PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0744%/8h= +81.5% APRnext payment +$0.93 per $10,000 · paid last 24h +0.093%

Price spread now: Backpack against Hyperliquid+0.115%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs+$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$470.465% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.642%+$64 on $10k

Price spread, last 4 days (all we have)−0.376%−$38 · spread now +0.115%, 7d avg +0.012%

Together, before fees+0.267%+ Points / potential airdropHyperliquid: Season 2 · farm board+$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Backpack is 0.103% dearer against Hyperliquid than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PENDLE	2.5246	0.0100	pay 0.0013% / 1h	19m 48s	$12.4M	$5.6M	5x
Short	Backpack PENDLE_USDC_PERP	2.5275	0.0844	get 0.0106% / 1h	19m 48s	$365K	$465K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now +0.115%Rate

Funding earned: $156.29
Price spread: +0.115% → +0.012%: $10.32
Slippage, 4 orders: −$27.54
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $120.07
Costs to cover: 0.465%
Break-even: 1.6 days

Slippage from Hyperliquid: live order book, 3 min ago; Backpack: live order book, 4 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 Hyperliquid live order book, 3 min ago	2.37 bp	13.3 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	1.77 bp	10.4 bp −$10	30.4 bp −$304	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	−0.4806%	1h	2.4990	−1.014%	$2K	$7K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0428%	1h	2.5279	+0.130%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0265%	1h	2.5222	−0.095%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5229	−0.065%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0035%	8h	2.5221	−0.099%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5222	−0.094%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0052%	8h	2.5214	−0.129%	$27.4M	$39.3M	75x	as long as short
Variational Omni PENDLE	+0.0053%	8h	2.5229	−0.069%	$621K	$2.3M	—	as long as short
MEXC PENDLE_USDT	+0.0055%	8h	2.5223	−0.091%	$17.0M	$2.3M	125x	as long as short
Extended PENDLE-USD	+0.0056%	1h	2.5209	−0.146%	$166K	$524K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDT	+0.0082%	8h	2.5243	−0.012%	$1.3M	$747K	75x	as long as short
ApeX Omni PENDLEUSDT	+0.0094%	1h	2.5272	+0.103%	$77K	$240K	50x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5220	−0.103%	$548K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5210	−0.143%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5207	−0.156%	$35K	$22K	10x	as long as short
Hyperliquid PENDLElong	+0.0100%	1h	2.5246	long leg	$12.4M	$5.6M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.5219	−0.109%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5200	−0.182%	$15.6M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5230	−0.063%	$3.3M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5210	−0.143%	$841K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5249	+0.012%	$918K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5234	−0.048%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5219	−0.107%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5273	+0.108%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5266	+0.081%	$426K	$1.6M	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5245	−0.004%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5226	−0.079%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5230	−0.064%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.452%	$117K	$434K	25x	as long as short
Backpack PENDLE_USDC_PERPshort	+0.0844%	1h	2.5275	+0.115%	$365K	$465K	15x