max supply: unlimited
Type: Token
Market cap rank: #128

Decentralized Exchange (DEX)Exchange-based TokensDecentralized Finance (DeFi)Yield FarmingAutomated Market Maker (AMM)BNB Chain EcosystemDerivativesArbitrum Ecosystem

Contract addresses

ethereum0x808507121b80c02388fad14726482e061b8da827

berachain0xff9c599d51c407a45d631c6e89cb047efb88aef6

hyperevm0xd6eb81136884713e843936843e286fd2a85a205a

monad0x5e49e1f85813f2b65858860a3fa231b4186f2e0e

sonic0xf1ef7d2d4c0c881cd634481e0586ed5d2871a74b

base0xa99f6e6785da0f5d6fb42495fe424bce029eeb3e

4 more chains

binance0xb3ed0a426155b79b898849803e3b36552f7ed507

arbitrum0x0c880f6761f1af8d9aa9c466984b80dab9a8c9e8

optimistic0xbc7b1ff1c6989f006a1185318ed4e7b5796e66e1

robinhood0x5e49e1f85813f2b65858860a3fa231b4186f2e0e

Block explorers

etherscan.io ethplorer.io optimistic.etherscan.io arbiscan.io bscscan.com binplorer.com

About

Pendle is a protocol that enables the tokenization and trading of future yield. With the creation of a novel AMM that supports assets with time decay, Pendle gives users more control over future yield by providing optionality and opportunities for its utilization.

Reference data from CoinGecko, independent of the rate data on this site. We do not verify or endorse what these links contain.

Funding rates for other coins

TRUMP+937.6%VIRTUAL+106.6%ASTER+704.4%AVNT+887.0%JTO+832.4%JUP+910.2%LDO+957.0%POPCAT+146.2%ALGO+826.2%APE+975.1%ATOM+473.1%AXS+82.2%

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