Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0254%/8h= +27.8% APRpaid last 24h +0.034%

Price spread now: Hyperliquid against BloFin+0.085%67s7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$570.573% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$10 on $10k

Price spread, last 4 days (all we have)−0.222%−$22 · spread now +0.085%, 7d avg +0.095%

Together, before fees−0.118%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.095%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate. The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.105% in total (about 5.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PENDLE-USDT	2.4740	−0.0154	get 0.0154% / 8h	5h 45m	—	$643K	75x
Short	Hyperliquid PENDLE	2.4761	0.0100	get 0.0013% / 1h	45m 51s	$12.6M	$6.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.085%Rate

Funding earned: $53.31
Price spread: +0.085% → +0.095%: −$1
Slippage, 4 orders: −$36.32
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$5.01
Costs to cover: 0.573%
Break-even: 7.7 days

Slippage from BloFin: live order book, 67 min ago; Hyperliquid: live order book, 7 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 BloFin live order book, 67 min ago	0.99 bp	12.5 bp −$12	23.8 bp −$238	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	2.20 bp	14.3 bp −$14	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	−0.4938%	1h	2.4490	−1.011%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0154%	1h	2.4725	−0.061%	$25K	$14K	10x	as long as short
BloFin PENDLE-USDTlong	−0.0154%	8h	2.4740	long leg	—	$643K	75x
MEXC PENDLE_USDT	−0.0129%	8h	2.4738	−0.008%	$17.1M	$1.8M	125x	as long as short
Extended PENDLE-USD	−0.0128%	1h	2.4720	−0.082%	$163K	$568K	10x	as long as short
Binance PENDLEUSDT	−0.0128%	8h	2.4739	−0.004%	$26.6M	$43.0M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0126%	1h	2.4850	+0.445%	$76K	$235K	50x	as long as short
Aster PENDLEUSDT	−0.0066%	8h	2.4716	−0.098%	$49K	$175K	10x	as long as short
GRVT PENDLE_USDT_Perp	−0.0052%	8h	2.4968	+0.922%	$423K	$1.7M	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0040%	8h	2.4731	−0.036%	$19K	$15K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PENDLE_USDT	−0.0022%	8h	2.4710	−0.121%	$718K	$1.1M	75x	as long as short
Variational Omni PENDLE	−0.0019%	8h	2.4691	−0.199%	$544K	$1.8M	—	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4784	+0.179%	$10K	—	5x	as long as short
Aevo PENDLE-PERP	+0.0048%	1h	2.4723	−0.069%	$26K	—	3x	as long as short
Reya PENDLERUSDPERP	+0.0058%	1h	2.4701	−0.159%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4731	−0.036%	$527K	$415K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4755	+0.059%	$35K	$15K	10x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.4761	+0.085%	$12.6M	$6.0M	5x
Bybit PENDLEUSDT	+0.0100%	8h	2.4730	−0.040%	$14.9M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4730	−0.040%	$3.1M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4729	−0.044%	$840K	$576K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4718	−0.089%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4743	+0.012%	—	$33.6M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4824	+0.339%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4787	+0.190%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4755	+0.061%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0189% / S −0.0312%	1h	2.4726	−0.057%	$7K	—	100x	as long as short
Backpack PENDLE_USDC_PERP	+0.0283%	1h	2.4764	+0.097%	$353K	$481K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0552%	1h	2.4720	−0.081%	$150K	$486K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0757%	1h	2.4768	+0.115%	$115K	$283K	20x	as long as short