PENDLE Perpetual Futures

The open-interest-weighted PENDLE funding rate is +0.0097% per 8 hours, or +10.63% annualised. Positive funding means longs pay shorts. Across exchanges it ranges from +0.0011% on Gate to +0.0462% on Crypto.com. Compare all funding rates.

PENDLE perpetual open interest is $69.25M (33.31M PENDLE), up 12.32% in 24 hours. Binance holds the most at $16.12M. That is 19.33% of Pendle's market cap.

Pendle is a yield-trading protocol that tokenises future yield. It wraps yield-bearing assets, such as liquid staking tokens or yield-earning stablecoins, and splits them into principal tokens (PT) and yield tokens (YT). PT trades at a discount and returns a fixed yield at maturity, while YT gives leveraged exposure to the variable yield.

Pendle perps traded $61.02M in the last 24 hours, -14.20% on the day before. Binance leads with 49%, followed by BingX ($5.93M) and Bybit ($5.56M).

Over the last 24 hours 46.8% of accounts are long and 53.2% short, a long/short ratio of 0.88. See the long/short ratio by exchange.

A principal token redeems for the underlying asset at maturity, so buying it at a discount locks in a fixed return. A yield token earns all the variable yield and any points until maturity, then expires worthless. Together the two are worth the same as the underlying asset.

PENDLE tracks how much capital uses the protocol and how much fee revenue it produces. Demand for fixed yield, points programmes and high stablecoin yields bring in deposits, while falling DeFi rates tend to shrink them. Broader DeFi sentiment and token emissions also play a part.

$39.4K of PENDLE positions were liquidated in 24 hours, $26.2K longs and $13.2K shorts. Binance saw the most at $13.4K. See liquidations across the market.

Holders who stake or lock PENDLE for governance and fee share cannot sell quickly, so a short perp position offsets price risk while the tokens stay committed. Liquidity providers earning PENDLE incentives use the same approach to protect the value of their rewards. This hedging can add short interest that is unrelated to bearish views.

PENDLE perpetual futures are derivatives contracts that track the price of PENDLE and never expire. Instead of settling on a date, they use a funding rate to stay close to the spot price. You can go long or short with leverage without holding any PENDLE.

Funding is a payment between longs and shorts. When PENDLE perps trade above the index price, funding is positive and longs pay shorts. When they trade below it, shorts pay longs. Most exchanges settle every 8 hours and some, including Hyperliquid, settle every hour.

PENDLE perps trade on 12 tracked exchanges. By volume the largest are Binance, BingX and Bybit. Compare fees and features on the best perpetual exchanges.

Coinperps does not give trading advice. Funding, open interest, the long/short ratio and liquidations show how other traders are positioned, but crowded positioning can last longer than expected. Size positions so a liquidation would not hurt you.