PENDLE (Pendle) perpetual futures funding rates — also called perpetual swap funding rates — are aggregated live by exchange across 34 venues on ORBIT. Funding is the recurring payment exchanged between long and short traders that keeps a perpetual swap tethered to the spot price — when it is positive, longs pay shorts; when negative, shorts pay longs. Right now PENDLE funding ranges from -48.18% annualized on ApeX to +91.96% on Polymarket.
The widest cross-exchange funding spread for PENDLE is currently 140.1% APR. A delta-neutral funding trade captures this gap by going long on ApeX — where funding is lowest, so the long leg is paid or pays the least — and short on Polymarket, where funding is highest, so the short leg collects. Because the two legs are equal and opposite, the asset's price moves cancel out and what is left is the funding spread. ORBIT's backtester replays the real funding history of both legs and subtracts live taker fees and order-book slippage, so the result is net PnL, not a headline number.
PENDLE ranks #97 by open interest among tracked perpetual assets, total open interest across covered venues is $92.6M, 24h volume is $81.1M, the volume-weighted mark price is $2.3943. Deeper liquidity means a funding spread can be traded at larger size with lower slippage — use the Min OI filter on the screener to surface only markets you can realistically enter and exit.
Frequently asked questions
- Which exchange has the highest PENDLE funding rate right now?
- Polymarket shows the highest PENDLE funding at +91.96% annualized. A high positive rate means shorts get paid, so this is the venue to short PENDLE when running a funding-arbitrage pair. Rates change every settlement window — check the live screener for the current value.
- Which exchange is best to long PENDLE for funding?
- ApeX has the lowest PENDLE funding at -48.18% annualized, which makes the long leg cheapest (or paid). Pair it with the highest-funding venue to capture the spread delta-neutral.
- What is the best PENDLE funding-arbitrage pair?
- The widest spread is long ApeX / short Polymarket at about 140.1% APR before costs. Verify it in the ORBIT backtester, which subtracts real fees and slippage, before sizing a position.
- How often does PENDLE funding settle?
- PENDLE funding settles on different schedules by venue (1h, 4h, 8h). Longer intervals concentrate the same annualized rate into fewer, larger payments. ORBIT normalizes every venue to a common APR so they are directly comparable.
- Is PENDLE funding positive or negative?
- PENDLE funding is mixed across venues, ranging -48.18% to +91.96% APR — which is exactly what creates the cross-exchange arbitrage opportunity.
- What is the current PENDLE perpetual swap funding rate?
- The current PENDLE perpetual swap funding rate ranges from -48.18% to +91.96% annualized depending on the exchange — ApeX is lowest and Polymarket is highest right now. There is no single PENDLE funding rate: every venue runs its own funding formula and order book, which is why the rate has to be read by exchange rather than as one number.
- What is the aggregated PENDLE funding rate across exchanges?
- Aggregated across the 34 venues ORBIT tracks, PENDLE funding currently spans -48.18% to +91.96% APR, a spread of 140.1 percentage points. An aggregated average hides the part that matters for trading — the gap between the cheapest and dearest venue — so the table above lists each exchange separately.
- How do I read the PENDLE 8h funding rate versus the annualized rate?
- Venues that settle PENDLE every 8 hours quote the per-payment rate, which is charged three times a day. Multiply an 8h rate by 3 to get the daily figure and by 1,095 to annualize it. ORBIT converts every venue — 1h, 4h and 8h alike — to a common APR so an 8h rate and a 1h rate can be compared directly.
ApeX
Polymarket
