PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0258%/8h= −28.2% APRnext payment −$0.32 per $10,000 · paid last 24h −0.101%

Price spread now: Hyperliquid against Backpack+0.097%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.674%−$67 on $10k

Price spread, last 4 days (all we have)+0.145%+$14 · spread now +0.097%, 7d avg −0.022%

Together, before fees−0.529%+ Points / potential airdropHyperliquid: Season 2 · farm board−$53 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.119% dearer against Backpack than usual: you sell high and buy low (spread +0.097% now, against its 7-day average of −0.022%): +$12 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.4722	0.0358	pay 0.0045% / 1h	58m 45s	$356K	$479K	15x
Short	Hyperliquid PENDLE	2.4746	0.0100	get 0.0013% / 1h	58m 45s	$12.6M	$6.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Backpack. 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 BackpackbpFee HyperliquidbpOrdersPrice spread, now +0.097%Rate

Funding earned: −$54.13
Price spread: +0.097% → −0.022%: $11.87
Slippage, 4 orders: −$21.63
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$82.89
Costs to cover: 0.406%
Break-even: never at this rate

Slippage from Backpack: live order book, 65 min ago; Hyperliquid: live order book, 4 min ago.

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 Backpack live order book, 65 min ago	1.59 bp	7.2 bp −$7	35.4 bp −$354	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.81 bp	16.2 bp −$16	18.4 bp −$184	doesn't fit	doesn't fit

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 PERP	−0.4334%	1h	2.4470	−1.019%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0438%	1h	2.4676	−0.186%	$25K	$14K	10x	as long as short
MEXC PENDLE_USDT	−0.0074%	8h	2.4691	−0.125%	$17.3M	$1.9M	125x	as long as short
Binance PENDLEUSDT	−0.0073%	8h	2.4692	−0.122%	$26.3M	$43.8M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4678	−0.178%	$161K	$570K	10x	as long as short
BloFin PENDLE-USDT	−0.0066%	8h	2.4672	−0.202%	$1.3M	$652K	75x	as long as short
Aster PENDLEUSDT	−0.0040%	8h	2.4694	−0.115%	$46K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4668	−0.218%	$19K	$15K	10x	as long as short
Gate PENDLE_USDT	−0.0007%	8h	2.4680	−0.170%	$718K	$1.1M	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4706	−0.067%	$10K	—	5x	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	+0.0024%	8h	2.4655	−0.271%	$563K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4664	−0.233%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4615	−0.432%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0074%	8h	2.4676	−0.185%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4703	−0.077%	$527K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4683	−0.157%	$35K	$15K	10x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.4746	+0.097%	$12.6M	$6.0M	5x
Bybit PENDLEUSDT	+0.0100%	8h	2.4683	−0.158%	$14.7M	$12.4M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4710	−0.049%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4685	−0.150%	$834K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4688	−0.138%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4687	−0.142%	—	$8.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4669	−0.213%	$24K	$379K	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4682	−0.162%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4684	−0.154%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4673	−0.198%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4672	−0.204%	$5K	—	100x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0358%	1h	2.4722	long leg	$356K	$479K	15x
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4740	+0.073%	$147K	$492K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4722	+0.001%	$115K	$278K	20x	as long as short