Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h −0.015%

Price spread now: BloFin against Hyperliquid−0.063%87s7-day average −0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$550.555% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 3 days (all we have)+0.278%+$28 · spread now −0.063%, 7d avg −0.097%

Together, before fees+0.192%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.034% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.063% now, against its 7-day average of −0.097%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.7 days. The two prices were read 87 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	Hyperliquid PENDLE	2.5237	0.0100	pay 0.0013% / 1h	17m 43s	$12.4M	$5.6M	5x
Short	BloFin PENDLE-USDT	2.5221	0.0069	get 0.0069% / 8h	2h 17m	$1.3M	$747K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$6.46
Price spread: −0.063% → −0.097%: $3.39
Slippage, 4 orders: −$34.47
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$58.54
Costs to cover: 0.555%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; BloFin: 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 Hyperliquid live order book, 5 min ago	2.37 bp	13.3 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.40 bp	12.5 bp −$12	22.7 bp −$227	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	2.5210	−0.107%	$49K	$30K	5.5x	as long as short
Kraken Futures PF_PENDLEUSD	−0.0428%	1h	2.5279	+0.167%	$150K	$279K	20x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0344%	1h	2.5220	−0.067%	$30K	$10K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5229	−0.030%	$11K	—	5x	as long as short
Orderly PERP_PENDLE_USDC	+0.0034%	8h	2.5218	−0.075%	$25K	$11K	10x	as long as short
Reya PENDLERUSDPERP	+0.0036%	1h	2.5219	−0.070%	$4K	—	15x	as long as short
Binance PENDLEUSDT	+0.0046%	8h	2.5194	−0.170%	$27.4M	$39.3M	75x	as long as short
Extended PENDLE-USD	+0.0048%	1h	2.5191	−0.184%	$166K	$524K	10x	as long as short
MEXC PENDLE_USDT	+0.0051%	8h	2.5195	−0.166%	$17.0M	$2.3M	125x	as long as short
Variational Omni PENDLE	+0.0053%	8h	2.5229	−0.033%	$621K	$2.3M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PENDLE-USDTshort	+0.0069%	8h	2.5221	−0.063%	$1.3M	$747K	75x
Lighter PENDLE	+0.0096%	1h	2.5200	−0.147%	$547K	$396K	5x	as long as short
Aevo PENDLE-PERP	+0.0096%	1h	2.5216	−0.083%	$26K	—	3x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5208	−0.113%	$35K	$22K	10x	as long as short
Hyperliquid PENDLElong	+0.0100%	1h	2.5237	long leg	$12.4M	$5.6M	5x
Aster PENDLEUSDT	+0.0100%	8h	2.5200	−0.146%	$41K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5190	−0.186%	$15.6M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	−0.147%	$3.2M	$5.7M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5220	−0.067%	$842K	$1.1M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5221	−0.063%	$917K	$611K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5218	−0.075%	$3.7M	$2.6M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5201	−0.143%	—	$36.3M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5246	+0.035%	$25K	$411K	10x	as long as short
GRVT PENDLE_USDT_Perp	+0.0100%	8h	2.5266	+0.117%	$426K	$1.6M	10x	as long as short
ApeX Omni PENDLEUSDT	+0.0100%	1h	2.5236	−0.004%	$77K	$240K	50x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5235	−0.008%	$16K	$19K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5226	−0.044%	$1K	$1.7M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0200% / S −0.0277%	1h	2.5229	−0.032%	$5K	—	100x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0560%	1h	2.5360	+0.487%	$117K	$428K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0845%	1h	2.5263	+0.103%	$365K	$464K	15x	as long as short