Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0236%/8h= −25.9% APRpaid last 24h −0.011%

Price spread now: KuCoin against Hyperliquid−0.278%7-day average −0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$1211.211% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 7 days+0.218%+$22 · spread now −0.278%, 7d avg −0.121%

Together, before fees+0.205%+ Points / potential airdropHyperliquid: Season 2 · farm board+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and KuCoin is 0.157% cheaper against Hyperliquid than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.121%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.014% in total (about -0.7% 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	2.5210	0.0336	pay 0.0042% / 1h	10m 18s	$12.8M	$6.2M	5x
Short	KuCoin PENDLEUSDTM	2.5140	0.0100	get 0.0100% / 8h	10m 18s	$883K	$600K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.278%Rate

Funding earned: −$49.65
Price spread: −0.278% → −0.121%: −$15.72
Slippage, 4 orders: −$100.11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$186.47
Costs to cover: 1.211%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; KuCoin: live order book, 54 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, 2 min ago	1.39 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 54 min ago	8.40 bp	35.6 bp −$36	221.6 bp −$2,216	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	−1.071%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0505%	1h	2.5157	−0.210%	$28K	$11K	10x	as long as short
ApeX Omni PENDLEUSDT	−0.0066%	1h	2.5150	−0.238%	$77K	$239K	50x	as long as short
Binance PENDLEUSDT	−0.0066%	8h	2.5152	−0.228%	$27.2M	$42.1M	75x	as long as short
MEXC PENDLE_USDT	−0.0065%	8h	2.5167	−0.171%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.5142	−0.268%	$165K	$528K	10x	as long as short
BloFin PENDLE-USDT	−0.0047%	8h	2.5102	−0.428%	$1.3M	$707K	75x	as long as short
Orderly PERP_PENDLE_USDC	−0.0009%	8h	2.5155	−0.218%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5127	−0.327%	$11K	—	5x	as long as short
GRVT PENDLE_USDT_Perp	+0.0016%	8h	2.5140	−0.277%	$416K	$1.6M	10x	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	+0.0022%	8h	2.5081	−0.510%	$596K	$1.9M	—	as long as short
Reya PENDLERUSDPERP	+0.0047%	1h	2.5157	−0.210%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5159	−0.202%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5160	−0.198%	$530K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5149	−0.241%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5177	−0.130%	$47K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5140	−0.278%	$15.5M	$12.0M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5140	−0.278%	$3.2M	$6.0M	50x	as long as short
Gate PENDLE_USDT	+0.0100%	8h	2.5140	−0.278%	$778K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTMshort	+0.0100%	8h	2.5140	−0.278%	$883K	$600K	50x
Bitget PENDLEUSDT	+0.0100%	8h	2.5129	−0.321%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5156	−0.214%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5152	−0.229%	$25K	$380K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5186	−0.095%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5153	−0.226%	$2K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5173	−0.148%	$5K	—	100x	as long as short
Hyperliquid PENDLElong	+0.0336%	1h	2.5210	long leg	$12.8M	$6.2M	5x
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5205	−0.018%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.516%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0669%	1h	2.5152	−0.230%	$330K	$489K	15x	as long as short