PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0307%/8h= +33.7% APRnext payment +$0.38 per $10,000 · paid last 24h +0.043%

Price spread now: Hyperliquid against dYdX−0.278%55s7-day average — · you buy dearer than you sell

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

Long on dYdX 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

Funding pays, the price is against you. Hyperliquid is 0.278% cheaper against dYdX than usual: you would sell low and buy high (spread −0.278% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$28 on $10k: about 3.0 days of funding at the current rate (+$9 a day). The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENDLE-USD	2.5179	0	get 0.0000% / 1h	56m 45s	$11K	—	5x
Short	Hyperliquid PENDLE	2.5109	0.0307	get 0.0038% / 1h	56m 45s	$12.9M	$6.4M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against dYdX. 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 dYdXbpFee HyperliquidbpOrdersPrice spread, now −0.278%Rate

Funding earned: $64.55
Price spread: −0.278% → 0.000%: −$27.79
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $17.76
Costs to cover: 0.190%
Break-even: 5.1 days

Slippage unknown: dYdX: no order-book sample; Hyperliquid: live order book, 6 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 dYdX no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 6 min ago	0.20 bp	6.2 bp −$6	doesn't fit	doesn't fit	doesn't fit

dYdX: 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	−0.4742%	1h	2.4850	−1.307%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0823%	1h	2.5143	−0.143%	$26K	$14K	10x	as long as short
Bybit PENDLEUSDT	−0.0184%	8h	2.5050	−0.512%	$15.3M	$12.0M	50x	as long as short
GRVT PENDLE_USDT_Perp	−0.0145%	8h	2.5176	−0.011%	$416K	$1.7M	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0142%	1h	2.5174	−0.020%	$77K	$237K	50x	as long as short
Extended PENDLE-USD	−0.0112%	1h	2.5068	−0.441%	$163K	$565K	10x	as long as short
Binance PENDLEUSDT	−0.0110%	8h	2.5072	−0.423%	$27.1M	$43.0M	75x	as long as short
MEXC PENDLE_USDT	−0.0110%	8h	2.5079	−0.397%	$17.0M	$1.7M	125x	as long as short
BloFin PENDLE-USDT	−0.0096%	8h	2.5118	−0.242%	$1.3M	$653K	75x	as long as short
Variational Omni PENDLE	−0.0033%	8h	2.5101	−0.311%	$599K	$1.8M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PENDLE_USDC	−0.0028%	8h	2.5133	−0.183%	$20K	$16K	10x	as long as short
dYdX PENDLE-USDlong	0.0000%	1h	2.5179	long leg	$11K	—	5x
Aster PENDLEUSDT	+0.0017%	8h	2.5119	−0.239%	$50K	$181K	10x	as long as short
Reya PENDLERUSDPERP	+0.0052%	1h	2.5146	−0.130%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0056%	1h	2.5151	−0.110%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5055	−0.492%	$533K	$414K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5153	−0.103%	$35K	$16K	10x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5050	−0.512%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5120	−0.234%	$785K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5115	−0.254%	$854K	$591K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5046	−0.528%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5086	−0.369%	—	$33.8M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5160	−0.076%	$25K	$379K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5176	−0.012%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5138	−0.163%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0158% / S −0.0256%	1h	2.5151	−0.109%	$7K	—	100x	as long as short
Hyperliquid PENDLEshort	+0.0307%	1h	2.5109	−0.278%	$12.9M	$6.4M	5x
Backpack PENDLE_USDC_PERP	+0.0544%	1h	2.5145	−0.135%	$352K	$486K	15x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0632%	1h	2.5190	+0.044%	$144K	$466K	25x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0866%	1h	2.5177	−0.007%	$117K	$291K	20x	as long as short