Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.022%

Price spread now: Hyperliquid against Bitget+0.279%7-day average +0.177% · you sell dearer than you buy

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

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 7 days−0.117%−$12 · spread now +0.279%, 7d avg +0.177%

Together, before fees−0.044%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.101% dearer against Bitget than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.177%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PENDLEUSDT	2.4397	0.0100	pay 0.0100% / 8h	2h 32m	$3.6M	$2.3M	75x
Short	Hyperliquid PENDLE	2.4465	0.0100	get 0.0013% / 1h	32m 46s	$12.6M	$6.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now +0.279%Rate

Funding earned: $0
Price spread: +0.279% → +0.177%: $10.13
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$10.87
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 5 min ago; Hyperliquid: live order book, 10 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 Bitget live order book, 5 min ago	4.92 bp	17.0 bp −$17	39.8 bp −$398	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	1.43 bp	doesn't fit	doesn't fit	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	−0.3926%	1h	2.4150	−1.012%	$2K	$54K	5.5x	as long as short
Gate PENDLE_USDT	−0.0043%	8h	2.4410	+0.053%	$718K	$1.1M	75x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0037%	1h	2.4409	+0.049%	$24K	$15K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4408	+0.045%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0007%	8h	2.4396	−0.004%	$1.1M	$599K	75x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4436	+0.160%	$10K	—	5x	as long as short
MEXC PENDLE_USDT	+0.0005%	8h	2.4415	+0.074%	$17.3M	$2.0M	125x	as long as short
Extended PENDLE-USD	+0.0008%	1h	2.4403	+0.025%	$157K	$582K	10x	as long as short
Binance PENDLEUSDT	+0.0009%	8h	2.4426	+0.119%	$25.8M	$44.2M	75x	as long as short
Reya PENDLERUSDPERP	+0.0074%	1h	2.4404	+0.027%	$3K	—	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PENDLE-PERP	+0.0080%	1h	2.4408	+0.044%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4436	+0.160%	$515K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4392	−0.021%	$34K	$9K	10x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.4465	+0.279%	$12.6M	$6.1M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.4439	+0.170%	$46K	$171K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4420	+0.094%	$14.3M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4440	+0.176%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4431	+0.139%	$859K	$554K	50x	as long as short
Bitget PENDLEUSDTlong	+0.0100%	8h	2.4397	long leg	$3.6M	$2.3M	75x
BingX PENDLE-USDT	+0.0100%	8h	2.4414	+0.070%	—	$8.4M	—	as long as short
Variational Omni PENDLE	+0.0100%	8h	2.4431	+0.140%	$549K	$1.4M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4484	+0.356%	$24K	$375K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.4445	+0.197%	$411K	$2.1M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4493	+0.393%	$75K	$234K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4424	+0.111%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4391	−0.025%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4410	+0.053%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0592%	1h	2.4540	+0.586%	$155K	$522K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0660%	1h	2.4454	+0.234%	$354K	$401K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1193%	1h	2.4460	+0.259%	$114K	$262K	20x	as long as short