PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0338%/8h= +37.0% APRnext payment +$0.42 per $10,000 · paid last 24h +0.084%

Price spread now: Hyperliquid against Deribit+0.159%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Hyperliquid is 0.159% dearer against Deribit than usual: you sell high and buy low: +$16 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PENDLE_USDC-PERPETUAL	2.4588	−0.0238	get 0.0030% / 1h	34m 07s	$25K	$14K	10x
Short	Hyperliquid PENDLE	2.4627	0.0100	get 0.0013% / 1h	34m 07s	$12.8M	$6.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Deribit. 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 DeribitbpFee HyperliquidbpOrdersPrice spread, now +0.159%Rate

Funding earned: $71.03
Price spread: +0.159% → 0.000%: $15.86
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $70.89
Costs to cover: 0.160%
Break-even: 0.0 days

Slippage unknown: Deribit: no order-book sample; Hyperliquid: live order book, 8 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 Deribit no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 8 min ago	1.22 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4243%	1h	2.4260	−1.334%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUALlong	−0.0238%	1h	2.4588	long leg	$25K	$14K	10x
ApeX Omni PENDLEUSDT	−0.0175%	1h	2.4607	+0.077%	$75K	$234K	50x	as long as short
MEXC PENDLE_USDT	−0.0059%	8h	2.4574	−0.057%	$17.4M	$2.0M	125x	as long as short
Binance PENDLEUSDT	−0.0057%	8h	2.4566	−0.090%	$26.0M	$44.0M	75x	as long as short
Extended PENDLE-USD	−0.0056%	1h	2.4565	−0.093%	$158K	$581K	10x	as long as short
Gate PENDLE_USDT	−0.0046%	8h	2.4600	+0.049%	$720K	$1.1M	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0040%	8h	2.4577	−0.045%	$19K	$15K	10x	as long as short
BloFin PENDLE-USDT	−0.0036%	8h	2.4602	+0.057%	$1.1M	$596K	75x	as long as short
Aster PENDLEUSDT	−0.0010%	8h	2.4668	+0.326%	$47K	$172K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX PENDLE-USD	0.0000%	1h	2.4600	+0.049%	$10K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0034%	8h	2.4538	−0.203%	$407K	$2.0M	10x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4569	−0.077%	$26K	—	3x	as long as short
Variational Omni PENDLE	+0.0066%	8h	2.4571	−0.070%	$552K	$1.4M	—	as long as short
Reya PENDLERUSDPERP	+0.0069%	1h	2.4581	−0.027%	$3K	—	15x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4581	−0.028%	$516K	$428K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4587	−0.006%	$34K	$11K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4553	−0.142%	$14.4M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4580	−0.033%	$3.1M	$6.4M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4611	+0.094%	$889K	$551K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4569	−0.077%	$3.7M	$2.3M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4585	−0.012%	—	$8.5M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.4603	+0.060%	$24K	$376K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4618	+0.122%	$16K	$7K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4587	−0.004%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLEshort	+0.0100%	1h	2.4627	+0.159%	$12.8M	$6.1M	5x
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4593	+0.019%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0640%	1h	2.4620	+0.130%	$146K	$501K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0724%	1h	2.4633	+0.183%	$358K	$400K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1185%	1h	2.4568	−0.083%	$114K	$268K	20x	as long as short