Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0257%/8h= +28.2% APRpaid last 24h +0.020%

Price spread now: Hyperliquid against Gate+0.310%7-day average +0.142% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$820.821% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now +0.310%, 7d avg +0.142%

Together, before fees+0.043%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 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 0.168% dearer against Gate than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.142%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.071% in total (about 3.7% 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	Gate PENDLE_USDT	2.5180	0.0100	pay 0.0100% / 8h	16m 30s	$783K	$1.2M	75x
Short	Hyperliquid PENDLE	2.5258	0.0357	get 0.0045% / 1h	16m 30s	$12.8M	$6.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.310%Rate

Funding earned: $54.05
Price spread: +0.310% → +0.142%: $16.76
Slippage, 4 orders: −$58.1
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$11.28
Costs to cover: 0.821%
Break-even: 8.5 days

Slippage from Gate: live order book, 1 min ago; Hyperliquid: live order book, 6 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 Gate live order book, 1 min ago	1.99 bp	26.2 bp −$26	192.1 bp −$1,921	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	3.16 bp	14.7 bp −$15	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	−0.5000%	1h	2.4940	−0.953%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0384%	1h	2.5209	+0.115%	$30K	$10K	10x	as long as short
Binance PENDLEUSDT	−0.0053%	8h	2.5205	+0.098%	$27.3M	$42.0M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0051%	1h	2.5252	+0.286%	$77K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.5189	+0.036%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0045%	8h	2.5205	+0.099%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0037%	8h	2.5193	+0.052%	$1.3M	$710K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0006%	8h	2.5210	+0.119%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5232	+0.207%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0031%	8h	2.5247	+0.264%	$596K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0035%	8h	2.5213	+0.131%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5201	+0.082%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5217	+0.145%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5212	+0.127%	$531K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5198	+0.072%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5239	+0.236%	$48K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5190	+0.040%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	+0.079%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDTlong	+0.0100%	8h	2.5180	long leg	$783K	$1.2M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5214	+0.135%	$886K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5190	+0.040%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5189	+0.036%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5220	+0.160%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5228	+0.191%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5207	+0.107%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5226	+0.181%	$5K	—	100x	as long as short
Hyperliquid PENDLEshort	+0.0357%	1h	2.5258	+0.310%	$12.8M	$6.2M	5x
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5261	+0.323%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.635%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0749%	1h	2.5263	+0.330%	$332K	$490K	15x	as long as short