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: Gate against Hyperliquid−0.309%7-day average −0.142% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

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

Long on Hyperliquid Short on Gate

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)+0.027%+$3 · spread now −0.309%, 7d avg −0.142%

Together, before fees−0.044%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Gate is 0.167% cheaper against Hyperliquid than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.142%). Swap the legs.

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	Hyperliquid PENDLE	2.5258	0.0357	pay 0.0045% / 1h	16m 30s	$12.8M	$6.2M	5x
Short	Gate PENDLE_USDT	2.5180	0.0100	get 0.0100% / 8h	16m 30s	$783K	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.309%Rate

Funding earned: −$54.05
Price spread: −0.309% → −0.142%: −$16.67
Slippage, 4 orders: −$58.1
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$152.82
Costs to cover: 0.821%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Gate: live order book, 1 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, 6 min ago	3.16 bp	17.3 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	1.99 bp	23.9 bp −$24	166.9 bp −$1,669	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	−1.259%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0384%	1h	2.5209	−0.194%	$30K	$10K	10x	as long as short
Binance PENDLEUSDT	−0.0053%	8h	2.5205	−0.211%	$27.3M	$42.0M	75x	as long as short
ApeX Omni PENDLEUSDT	−0.0051%	1h	2.5252	−0.024%	$77K	$239K	50x	as long as short
Extended PENDLE-USD	−0.0048%	1h	2.5189	−0.273%	$166K	$528K	10x	as long as short
MEXC PENDLE_USDT	−0.0045%	8h	2.5205	−0.210%	$17.1M	$1.9M	125x	as long as short
BloFin PENDLE-USDT	−0.0037%	8h	2.5193	−0.257%	$1.3M	$710K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0006%	8h	2.5210	−0.190%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5232	−0.102%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0031%	8h	2.5247	−0.045%	$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	−0.178%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5201	−0.227%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0072%	1h	2.5217	−0.164%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5212	−0.182%	$531K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5198	−0.237%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5239	−0.074%	$48K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5190	−0.269%	$15.6M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5200	−0.230%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDTshort	+0.0100%	8h	2.5180	−0.309%	$783K	$1.2M	75x
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5214	−0.174%	$886K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5190	−0.269%	$3.8M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5189	−0.273%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5220	−0.150%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5228	−0.119%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5207	−0.202%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5226	−0.128%	$5K	—	100x	as long as short
Hyperliquid PENDLElong	+0.0357%	1h	2.5258	long leg	$12.8M	$6.2M	5x
Kraken Futures PF_PENDLEUSD	+0.0594%	1h	2.5261	+0.013%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.325%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0749%	1h	2.5263	+0.020%	$332K	$490K	15x	as long as short