PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0335%/8h= −36.7% APRnext payment −$0.42 per $10,000 · paid last 24h +0.049%

Price spread now: Hyperliquid against Coinbase International+0.100%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$720.719% of the position

Long on Coinbase International Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 3 days (all we have)−0.075%−$8 · spread now +0.100%, 7d avg +0.044%

Together, before fees−0.025%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.056% dearer against Coinbase International than usual: you sell high and buy low (spread +0.100% now, against its 7-day average of +0.044%): +$6 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 13 hours. Mind the row above: over the last 7 days funding on this pair paid +0.050%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.050% in total (about 2.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.42 per $10,000. 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	Coinbase International PENDLE-PERP-INTX	2.5090	0.0592	pay 0.0074% / 1h	57m 43s	$117K	$418K	25x
Short	Hyperliquid PENDLE	2.5115	0.0257	get 0.0032% / 1h	57m 43s	$12.4M	$5.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Coinbase International. 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 Coinbase InternationalbpFee HyperliquidbpOrdersPrice spread, now +0.100%Rate

Funding earned: −$70.32
Price spread: +0.100% → +0.044%: $5.57
Slippage, 4 orders: −$52.89
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$136.65
Costs to cover: 0.719%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 25 min ago; Hyperliquid: live order book, 5 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 Coinbase International live order book, 25 min ago	11.85 bp	20.7 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.00 bp	9.4 bp −$9	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	−0.3656%	1h	2.4770	−1.275%	$2K	$53K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0268%	1h	2.5083	−0.028%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5092	+0.010%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0032%	8h	2.5079	−0.044%	$20K	$16K	10x	as long as short
Reya PENDLERUSDPERP	+0.0038%	1h	2.5080	−0.040%	$4K	—	15x	as long as short
Extended PENDLE-USD	+0.0040%	1h	2.5070	−0.080%	$165K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0041%	8h	2.5080	−0.040%	$16.9M	$2.1M	125x	as long as short
Binance PENDLEUSDT	+0.0043%	8h	2.5077	−0.050%	$27.2M	$39.6M	75x	as long as short
Variational Omni PENDLE	+0.0053%	8h	2.5054	−0.144%	$615K	$2.1M	—	as long as short
BloFin PENDLE-USDT	+0.0066%	8h	2.5044	−0.183%	$1.3M	$734K	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENDLEUSDT	+0.0077%	1h	2.5038	−0.207%	$76K	$240K	50x	as long as short
Aevo PENDLE-PERP	+0.0088%	1h	2.5069	−0.084%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5082	−0.032%	$526K	$421K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5076	−0.055%	$35K	$20K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5087	−0.012%	$41K	$172K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5072	−0.072%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5090	0.000%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5090	0.000%	$856K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5088	−0.008%	$894K	$608K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5069	−0.084%	$3.7M	$2.7M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5080	−0.040%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5039	−0.205%	$25K	$412K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5032	−0.232%	$422K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5097	+0.028%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5080	−0.040%	$2K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5094	+0.015%	$5K	—	100x	as long as short
Hyperliquid PENDLEshort	+0.0257%	1h	2.5115	+0.100%	$12.4M	$5.7M	5x
Coinbase International PENDLE-PERP-INTXlong	+0.0592%	1h	2.5090	long leg	$117K	$418K	25x
Kraken Futures PF_PENDLEUSD	+0.0749%	1h	2.5138	+0.193%	$150K	$275K	20x	as long as short
Backpack PENDLE_USDC_PERP	+0.1524%	1h	2.5135	+0.179%	$358K	$460K	15x	as long as short