Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0266%/8h= +29.1% APRpaid last 24h +0.016%

Price spread now: Hyperliquid against edgeX+0.177%7-day average +0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$390.386% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)−0.836%−$84 · spread now +0.177%, 7d avg +0.117%

Together, before fees−0.817%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board−$82 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Hyperliquid is 0.060% dearer against edgeX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.117%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.019% in total (about 1.0% 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	edgeX PENDLEUSDC	2.4669	0.0100	pay 0.0050% / 4h	57m 18s	$24K	$379K	10x
Short	Hyperliquid PENDLE	2.4713	0.0366	get 0.0046% / 1h	57m 18s	$12.6M	$6.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. 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 edgeXbpFee HyperliquidbpOrdersPrice spread, now +0.177%Rate

Funding earned: $55.76
Price spread: +0.177% → +0.117%: $5.99
Slippage, 4 orders: −$20.62
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $23.13
Costs to cover: 0.386%
Break-even: 4.1 days

Slippage from edgeX: live order book, 1 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 edgeX live order book, 1 min ago	2.03 bp	7.2 bp −$7	59.3 bp −$593	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.81 bp	16.2 bp −$16	18.4 bp −$184	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	−0.4334%	1h	2.4430	−0.971%	$2K	$54K	5.5x	as long as short
Binance PENDLEUSDT	−0.0073%	8h	2.4683	+0.055%	$26.3M	$43.8M	75x	as long as short
Extended PENDLE-USD	−0.0072%	1h	2.4667	−0.010%	$161K	$570K	10x	as long as short
MEXC PENDLE_USDT	−0.0072%	8h	2.4682	+0.051%	$17.3M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0066%	8h	2.4680	+0.043%	$1.3M	$653K	75x	as long as short
Aster PENDLEUSDT	−0.0042%	8h	2.4674	+0.017%	$47K	$178K	10x	as long as short
Orderly PERP_PENDLE_USDC	−0.0035%	8h	2.4683	+0.055%	$19K	$15K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.4657	−0.049%	$10K	—	5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	0.0000%	1h	2.4686	+0.067%	$25K	$14K	10x	as long as short
Gate PENDLE_USDT	+0.0002%	8h	2.4630	−0.160%	$717K	$1.1M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0024%	8h	2.4655	−0.059%	$563K	$1.8M	—	as long as short
Reya PENDLERUSDPERP	+0.0062%	1h	2.4671	+0.006%	$3K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.4672	+0.008%	$26K	—	3x	as long as short
GRVT PENDLE_USDT_Perp	+0.0074%	8h	2.4676	+0.026%	$412K	$1.8M	10x	as long as short
Lighter PENDLE	+0.0096%	1h	2.4681	+0.047%	$527K	$413K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.4633	−0.146%	$34K	$13K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.4680	+0.043%	$14.7M	$12.4M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.4710	+0.164%	$3.1M	$6.2M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.4687	+0.071%	$835K	$573K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.4690	+0.083%	$3.7M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.4667	−0.010%	—	$8.6M	—	as long as short
edgeX PENDLEUSDClong	+0.0100%	4h	2.4669	long leg	$24K	$379K	10x
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.4682	+0.051%	$75K	$235K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.4692	+0.091%	$16K	$8K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.4674	+0.019%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0196% / S −0.0222%	1h	2.4676	+0.027%	$5K	—	100x	as long as short
Hyperliquid PENDLEshort	+0.0366%	1h	2.4713	+0.177%	$12.6M	$6.1M	5x
Coinbase International PENDLE-PERP-INTX	+0.0608%	1h	2.4680	+0.043%	$146K	$491K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0717%	1h	2.4700	+0.124%	$355K	$479K	15x	as long as short
Kraken Futures PF_PENDLEUSD	+0.1176%	1h	2.4737	+0.275%	$115K	$278K	20x	as long as short